Common use of Surrender of American Depositary Shares and Withdrawal of Deposited Securities Clause in Contracts

Surrender of American Depositary Shares and Withdrawal of Deposited Securities. Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares, and upon payment to the Depositary of the fee for the surrender of American Depositary Shares as provided in Section 5.09 of the Deposit Agreement, and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares is entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time represented by those American Depositary Shares. Such delivery will be made at the option of the Owner hereof, either at the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the risk and expense of the Owner hereof. For the avoidance of doubt, the Company shall have no obligation to pay any fee, tax or charge referred to in the preceding sentence if the Company is not the Owner or Holder and is not receiving delivery of the Deposited Securities. Neither the Depositary nor the Custodian shall deliver Shares (other than to the Company or its agent as contemplated by Section 4.08 of the Deposit Agreement), or otherwise permit Shares to be withdrawn from the facility created hereby, except upon the surrender of American Depositary Shares or in connection with a sale permitted under, and subject to the provisions of, Section 3.02, 4.03, 4.11 or 6.02 of that Agreement.

Appears in 4 contracts

Samples: Deposit Agreement (Petrobras - Petroleo Brasileiro Sa), Deposit Agreement (Petrobras - Petroleo Brasileiro Sa), Deposit Agreement (Bank of New York / Adr Division)

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Surrender of American Depositary Shares and Withdrawal of Deposited Securities. Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares, and upon payment to the Depositary of the fee for of the surrender of American Depositary Shares as provided in Section 5.09 of the Deposit Agreementthis Receipt, and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares is entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time represented by those American Depositary Shares. Such delivery will be made at the option of the Owner hereof, either at the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the risk and expense of the Owner hereof. For the avoidance of doubt, the Company shall have no obligation to pay any fee, tax or charge referred to in the preceding sentence if the Company is not the Owner or Holder and is not receiving delivery of the Deposited Securities. Neither the Depositary nor the Custodian shall deliver Shares (other than to the Company or its agent as contemplated by Section 4.08 of the Deposit Agreement), or otherwise permit Shares to be withdrawn from the facility created hereby, except upon the surrender and cancellation of American Depositary Shares Receipts or in connection with a sale permitted under, and subject to the provisions of, under Section 3.02, 4.03, 4.11 or 6.02 of that the Deposit Agreement.

Appears in 1 contract

Samples: Deposit Agreement (Bank of New York / Adr Division)

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