Common use of Distributions Other Than Cash, Shares or Rights to Purchase Shares Clause in Contracts

Distributions Other Than Cash, Shares or Rights to Purchase Shares. (a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders. Upon receipt of a notice from the Company indicating that the Company wishes such distribution be made to Holders, the Company shall comply with the requirements of Section 5.7 hereof and provide the Depositary with the opinions required thereunder, whereupon the Depositary shall determine whether such distribution to Holders is practicable and if such opinions are acceptable to it regarding the lawfulness of the proposed distribution. The Depositary shall not make such distribution to Holders unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution is reasonably practicable.

Appears in 2 contracts

Samples: Deposit Agreement (Deutsche Bank Trust Co Americas/ ADR Group), Deposit Agreement (Deutsche Bank Trust Co Americas/ ADR Group)

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Distributions Other Than Cash, Shares or Rights to Purchase Shares. (a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give notice thereof to the Depositary at least 30 45 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders; provided that the Company’s failure to provide such notice shall not be a default or breach under this Deposit Agreement and the sole consequence thereof shall be as set forth in Section 4.5(c). Upon receipt of a notice from the Company indicating that the Company wishes such distribution be made to Holders, the Company shall comply with the requirements of Section 5.7 hereof and provide the Depositary with the opinions required thereunder, whereupon the Depositary shall determine whether such distribution to Holders is practicable and if such opinions are acceptable to it regarding the lawfulness of the proposed distributionpracticable. The Depositary shall not make such distribution to Holders unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, including, without limitations such opinions of counsel as the Depositary may reasonably request and (iii) the Depositary shall have determined that such distribution is reasonably practicable.

Appears in 1 contract

Samples: Deposit Agreement (Deutsche Bank Trust Co Americas/ ADR Group)

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Distributions Other Than Cash, Shares or Rights to Purchase Shares. (a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give notice thereof to the Depositary at least 30 twenty (20) days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to HoldersHolders of ADSs. Upon timely receipt of a notice from the Company indicating that the Company wishes such distribution to be made to HoldersHolders of ADSs, the Company shall comply with the requirements of Section 5.7 hereof and provide the Depositary with the opinions required thereunder, whereupon the Depositary shall consult with the Company to determine whether such distribution to Holders is practicable lawful and if such opinions are acceptable to it regarding the lawfulness of the proposed distributionreasonably practicable. The Depositary shall not make such distribution to Holders unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, if the property to be distributed includes securities or rights to receive or purchase securities, and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable.

Appears in 1 contract

Samples: Deposit Agreement (Citibank,N.A./ADR)

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