Common use of Certificated/Uncertificated ADSs Clause in Contracts

Certificated/Uncertificated ADSs. Pursuant to Section 2.5 and notwithstanding any other provision of this Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not evidenced by physical certificated ADRs (such ADSs, the "Uncertificated ADS(s)" and the ADS(s) evidenced by physical certificated ADR(s), the "Certificated ADS(s)). When issuing and maintaining Uncertificated ADS(s) under this Deposit Agreement, the Depositary shall at all times be subject to (i) the standards applicable to registrars and transfer agents maintaining direct registration systems for equity securities in New York and issuing uncertificated securities under New York law, and (ii) the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall not be represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims of which the Depositary has notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case to

Certificated/Uncertificated ADSs. Pursuant to Section 2.5 and notwithstanding Notwithstanding any other provision of this the Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not evidenced by physical certificated ADRs (such ADSs, the "Uncertificated ADS(s)" and the ADS(s) evidenced by physical certificated ADR(s), the "Certificated ADS(s)"). When issuing and maintaining Uncertificated ADS(s) under this the Deposit Agreement, the Depositary shall at all times be subject to (i) the standards applicable to registrars and transfer agents maintaining direct registration systems for equity securities in New York and issuing uncertificated securities under New York law, and (ii) the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall not be represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims of which the Depositary has notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case toare

Certificated/Uncertificated ADSs. Pursuant to Section 2.5 and notwithstanding Notwithstanding any other provision of this Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not evidenced by physical certificated ADRs (such ADSs, the "Uncertificated ADS(s)" and the ADS(s) evidenced by physical certificated ADR(s), the "Certificated ADS(s)"). When issuing and maintaining Uncertificated ADS(s) under this the Deposit Agreement, the Depositary shall at all times be subject to (i) the standards applicable to registrars and transfer agents maintaining direct registration systems for equity securities in New York and issuing uncertificated securities under New York law, and (ii) the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall not be represented by any instruments but shall be evidenced by registration in the books and records of the Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims of which the Depositary has notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case toCertificated

Certificated/Uncertificated ADSs. Pursuant to Section 2.5 and notwithstanding Notwithstanding any other provision of this the Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not evidenced by physical certificated ADRs (such ADSs, the "“Uncertificated ADS(s)" ” and the ADS(s) evidenced by physical certificated ADR(s), the "“Certificated ADS(s)”). When issuing and maintaining Uncertificated ADS(s) under this the Deposit Agreement, the Depositary shall at all times be subject to (i) the standards applicable to registrars and transfer agents maintaining direct registration systems for equity securities in New York and issuing uncertificated securities under New York law, and (ii) the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall not be represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims of which the Depositary has notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case to