Common use of Currency Controls Clause in Contracts

Currency Controls. If Dainippon is precluded at any time from making any payments due to MGI under the provisions of this Agreement because Dainippon has failed, notwithstanding its Best Efforts, to obtain any governmental approvals that may be required under the laws and regulations in the Territory for such transfers of funds, then Dainippon shall: (a) deposit, or cause its agent to deposit, such sums to an account designated by MGI at a bank or other entity within the Territory; (b) provide, or cause its agent to provide, to MGI documentary evidence of such deposits; and (c) remit such deposits to MGI immediately upon the subsequent receipt of any required governmental approvals for such transfers. Subject to any applicable regulatory requirements, Dainippon further agrees, and shall cause any agent of Dainippon to agree, that the form of such depository account shall permit MGI to withdraw the deposited amounts at will, but neither Dainippon nor any agent of Dainippon shall withdraw the deposited amounts otherwise than for the purpose of remitting such amounts to MGI pursuant to the provisions of this Section.

Currency Controls. If Dainippon is precluded at any time from making any payments due to MGI under the provisions of this Agreement because Dainippon has failed, notwithstanding its Best Efforts, to obtain any governmental approvals that may be required under the laws and regulations in the Territory for such transfers of funds, then Dainippon shall: (a) deposit, or cause its agent to deposit, such sums to an account designated by MGI at a bank or other entity within the Territory; ; (b) provide, or cause its agent to provide, to MGI documentary evidence of such deposits; and and (c) remit such deposits to MGI immediately upon the subsequent receipt of any required governmental approvals for such transfers. Subject to any applicable regulatory requirements, Dainippon further agrees, and shall cause any agent of Dainippon to agree, that the form of such depository account shall permit MGI to withdraw the deposited amounts at will, but neither Dainippon nor any agent of Dainippon shall withdraw the deposited amounts otherwise than for the purpose of remitting such amounts to MGI pursuant to the provisions of this Section.