Common use of Sub-underwriting Clause in Contracts

Sub-underwriting. Each of the Hong Kong Underwriters severally undertakes that, from the date of this Agreement until the Relevant Time, it will not sub-underwrite its Hong Kong Underwriting Commitment under this Agreement or enter into any transaction involving the Shares or securities, derivatives or other instruments relating to the Shares which is intended to have the economic effect of hedging or otherwise mitigating the economic risk associated with its Hong Kong Underwriting Commitment under this Agreement. The foregoing restrictions shall not apply to the ordinary course sales and trading and other activities of any Hong Kong Underwriter that are unrelated to and do not directly conflict with their obligations to underwrite pursuant to Clause 5.4 and in particular (but without limitation) (save as prohibited by law) shall not apply to: 4.5.1 transactions that involve any securities or derivatives that reference any existing and established sector or market index, provided that the weighting of the Shares in any such sector or market index does not exceed 15 per cent. of the index; 4.5.2 proprietary positions in the Company's securities or in derivatives related to the Company's securities held or entered into by the Hong Kong Underwriters or any of their affiliates in the ordinary course of business prior to the date of this Agreement; or 4.5.3 transactions relating to ordinary course market making or facilitating customer transactions, and any such transactions shall be effected in compliance with applicable Laws. Notwithstanding the foregoing, each Appointee may transfer any Shares allotted to them pursuant to this Agreement to any one or more of its Affiliates.