Examples of Escrow Demat Account in a sentence
The Share Escrow Agent shall ensure that the Escrow Demat Account is opened in time for the Selling Shareholders to comply with Clause 3.1 below.
The Escrow Demat Account shall at all times be operated strictly in the manner set out in this Agreement.
Provided however that the Parties agree and acknowledge that the Red Xxxxxxx Prospectus with the RoC shall not be filed unless the Offered Shares are debited from the respective Selling Shareholders Demat Accounts and successfully credited into the Escrow Demat Account.
Immediately upon the opening of the Escrow Demat Account, the Share Escrow Agent shall inform the Company, and the Selling Shareholders (with a copy to the Lead Managers) and no later than the same day as the opening of the Escrow Demat Account, by a notice in writing, confirming the opening of the Escrow Demat Account and the details thereof, in a form as set out in Schedule C.
It is hereby clarified that the above- mentioned debit of the respective portion of Offered Shares from the respective Selling Shareholder Demat Accounts and the credit of such Offered Shares to the Escrow Demat Account shall not be construed or deemed as a Transfer (including transfer of title or any legal or beneficial ownership or interest) by any of the Selling Shareholders in favor of the Share Escrow Agent and/or any other Person.
The Share Escrow Agent xxxxxx agrees and undertakes to hold in escrow such Offered Shares credited to the Escrow Demat Account for and on behalf of, and in trust for, the respective Selling Shareholders in accordance with the terms of this Agreement and shall instruct the Depositories not to recognize any Transfer of Offered Shares which is not in accordance with the terms of this Agreement and Applicable Law.
The Share Escrow Agent shall provide a list of documents required for the opening of the Escrow Demat Account to the Company and the Selling Shareholders immediately upon the execution of this Agreement and shall open the Escrow Demat Account in the name of “Zaggle Prepaid Ocean Services Limited” with the Depository Participant within one Working Day from the date of this Agreement but in any event prior to the Deposit Date.