Escrow Agreement Page 2
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13In this Escrow Agreement the following capitalized words and expressions have the following
meanings:
“Business Day” means a day (excluding Saturdays and Sundays) on which banks generally are
open in Delhi, India for the transaction of normal banking business;
“Escrow Account” has the meaning assigned to it in Article 3.2.1 hereof;
“Buyer’s Instruction” has the meaning assigned to it in Article 3.3.1 (a) hereof;
“Award” means any order, judgement, direction etc. given by any court of law or award passed by
any arbitration tribunal or sole arbitrator during any arbitration proceeding;
1.2
Interpretation
Except where the context requires otherwise, in this Escrow Agreement:
(i)
any reference to a statutory provision, rule, ordinance or other law shall include any
amendment or replacement thereof;
(ii)
references to Articles,
Schedules
and Annexures are, unless otherwise stated, to
articles of and schedules and annexures to this Escrow Agreement;
(iii)
words importing the singular include the plural and vice versa, words importing a gender
include
every
gender
and
references
to
persons
include
bodies,
corporate
or
unincorporated;
(iv)
the headings to the articles , schedules and annexures are for convenience only and shall
not affect the construction or interpretation of this Escrow Agreement;
(v)
the terms “hereof”, “herein”, “hereby”, “hereto” and derivative or similar words refer to
this entire Escrow Agreement or specified articles of this Escrow Agreement, as the case
may be;
(vi)
reference to the word “include” shall be construed without limitation; and
(vii)
any word or phrase defined in the body of this Escrow Agreement shall have the meaning
assigned to it in such definition throughout this Escrow Agreement, unless the contrary is
expressly stated or the contrary clearly appears from the context.
Article 2
APPOINTMENT OF ESCROW AGENT
2.1
The Seller and the Buyer hereby designate and appoint the Escrow Agent as an escrow
agent for the purposes of operating and maintaining the Escrow Account and the Escrow
Agent hereby accepts such designation and appointment in accordance with the terms of
this Escrow Agreement. The term “Escrow Agent” shall include the Escrow Agent for the
time being and all its Successors further to the provisions of Article 10.
Article 3
Establishment of Escrow
3.1
Delivery of the Escrowed Amount
Simultaneously with execution of agreement to sell dated __________, the Buyer shall
deliver to the Escrow Agent an amount equal to the Escrowed Amount by transferring the
same into the Escrow Account.
3.2
Escrow Account
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