Common use of DEPOSIT OF CONSIDERATION SHARES Clause in Contracts

DEPOSIT OF CONSIDERATION SHARES. 7.1 On Completion, the Sellers as sole beneficial owners shall deposit 50 per cent of the Consideration Shares with the Escrow Agent for a period of three years by way of continuing security for the payment and satisfaction of any Claim that the Purchaser may have against any of the Sellers under this agreement or. Further terms of the deposit and security arrangement, including the terms of release of the deposited Consideration Shares over the three year security period, are set out in the Share Escrow Agreement. If the Sellers at any time proposes to the Purchaser the replacement of the Escrow Agent by a new escrow agent, the Sellers and the Purchaser shall in good faith co-operate in the appointment of such new escrow agent provided that the new escrow agent:

DEPOSIT OF CONSIDERATION SHARES. 7.1 On Completion, the Sellers Seller as sole beneficial owners owner shall deposit 50 per cent of the Consideration Shares with the Escrow Agent for a period of three years by way of continuing security for the payment and satisfaction of any Claim that the Purchaser may have against any of the Sellers Seller under this agreement oragreement. Further terms of the deposit and security arrangement, including the terms of release of the deposited Consideration Shares over the three year security period, are set out in the Share Escrow Agreement. If the Sellers Seller at any time proposes to the Purchaser the replacement of the Escrow Agent by a new escrow agent, the Sellers Seller and the Purchaser shall in good faith co-operate in the appointment of such new escrow agent provided that the new escrow agent: