Common use of Deposits with Escrow Agent Clause in Contracts

Deposits with Escrow Agent. Escrow Agent will establish and maintain an escrow account (which, together with all funds delivered to Escrow Agent by and on behalf of Seller or GCI and earnings thereon, are referred to collectively as the "Escrow Fund"). Upon the execution of this Agreement, GCI shall deliver on behalf of Seller to Escrow Agent cash in the amount of Seventy-Five Thousand and no/100 Dollars ($75,000) ("Seller's Escrow Cash"). Upon execution hereof, GCI will cause delivery to Escrow Agent of cash in the amount of Seventy-Five Thousand and no/100 Dollars ($75,000) ("GCI Escrow Cash"). Escrow Agent will hold and disburse the Escrow Fund in accordance with this Agreement.