Escrow environment Clause Samples

The 'Escrow environment' clause defines the use of a neutral third-party service to hold funds, documents, or assets until certain contractual conditions are met. In practice, this clause outlines the procedures for depositing items into escrow, the responsibilities of the escrow agent, and the specific triggers for release, such as delivery of goods or completion of services. Its core function is to protect both parties by ensuring that obligations are fulfilled before assets change hands, thereby reducing the risk of non-performance or fraud.
Escrow environment setup (a) In order to set-up the Escrow environment to the Escrow setup completion Borrower shall and undertakes to promptly make all necessary or advisable actions, mainly execute all actions of borrower as described in the respective guide (as revised from time to time) published on the Platform and follow any other instructions published on or reasonably given by or through the Platform, including, but not limited to, using the dedicated software tool (app) provided by the Platform. (b) For the avoidance of doubt, obligation of Borrower under Clause 4.2(a) entails, among other actions, transfer of the Initial Collateral into Escrow environment. (c) If the Borrower (i) breaches the obligation under Clause 4.2(a), and (ii) as a consequence thereof, the Escrow setup completion will not occur at latest on a day immediately preceding the Loan provision date, Lender shall be entitled to, and Borrower undertakes to pay on demand of the Lender, a contractual penalty (in czech smluvní ▇▇▇▇▇▇) in the amount calculated as 5 % of the Loan amount. (d) Should the Escrow setup completion not occur at latest on a day immediately preceding the Loan provision date, this Agreement shall automatically terminate unless ▇▇▇▇▇▇ decides, in their own discretion, to execute a transfer necessary for the Loan disbursement anyway an executes such transfer at latest on the Loan provision date. For the avoidance of doubt, this termination shall not preclude or otherwise prejudice rights of Lender, if any, based on the breach of Borrower's obligations under this Agreement prior to termination, including, but not limited to, the right under Clause 4.2(c).
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