Escrow Fund Irrevocable Clause Samples
The "Escrow Fund Irrevocable" clause establishes that once funds are deposited into an escrow account, they cannot be withdrawn, altered, or revoked by the parties except under the specific terms set forth in the escrow agreement. In practice, this means that the deposited funds remain secure and inaccessible to either party until the agreed-upon conditions for release are met, such as the completion of a transaction or fulfillment of contractual obligations. This clause ensures the integrity and security of the escrow process, protecting both parties by preventing premature or unauthorized access to the funds and thereby reducing the risk of disputes.
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Escrow Fund Irrevocable. The Escrow Fund hereby created shall be irrevocable and the holders of the Refunded Certificates shall have an express lien on the Cash Deposit and all Escrow Securities deposited in the Escrow Fund pursuant to the terms hereof and the interest earnings thereon until paid out, used and applied in accordance with this Agreement and the Trust Agreement. Neither the Board nor the Escrow Agent shall cause nor permit any other lien or interest whatsoever to be imposed upon the Escrow Fund.
Escrow Fund Irrevocable. The Escrow Fund hereby created is irrevocable and the owners of the Refunded Bonds are hereby granted an express lien on the Escrow Fund until applied in accordance with this Agreement. The Escrow Agent shall hold the Escrow Fund as a separate trust fund wholly segregated from all other funds and accounts held in any capacity and shall make disbursements from such accounts only in accordance with the provisions of this Agreement. The principal of and interest on the Federal Securities shall not be reinvested except as provided in Section 3.02, and the Escrow Agent shall not sell or dispose of such securities except as provided in Section 3.02. Under no circumstances shall the Escrow Agent have a lien on the Escrow Fund for its charges, fees and expenses and under no circumstances shall the Escrow Agent make any claim against the Escrow Fund for such charges, fees and expenses.
Escrow Fund Irrevocable. The Escrow Fund
Escrow Fund Irrevocable. The Series 2009
Escrow Fund Irrevocable. The Escrow Fund hereby created is irrevocable and the owners of the Defeased Bonds are hereby granted an express lien on the Escrow Fund until applied in accordance with this Agreement. The Escrow Agent shall hold the Escrow Fund as a separate trust fund wholly segregated from all other funds and accounts held in any capacity and shall make disbursements from such funds only in accordance with the provisions of this Agreement. Under no circumstances shall the Escrow Agent have a lien on the Escrow Fund for its charges, fees and expenses and under no circumstances shall the Escrow Agent make any claim against the Escrow Fund for such charges, fees and expenses.