Common use of Escrowed Amount Clause in Contracts

Escrowed Amount. The Buyers have deposited Fifty Thousand Dollars ($50,000) (the "Escrow Amount") into an escrow account with ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, P.C. The Escrow Amount shall be held for the benefit of the Buyers until the Closing. The Escrow Amount shall be distributed to the Sellers at the Closing (as defined below) and shall be considered a portion of the Purchase Price (as defined below). If this Agreement is terminated, if the Sellers fail to satisfy a condition precedent to the Buyers obligation to close or if for any other reason the Closing does not occur (other than due to the Buyers breach of any material provision of this Agreement), then the Escrow Amount shall immediately be returned to the Buyer Representative (as defined below) or to an account designated in writing by the Buyer Representative. If this Agreement is terminated as the result of the Buyers' breach of a material provision of this Agreement, then the Escrow Amount may be released to the Sellers in satisfaction of any claims that the Sellers may have against the Buyers for such material breach.