Escrow Funds definition
Examples of Escrow Funds in a sentence
The Deposit ("Escrow Funds") must be held by Escrow Agent in escrow and disposed of only in accordance with the provisions of this ARTICLE 6.
Upon the first to occur of the disbursement of all amounts in the Escrow Funds or deposit of all amounts in the Escrow Funds into court pursuant to the applicable provisions hereof, this Escrow Agreement shall terminate and Escrow Agent shall have no further obligation or liability whatsoever with respect to this Escrow Agreement or the Escrow Funds.
In the event Escrow Agent is uncertain as to Escrow Agent’s duties or rights hereunder, or receives instructions from Purchaser or any Seller which, in Escrow Agent’s opinion, are in conflict with any of the provisions hereof, Escrow Agent will be entitled to hold and disburse the Escrow Funds pursuant to Section 6.02.D, above, and may decline to take any other action.
Escrow Agent will have the right to hold the Escrow Funds in escrow in the event of any contested claims by any party relating to the Escrow Funds.
Escrow Agent shall not be required to deposit or hold the Escrow Funds in an interest-bearing account.