Escrow as Security Sample Clauses
The 'Escrow as Security' clause establishes that certain assets or funds will be held by a neutral third party (the escrow agent) as a form of security for the parties involved in a transaction. Typically, this means that money, documents, or property are deposited into escrow and only released when specified conditions or obligations are fulfilled, such as the completion of contractual milestones or delivery of goods. This arrangement protects both parties by ensuring that neither side can access the escrowed assets until all agreed-upon requirements are met, thereby reducing the risk of non-performance or default.
Escrow as Security. The Escrow established herein shall be deemed Cash Collateral for the sole and exclusive benefit of the Township, as that term is applied in Federal Bankruptcy Law proceedings. This instrument shall be deemed a Security Agreement creating a first-lien security interest in favor of the Township in the Escrow under the Uniform Commercial Code.