Common use of Release of Escrow Funds Clause in Contracts

Release of Escrow Funds. 4.1 Payments during the term of the Agreement or on termination of the Agreement 4.1.1 The Escrow Agent is hereby irrevocably authorised by each of the Buyers and the Sellers to pay and, subject to receipt of the monies payable by the Buyers into the Escrow Account pursuant to and in accordance with the Agreement, the Escrow Agent hereby irrevocably undertakes, as soon as practicable following the receipt of an Escrow Payment Letter duly signed by both the Sellers and the Buyers, to pay such amount as is referred to in the relevant Escrow Payment Letter to the following bank account of the Sellers or the Buyers (as the case may be): Sellers: BANK USD: Bank Name: The Hongkong and Shanghai Banking Corporation Branch name: COLLYER QUAY BRANCH Address: 00 XXXXXXX XXXX, #00-00 XXXX XXXXXXXX, XXXXXXXXX 000000 Swift Code: XXXXXXXX Bank Code: 7232 USD current account no.: 000-000000-000 Favouring: Maersk Tankers Singapore Pte Ltd