Common use of Release of Funds by Escrow Agent Clause in Contracts

Release of Funds by Escrow Agent. Escrow Agent’s obligation, if any, under this Agreement to release the Xxxxxxx Money Deposit, and any other funds, prior to the Closing Date is subject to such funds having cleared through the bank, savings and loan, or other financial institution on which such funds are drawn. Escrow Agent shall make such payments only in strict accordance with the provisions of this Agreement, and the Company Parties and the Buyer Parties agree to save and hold Escrow Agent harmless in disbursing and releasing the funds as specified in this Agreement. The Company Parties and the Buyer Parties represent to Escrow Agent that the release instructions set forth in this Agreement are made of their own free will, under no duress, and with full understanding of the consequences thereof, not relying on any information furnished or statements made by Escrow Agent.