Common use of Escrow Agent Duties Clause in Contracts

Escrow Agent Duties. The Company acknowledges and agrees that (i) the Escrow Agent shall provide to the Company, by written notice and on a weekly basis, the amount deposited in the Escrow Account and the investments made in respect to the Escrow Account pursuant to Section 1(b) of this Agreement, (ii) the duties, responsibilities and obligations of the Escrow Agent shall be limited to those expressly set forth in this Agreement, each of which is administrative or ministerial (and shall not be construed to be fiduciary) in nature, and no duties, responsibilities or obligations shall be inferred or implied, (iii) the Escrow Agent shall not be responsible for any of the agreements referred to or described herein (including without limitation the Purchase Agreements and any defined term therein not otherwise defined in this Agreement), or for determining or compelling compliance therewith, and shall not otherwise be bound thereby, and (iv) the Escrow Agent shall not be required to expend or risk any of its own funds to satisfy payments from the Escrowed Property hereunder.