Common use of ESCROW ESTABLISHED Clause in Contracts

ESCROW ESTABLISHED. In the event the escrow fund to be established is for an amount which is $5,000 or less, the APPLICANT and MMUA, in accordance with the provisions of this Agreement and Sections 6 and of the MMUA's Rules and Regulations, hereby agree to create and establish the escrow with the designated Financial Officer of the MMUA. A. In the event the escrow fund to be established is for an amount which exceeds $5,000, the APPLICANT AND MMUA, in accordance with the provisions of this Agreement, Sections 6 of the MMUA Rules and Regulations and N.J.