Common use of Payment of Escrow Agent Clause in Contracts

Payment of Escrow Agent. The Escrow Agent acknowledges receipt of good and valuable consideration for the services rendered or to be rendered by it pursuant to this Escrow Agreement. The Concessionaire shall pay the Escrow Agent’s reasonable fees and expenses in connection with the performance of its duties under this Escrow Agreement. The annual administrative fee is $1,500.00 and shall be payable by the Concessionaire within 30 days of receipt of an invoice from the Escrow Agent.