§ 1789.167 Terms and conditions of escrow agreement.

Escrow Agreements between and among the Borrower, Consultant and Third-party Commercial Institution shall be in form and substance satisfactory to RUS and provide for, among other matters, the following: (a) Specific reference by number to the applicable contract for services; (b) Specific reference by number to the applicable Task Order; (c) Specific reference by number to the Escrow Account into which funds are to be deposited; (d) Invoices to specifically identify the applicable contract and Task Order(s); (e) Funds to be held in the Escrow Account by the escrow agent until paid to the Consultant pursuant to the government's authorization; (f) The Escrow Account to be closed and all remaining funds remitted to the Borrower after payment of the Final Invoice, unless otherwise directed by the government; (g) The government, the Consultant and the Borrower to have the right to be informed, in a timely manner and in such form as they may reasonably request, as to the status of and activity in the Escrow Account; and (h) The Escrow Agreement shall not be effective unless and until approved in writing by RUS.