This Escrow Agreement (the "Agreement") is made effective the _____ day of. Establishment of Escrow Account. 2.A form of escrow agreement is a legal contract that guarantees a third party will hold the funds or property during an exchange. THIS ESCROW AGREEMENT, dated as of. The Escrow Agent has created on its books a special trust fund and irrevocable escrow to be known as the City of Austin, Texas Water and Wastewater System. Action, promptly shall appoint an Escrow Agent to fill such vacancy. Whether you are completing an acquisition or resolving a bankruptcy issue, our dedicated professionals are here to help with all your escrow needs.