Escrow Agent Qualifications Clause Samples
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Escrow Agent Qualifications. The Escrow Agent shall at all times be a bank, savings and loan association or trust company in good standing, organized and doing business under the laws of the United States or a state of the United States or a United States branch of a foreign bank, shall have (or, in the case of a corporation included in a bank holding company system, the related bank holding company shall have) a combined capital and surplus of at least fifty million dollars ($50,000,000) as set forth in its (or its related bank holding company's) most recent published annual report of condition, shall be authorized under the laws governing its organization to exercise corporate trust powers, and shall be authorized under such laws to enter into and perform this Agreement. If the Escrow Agent shall at any time cease to have the foregoing qualifications, the Escrow Agent shall give written notice of resignation to Parent and Stockholder Representative as provided in Section 7.3, and Parent and Stockholder Representative agree to promptly appoint a qualified successor escrow agent in accordance with Section 7.4.
Escrow Agent Qualifications. Escrow Agent shall at all times be --------------------------- a bank, savings and loan association or trust company in good standing, organized and doing business under the laws of the United States or a state of the United States, having combined capital and surplus of not less than One Hundred Million Dollars ($100,000,000) and shall be authorized under the laws governing its organization to exercise corporate trust powers and shall be authorized under such laws and the laws of the State of California to enter into and perform this Agreement. If Escrow Agent shall at any time cease to have the foregoing qualifications, Escrow Agent shall give notice of resignation to Buyer and ▇▇▇▇▇▇▇▇ as provided in Section 16, and ▇▇▇▇▇▇▇▇ and Buyer agree to thereupon promptly appoint a qualified successor escrow agent in accordance with Section 16.
Escrow Agent Qualifications. The Escrow Agent shall at all times be a --------------------------- commercial bank in good standing, organized and doing business under the laws of the United States or a state thereof having capital and surplus in excess of $100,000,000 and shall be authorized under the laws governing its organization to exercise corporate trust powers and shall be authorized to enter into and perform this Agreement. If the Escrow Agent shall at any time cease to have the foregoing qualifications, the Escrow Agent shall give notice of resignation to BEA and Seller as provided in Section 9, and BEA and Seller agree to thereupon promptly appoint a qualified successor escrow agent in accordance with Section 10.
Escrow Agent Qualifications. Escrow Agent shall at all times be a --------------------------- bank, savings and loan association or trust company in good standing, organized and doing business under the laws of the United States or a State of the United States, having combined capital and surplus of not less than five million dollars ($5,000,000) and shall be authorized under the laws governing its organization to exercise corporate trust powers and shall be authorized under such laws and the laws of the State of California to enter into and perform this Agreement. If Escrow Agent at any time ceases to have the foregoing qualifications, Escrow Agent will give notice of resignation to HCC, the Representative, and Windward, and a qualified successor escrow agent will be appointed in accordance with Section 3.
Escrow Agent Qualifications. Escrow Agent shall at all times be a bank, savings and loan association or trust company in good standing, organized and doing business under the laws of the United States or a state of the United States, having combined capital and surplus of not less than $100 Million and shall be authorized under the laws governing its organization to exercise corporate trust powers and shall be authorized under such laws and the laws of the State of California to enter into and perform this Agreement. If Escrow Agent shall at any time cease to have the foregoing qualifications, Escrow Agent shall give notice of resignation to Buyer and Seller as provided in Section 16, and Seller and Buyer agree to thereupon promptly appoint a qualified successor escrow agent in accordance with Section 17.