New Escrow Agent. The Escrow Agent reserves the right to resign at any time by giving at least 30-days advance written notice of resignation to the Company and each Subscriber, specifying the effective date thereof. Within 30 days after receiving the aforesaid notice, the Company agrees to appoint a successor escrow agent. If a successor escrow agent has not been appointed and has not accepted such appointment by the end of the 30-day period commencing upon the receipt of the notice of resignation by the Company and the Subscribers, the Escrow Agent may apply to a court of competent jurisdiction for the appointment of a successor escrow agent, and the costs, expenses and reasonable attorneys’ fees which the Escrow Agent incurs in connection with such a proceeding shall be the responsibility of the Company.
New Escrow Agent. In the event of an appointment of a successor, the predecessor shall cease to be Escrow Agent of any funds, securities or other assets and records it may hold pursuant to this Escrow Agreement, and the successor shall become such Escrow Agent.
New Escrow Agent. 6.1 Any new Escrow Agent appointed hereunder shall execute an instrument accepting such appointment hereunder and deliver one counterpart thereof to the Optionee, one counterpart thereof to the Escrow Agent last in office, and one counterpart to the Optionor, and thereupon such new Escrow Agent without further act shall become vested in all rights, powers and obligations of its predecessor for execution of the mandate hereunder, with like effect as if originally named as Escrow Agent herein, and the predecessor Escrow Agent shall forthwith deliver the Escrow Documents and any other documents in its possession pursuant to this Agreement to the new Escrow Agent, for the purposes and uses of this Agreement.
New Escrow Agent. If the Escrow Agent shall be removed as escrow agent by the Parent, the Purchaser, the Investors and the Sellers upon 30 days’ prior notice to the Escrow Agent or shall resign or otherwise cease to act as Escrow Agent (which resignation shall require as a condition thereto that the Escrow Agent provide the Parent, the Purchaser, the Investors and the Sellers at least 30 days’ prior written notice of resignation), the Parent, the Purchaser, the Investors and the Sellers shall mutually agree upon a successor which successor shall be deemed to be the Escrow Agent for all purposes of this Agreement. If a successor escrow agent has not been appointed and accepted such appointment by the end of the 30-day period following such removal, resignation or cessation, the escrow agent may apply to any court to commence litigation for the appointment of a successor escrow agent and deposit the Escrow Fund with the then chief or presiding judge of such court (and upon so depositing such property and filing its complaint in interpleader, it shall be relieved of all liability and responsibility under the terms hereof as to the property so deposited), and the costs, expenses and reasonable attorneys’ fees and expenses which the Escrow Agent incurs in connection with such a proceeding shall be borne severally, and not jointly, one-half by the Parent and the Purchaser and one-half by and the Sellers. The removal, resignation or other ceasing to act as escrow agent by the Escrow Agent or any successor thereto shall have no effect on this Agreement or any of the rights of the parties hereunder, all of which shall remain in full force and effect.
New Escrow Agent. The Director and the Company shall, before the Resignation Date, appoint another law firm or licensed trust company located in Vancouver, British Columbia to act as escrow agent. The Escrow Agent will cease to be bound by this Agreement on the Resignation Date, whether or not the Company and the Director have appointed a successor escrow agent prior to the Resignation Date.
New Escrow Agent. If the Escrow Agent shall decline or cease to act as Escrow Agent, Holding Company and the Stockholder shall appoint a successor.
New Escrow Agent. Notwithstanding anything in the Agreement to the contrary, Buyer and Seller hereby agree that the Escrow Agent shall be Chicago Title Insurance Company, whose address is Xxxxx 0000, 0000 Xxxxxx Xxxxxx, Xxxxxxxxxxxx, XX 191021930, Attention: Xxxxx X. Xxxxxx, Telephone: 000-000-0000; Telecopy: 000-000-0000; E-mail: xxxxxxxxxxx.xxx. All references to Escrow Agent in the Agreement shall be deemed to be references to Chicago Title Insurance Company. Notwithstanding anything in the Agreement to the contrary, Seller shall be responsible for all of the costs and expenses of Commonwealth Title Land Insurance Company incurred with respect to the Agreement. All costs and expenses of the Escrow Agent shall otherwise be apportioned as set forth in the Agreement and paid at Closing. Seller and Buyer agree to cause Commonwealth Title Land Insurance Company to remit the Xxxxxxx Money to Chicago Title Insurance Company as soon as possible after the execution of this Amendment.
New Escrow Agent. Any new escrow agent shall agree in writing to be bound by this Agreement and thereupon shall be vested with the same powers and rights and shall be subject to the same duties and obligations as if it had executed this Agreement as the Escrow Agent and, unless otherwise directed in writing jointly by Seller and Purchaser, and upon satisfaction of all of its fees and expenses, the former Escrow Agent shall cause to be delivered the Withheld Amount (or control thereof if invested) and all related records and documents to the new Escrow Agent, execute all such transfers and other documents and do all such other acts and things as the new Escrow Agent may reasonably request for the purpose of giving effect thereto.
New Escrow Agent. In the event of an appointment of a successor Escrow Agent, the predecessor will cease to be the Escrow Agent of any funds and records it may hold under this General Escrow Agreement and the successor will become such Escrow Agent. Any person or entity into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any person or entity resulting from any merger, conversion or consolidation to which the Escrow Agent will be a party, will, upon written consent of Parent and the Shareholders’ Representative, be the Escrow Agent under this General Escrow Agreement; provided however, that consent is not required for a merger, conversion, consolidation, or assignment to an affiliate of the Escrow Agent.
New Escrow Agent. If the Escrow Agent shall decline or cease to act as escrow agent, the parties shall mutually agree upon a successor which successor shall be deemed to be the Escrow Agent for all purposes of this Escrow Agreement. If a successor Escrow Agent has not been appointed and has not accepted such appointment by the end of the 30-day period commencing upon the cessation to act of the Escrow Agent, the Escrow Agent may apply to a court of competent jurisdiction for the appointment of a successor Escrow Agent, and the costs, expenses and reasonable attorneys' fees which the Escrow Agent incurs in connection with such a proceeding shall be paid, as provided in Section 6(a) hereof.
