Common use of Obligations of the Escrow Agent When Changed Clause in Contracts

Obligations of the Escrow Agent When Changed. Each new escrow agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Escrow Agent, without any further assurance, conveyance, act or deed. As soon as it has been advised of the appointment of such new escrow agent, and subject to receipt by the Escrow Agent of all Escrow Fees including unbilled work-in-progress and expenses, the Escrow Agent will deliver to the new escrow agent the Escrowed Securities in its possession.

Obligations of the Escrow Agent When Changed. Each new escrow agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as the Escrow Agent, without any further assurance, conveyance, act or deed. As The Escrow Agent will deliver custody of the accounts containing the Escrowed Funds to the new escrow agent as soon as it has been advised of the appointment of such new escrow agent, and subject to receipt by the Escrow Agent of all Escrow Fees including unbilled work-in-progress and expenses, the Escrow Agent will deliver to the new escrow agent the Escrowed Securities in its possession.