Common use of Release of Escrow Agent Clause in Contracts

Release of Escrow Agent. The Escrow Agent may at any time resign hereunder by giving written notice of its resignation to Spacial, Xxxxxx and the Trust, at their addresses set forth in this Agreement, at least 30 days prior to the date specified for such resignation to take effect, and upon the effective date of such resignation, all property then held by the Escrow Agent hereunder shall be delivered by it to such person as may be designated by Spacial, Xxxxxx, or the Trust in writing, whereupon all the Escrow Agent's obligations hereunder shall cease and terminate. If no such person shall have been designated by such date, all obligations of the Escrow Agent hereunder shall nevertheless cease and terminate. The Escrow Agent's sole responsibility thereafter shall be to keep safely all property then held by it and to deliver the same to a person designated by Spacial, Xxxxxx and the Trust or in accordance with the directions of a final order or judgment of a court of competent jurisdiction.

Release of Escrow Agent. The Escrow Agent may at any time resign hereunder by giving written notice of its resignation to Spacial, Xxxxxx the Company and the Trust, Winsonic at their addresses set forth in this Agreement, at least 30 days prior to the date specified for such resignation to take effect, and upon the effective date of such resignation, all property then held by the Escrow Agent hereunder shall be delivered by it to such person as may be designated by Spacial, Xxxxxx, or the Trust Company and Winsonic in writing, whereupon all the Escrow Agent's obligations hereunder shall cease and terminate. If no such person shall have been designated by such date, all obligations of the Escrow Agent hereunder shall nevertheless cease and terminate. The Escrow Agent's sole responsibility thereafter shall be to keep safely all property then held by it and to deliver the same to a person designated by Spacial, Xxxxxx and the Trust Surge or in accordance with the directions of a final order or judgment of a court of competent jurisdiction.

Release of Escrow Agent. The Escrow Agent may at any time resign hereunder by giving written notice of its his resignation to Spacial, Xxxxxx and the Trust, parties hereto at their respective addresses set forth in this Escrow Agreement, at least 30 twenty (20) days prior to the date specified for such resignation to take effecteffect and, and upon the effective date of such resignation, all property then held by the Escrow Agent hereunder shall be delivered by it him to such a person as may be designated in writing by Spacial, Xxxxxx, or the Trust in writingother parties hereto, whereupon all of the Escrow Agent's duties and obligations hereunder shall cease and terminate. If no such person shall have been designated by such datetime, all duties and obligations of the Escrow Agent hereunder shall nevertheless cease and terminate. The Escrow Agent's sole responsibility thereafter shall be to keep safely all property then held by it him pursuant to this Escrow Agreement and to deliver the same to a person or persons designated by Spacial, Xxxxxx and all of the Trust other parties hereto or in accordance with the directions of a final formal order or judgment of a court of competent jurisdiction.