Common use of Removal of Escrow Agent Clause in Contracts

Removal of Escrow Agent. The Investor Representative and the Major Stockholder, acting together, shall have the right to terminate the appointment of the Escrow Agent, specifying the date upon which such termination shall take effect. Thereafter, the Escrow Agent shall have no further obligation hereunder except to hold the Bonus Escrow Fund or the General Escrow Account as depository. The Investor Representative and the Major Stockholder agree that in the event of such termination, they will reasonably cooperate with each other in order to jointly appoint a banking corporation, trust company or attorney as successor Escrow Agent. The Escrow Agent shall refrain from taking any action until it shall have received joint written instructions from the Investor Representative and the Major Stockholder designating the successor Escrow Agent. The Escrow Agent shall deliver all of the Bonus Escrow Fund and the General Escrow Fund not previously paid out as provided in this Agreement to such successor agent in accordance with such instructions and, upon receipt of the Bonus Escrow Fund and the General Escrow Fund, the successor agent shall be bound by all of the provisions hereof.

Removal of Escrow Agent. The Investor Representative Buyer and the Major Stockholder, Seller acting together, together shall have the right to terminate the appointment of the Escrow Agent, specifying the date upon which such termination shall take effect, by giving no less than thirty (30) days’ prior written notice of such termination. Thereafter, the Escrow Agent shall have no further obligation hereunder except to hold the Bonus Escrow Fund or and the General Outstanding Invoices Escrow Account Fund as depository. The Investor Representative Buyer and the Major Stockholder Seller agree that in the event of such termination, they will reasonably cooperate with each other in order to shall jointly appoint a banking corporation, trust company or attorney as successor Escrow Agentescrow agent. The Escrow Agent shall refrain from taking any action until it shall have received receive joint written instructions from the Investor Representative Buyer and the Major Stockholder Seller designating the successor Escrow Agentescrow agent. The Escrow Agent shall deliver all of the Bonus Escrow Fund and the General Outstanding Invoices Escrow Fund not previously paid out as provided in this Agreement to such successor escrow agent in accordance with such instructions and, and upon receipt of the Bonus Escrow Fund and the General Outstanding Invoices Escrow Fund, the successor escrow agent shall be bound by all of the provisions hereofhereof and shall be the “Escrow Agent” for all purposes hereunder.

Removal of Escrow Agent. The Investor Representative Buyer, TMG, and the Major StockholderSeller, acting together, shall have the right to terminate the appointment of the Escrow Agent, specifying the date upon which such termination shall take effect. Thereafter, the Escrow Agent shall have no further obligation hereunder except to direct that the Transfer Agent hold the Bonus Escrow Fund or the General Escrow Account Deposit as depositorydepository and not otherwise. The Investor Representative and the Major Stockholder agree that in In the event of any such termination, Buyer, TMG, and the Redeeem Parties agree that they will reasonably cooperate with each other in order to jointly appoint a banking corporation, trust company or attorney as successor Escrow Agentescrow agent. The Escrow Agent shall refrain from taking any action until it shall have received joint written instructions from the Investor Representative and the Major Stockholder receive Joint Written Instructions designating the successor Escrow Agentescrow agent. The Escrow Agent shall deliver all of the Bonus Escrow Fund and the General Escrow Fund not previously paid out as provided in this Agreement Deposit to such successor escrow agent in accordance with such instructions and, Joint Written Instructions and upon receipt of the Bonus Escrow Fund and the General Escrow FundDeposit, the successor escrow agent shall be bound by all of the provisions hereof.