Common use of Resignation and Removal of Escrow Agent Successors Clause in Contracts

Resignation and Removal of Escrow Agent Successors. (a) Escrow Agent may resign at any time or be removed by the mutual agreement of the Company and the ESIP Shareholders Representative. No resignation or removal of Escrow Agent and no appointment of a successor Escrow Agent, however, shall be effective until the acceptance or removal of Escrow Agent in the manner herein provided. In the event of the resignation or removal of Escrow Agent, the Company and the ESIP Shareholders Representative shall appoint a successor Escrow Agent. If a successor Escrow Agent is not appointed within fourteen (14) days after receipt of a notice of resignation or removal is given, Escrow Agent may deposit the Escrow Funds with a court of competent jurisdiction and may petition, at the expense of the Company, a court of competent jurisdiction for the appointment of a successor Escrow Agent. Any successor Escrow Agent shall execute and deliver to the predecessor Escrow Agent, ESIP Shareholders and the Company an instrument accepting such appointment and the transfer of the Escrow Funds and agreeing to the terms of this Escrow Agreement, and thereupon such successor Escrow Agent shall, without further act, become vested with all the estates, properties, rights, powers and duties of the predecessor Escrow Agent as if originally named herein. The predecessor Escrow Agent shall remain liable for its acts or omissions prior to its effective resignation or removal.

Resignation and Removal of Escrow Agent Successors. (a) Escrow Agent may resign at any time (i) resign by giving thirty (30) days’ written notice to Buyer and Sellers, or (ii) be removed by the mutual agreement consent of the Company Buyer and the ESIP Shareholders RepresentativeSellers. No resignation or removal of Escrow Agent and no appointment of a successor Escrow Agent, however, shall be effective until the acceptance of the resignation or the removal of Escrow Agent in the manner herein provided. In the event of the resignation or removal of Escrow Agent, the Company Buyer and the ESIP Shareholders Representative Sellers shall appoint a successor Escrow Agent. If in good faith agree upon a successor Escrow Agent is not appointed and Escrow Agent shall account for and deliver to such successor Escrow Agent the Escrow Funds (including all investment earnings with respect thereto) held by it. If Buyer and Sellers are unable to agree upon a successor Escrow Agent within fourteen (14) days after receipt of a notice of resignation or removal is given, Escrow Agent may deposit the Escrow Funds (including all investment earnings with respect thereto) with a court of competent jurisdiction and may petition, at within the expense State of the Company, a court of competent jurisdiction for the appointment of a successor Escrow AgentConnecticut. Any successor Escrow Agent shall execute and deliver to the predecessor Escrow Agent, ESIP Shareholders Buyer and the Company Sellers an instrument accepting such appointment and the transfer of the Escrow Funds (including all investment earnings with respect thereto) and agreeing to the terms of this Escrow Agreement, and thereupon such successor Escrow Agent shall, without further act, become vested with all the estates, properties, rights, powers and duties of the predecessor Escrow Agent as if originally named herein. The predecessor Escrow Agent shall remain liable for its acts or omissions prior to its effective resignation or removal.

Resignation and Removal of Escrow Agent Successors. (a) Escrow Agent may resign at any time or be removed by the mutual agreement consent of the Company SBN Eagle, Eagle S-Corp Shareholders Representative and the ESIP Shareholders Representative. H&E. No resignation or removal of Escrow Agent and no appointment of a successor Escrow Agent, however, shall be effective until the acceptance or removal of Escrow Agent in the manner herein provided. In the event of the resignation or removal of Escrow Agent, the Company and the ESIP SBN Eagle, Eagle S-Corp Shareholders Representative and H&E shall appoint in good faith agree upon a successor Escrow Agent. If Eagle S-Corp Shareholders Representative and H&E are unable to agree upon a successor Escrow Agent is not appointed within fourteen (14) days after receipt of a notice of resignation or removal is given, Escrow Agent may deposit the Escrow Funds with a court of competent jurisdiction and may petition, at the joint expense of the CompanySellers and H&E, a court of competent jurisdiction for the appointment of a successor Escrow Agent. Any successor Escrow Agent shall execute and deliver to the predecessor Escrow Agent, ESIP SBN Eagle, Eagle S-Corp Shareholders Representative and the Company H&E an instrument accepting such appointment and the transfer of the Escrow Funds and agreeing to the terms of this Escrow Agreement, and thereupon such successor Escrow Agent shall, without further act, become vested with all the estates, properties, rights, powers and duties of the predecessor Escrow Agent as if originally named herein. The predecessor Escrow Agent shall remain liable for its acts or omissions prior to its effective resignation or removal.

Resignation and Removal of Escrow Agent Successors. (a) Escrow Agent may resign at any time or be removed by the mutual agreement consent of the Company Burress Shareholders Representative and the ESIP Shareholders Representative. H&E. No resignation or removal of Escrow Agent and no appointment of a successor Escrow Agent, however, shall be effective until the acceptance or removal of Escrow Agent in the manner herein provided. In the event of the resignation or removal of Escrow Agent, the Company and the ESIP Burress Shareholders Representative and H&E shall appoint in good faith agree upon a successor Escrow Agent. If Burress Shareholders Representative and H&E are unable to agree upon a successor Escrow Agent is not appointed within fourteen (14) days after receipt of a notice of resignation or removal is given, Escrow Agent may deposit the Escrow Funds with a court of competent jurisdiction and may petition, at the joint expense of the CompanyBurress Shareholders and H&E, a court of competent jurisdiction for the appointment of a successor Escrow Agent. Any successor Escrow Agent shall execute and deliver to the predecessor Escrow Agent, ESIP Burress Shareholders Representative and the Company H&E an instrument accepting such appointment and the transfer of the Escrow Funds and agreeing to the terms of this Escrow Agreement, and thereupon such successor Escrow Agent shall, without further act, become vested with all the estates, properties, rights, powers and duties of the predecessor Escrow Agent as if originally named herein. The predecessor Escrow Agent shall remain liable for its acts or omissions prior to its effective resignation or removal.