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

Resignation and Removal of Escrow Agent. The Escrow Agent may resign at any time or be removed by the mutual consent of Parent Bank and the Former Stakeholders upon notice given at least 30 days before the effective date of such resignation or removal; provided that no resignation or removal of the Escrow Agent and no appointment of a successor Escrow Agent shall be effective unless and until the successor Escrow Agent accepts its appointment as Escrow Agent in accordance with this Section 5. If the Escrow Agent resigns or is removed but Parent Bank and the Former Stakeholder Representative fail to agree upon a successor Escrow Agent within 30 days after they receive notice of such resignation or removal, then Parent Bank shall have the right to appoint a successor Escrow Agent which shall be a commercial bank or trust company having a combined capital and surplus of at least $50,000,000. Any successor Escrow Agent, whether appointed by the mutual agreement of Parent Bank and the Former Stakeholder Representative or otherwise, shall execute and deliver to the predecessor Escrow Agent an instrument accepting such appointment, 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.

Resignation and Removal of Escrow Agent. The Escrow Agent may resign at any time or be removed by the mutual consent of Parent Bank NCO and the Former Stakeholders Stockholder's Agents upon notice given at least 30 days before prior to the effective date of such resignation or removal; provided provided, however, that no resignation or removal of the Escrow Agent and no appointment of a successor Escrow Agent shall be effective unless and until the acceptance of appointment by a successor Escrow Agent accepts its appointment as Escrow Agent in accordance with this Section 5the manner herein provided. If In the event of the resignation or removal of the Escrow Agent resigns or is removed but Parent Bank Agent, and the Former Stakeholder Representative fail failure of NCO and the Stockholder's Agents to agree upon a successor Escrow Agent within 30 days after they receive the receipt of notice of such resignation or removal, then Parent Bank NCO shall have the right to appoint a successor Escrow Agent which shall be a commercial bank or trust company having a combined capital and surplus of at least $50,000,000100,000,000. Any successor Escrow Agent, whether appointed by the mutual agreement of Parent Bank NCO and the Former Stakeholder Representative Stockholder's Agents or otherwise, shall execute and deliver to the predecessor Escrow Agent an instrument accepting such appointment, 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.

Resignation and Removal of Escrow Agent. The Escrow Agent may resign at any time or be removed by the mutual consent of Parent Bank 1st Constitution and the Former Stakeholders Shareholder Representative upon notice given at least 30 days before the effective date of such resignation or removal; provided that no resignation or removal of the Escrow Agent and no appointment of a successor Escrow Agent shall be effective unless and until the successor Escrow Agent accepts its appointment as Escrow Agent in accordance with this Section 5. If the Escrow Agent resigns or is removed but Parent Bank 1st Constitution and the Former Stakeholder Shareholder Representative fail to agree upon a successor Escrow Agent within 30 days after they receive notice of such resignation or removal, then Parent Bank 1st Constitution shall have the right to appoint a successor Escrow Agent which shall be a commercial bank or trust company having a combined capital and surplus of at least $50,000,000. Any successor Escrow Agent, whether appointed by the mutual agreement of Parent Bank 1st Constitution and the Former Stakeholder Shareholder Representative or otherwise, shall execute and deliver to the predecessor Escrow Agent an instrument accepting such appointment, 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.