Common use of Resignation by Escrow Agent Clause in Contracts

Resignation by Escrow Agent. Escrow Agent reserves the right to resign hereunder, upon ten (10) days prior written notice to Issuer. In the event of said resignation, and prior to the effective date thereof, Issuer, by written notice to Escrow Agent, shall designate a successor escrow agent to assume the responsibilities of Escrow Agent under this Agreement, and Escrow Agent immediately shall deliver any undisbursed Escrow Account funds to such successor escrow agent. If Issuer shall fail to designate such a successor escrow agent within such time period, the Escrow Agent may deliver any undisbursed funds into the registry of any court having jurisdiction.