Common use of Resignation of the Escrow Agent Clause in Contracts

Resignation of the Escrow Agent. The Escrow Agent may resign as escrow agent by giving each of the Parties not less than thirty (30) days' prior written notice of the effective date of such resignation. If on or prior to the effective date of such resignation the Escrow Agent has not received joint written instructions from the parties hereto, it will thereupon deposit the Escrow Account into the registry of a court of competent jurisdiction. The Parties intend that a substitute escrow agent will be appointed to fulfill the duties of the Escrow Agent hereunder for the remaining term of this Agreement in the event of the Escrow Agent's resignation, and if the Purchaser and the Seller cannot agree on a substitute escrow agent, they will use their best efforts to derive a procedure to appoint a substitute escrow agent.

Resignation of the Escrow Agent. The Escrow Agent may resign as escrow agent by giving each of the Parties not less than thirty (30) days' prior written notice of the effective date of such resignation. If on or prior to the effective date of such resignation the Escrow Agent has not received joint written instructions from the parties hereto, it will thereupon deposit the Escrow Account into the registry of a court of competent jurisdiction. The Parties intend that a substitute escrow agent will be appointed to fulfill the duties of the Escrow Agent hereunder for the remaining term of this Agreement in the event of the Escrow Agent's resignation, and if the Purchaser and the Seller Sellers cannot agree on a substitute escrow agent, they will use their best efforts to derive a procedure to appoint a substitute escrow agent.