Common use of Resignation of the Escrow Agent Clause in Contracts

Resignation of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days' notice of such resignation to Seller and Purchaser. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depositary the Escrow Documents that it has received as of the date on which it provided the notice of resignation. In such event, the Escrow Agent shall not take any action until the Sellers and the Purchaser have designated a banking corporation, trust company, attorney or other person as successor. Upon receipt of such written instructions signed by the Sellers and the Purchaser, the Escrow Agent shall promptly deliver the Escrow Documents to such successor and shall thereafter have no further obligations hereunder. If such instructions are not received within 30 days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Documents and any other amounts held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor. In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Documents.

Resignation of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 thirty (30) days' prior written notice of such resignation to Seller the Placement Agent and Purchaserthe Trust. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depositary depository the Escrow Documents Funds that it has received as receives until the end of the date on which it provided the notice of resignationsuch thirty (30)-day period. In such event, the Escrow Agent shall not take any action action, other than receiving and depositing Subscribers checks and wire transfers in accordance with this Agreement, until the Sellers and the Purchaser have Trust has designated a banking corporation, trust company, attorney or other person as successor. Upon receipt of such written instructions designation signed by the Sellers Placement Agent and the PurchaserTrust, the Escrow Agent shall promptly deliver the Escrow Documents Funds to such successor and shall thereafter have no further obligations hereunder. If such instructions are not received within 30 thirty (30) days following the effective date of such resignation, then the Escrow Agent may (i) deposit the Escrow Documents and any other amounts Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor; or (ii) return all funds remaining in the Escrow Account to the Subscribers in the Offering, in the same manner as such funds were received (and the Trust and the Placement Agent agree to cooperate with Escrow Agent in providing any information required to facilitate such a return of funds to the Subscribers). In either case provided for in this paragraphsection, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow DocumentsFunds.

Resignation of the Escrow Agent. The Escrow Agent Agent, or any successor which is hereafter appointed, may resign at any time resign by giving 30 days' not less than thirty (30) days written notice to the Seller and the Purchaser and shall be discharged of its duties hereunder upon the appointment of a successor Escrow Agent. In the event of any such resignation to resignation, a successor Escrow Agent shall be promptly appointed by Seller and Purchaser. Upon providing Any such noticesuccessor Escrow Agent shall deliver to Seller and Purchaser a written instrument accepting such appointment hereunder and thereupon he, she or it shall succeed to all the rights and duties of the Escrow Agent hereunder and shall have no further obligation hereunder except be entitled to hold as depositary receive all the properties held by the predecessor Escrow Documents Agent hereunder. In the event that it has received as Purchaser and Seller fail to appoint a successor Escrow Agent prior to the expiration of the date on which it notice period provided the notice of resignation. In such eventin this Paragraph 8., the then Escrow Agent shall not take any action until the Sellers and the Purchaser have designated a banking corporationAgent, trust company, attorney or other person as successor. Upon receipt upon expiration of such written instructions signed by the Sellers and the Purchasernotice period, the Escrow Agent shall promptly deliver the Escrow Documents to such successor and shall thereafter have no further obligations hereunder. If such instructions are not received within 30 days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Documents and any other amounts held by it pursuant to this Agreement with file a clerk of suit in interpleader in a court of competent jurisdiction pending the appointment of a successor. In either case provided for in and deliver to such Court this paragraph, Escrow Agreement and the Escrow Deposit, as set; forth in Paragraph 10 below. The Escrow Agent shall will be relieved of all from any further obligations and released from all liability thereafter arising with respect to hereunder upon delivery of the Escrow DocumentsDeposit to such successor Escrow Agent or the Court.

Resignation of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days' notice of such resignation to Seller and PurchaserEVW on behalf of the Subscribers. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depositary the Escrow Documents Property that it has received as of the date on which it provided the notice of resignation. In such event, the Escrow Agent shall not take any action until the Sellers Company and the Purchaser Subscribers have designated a banking corporation, trust company, attorney or other person as successor. Upon receipt of such written instructions signed by the Sellers Company and the PurchaserSubscribers, the Escrow Agent shall promptly deliver the Escrow Documents Property to such successor and shall thereafter have no further obligations hereunder. If such instructions are not received within 30 days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Documents Property and any other amounts held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor. In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow DocumentsProperty.

Resignation of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 thirty (30) days' ’ prior written notice of such resignation to Seller the Placement Agent and Purchaserthe Trust. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depositary depository the Escrow Documents Funds that it has received as receives until the end of the date on which it provided the notice of resignationsuch thirty (30)-day period. In such event, the Escrow Agent shall not take any action action, other than receiving and depositing Subscribers checks and wire transfers in accordance with this Agreement, until the Sellers and the Purchaser have Trust has designated a banking corporation, trust company, attorney or other person as successor. Upon receipt of such written instructions designation signed by the Sellers Placement Agent and the PurchaserTrust, the Escrow Agent shall promptly deliver the Escrow Documents Funds to such successor and shall thereafter have no further obligations hereunder. If such instructions are not received within 30 thirty (30) days following the effective date of such resignation, then the Escrow Agent may (i) deposit the Escrow Documents and any other amounts Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor; or (ii) return all funds remaining in the Escrow Account to the Subscribers in the Offering, in the same manner as such funds were received (and the Trust and the Placement Agent agree to cooperate with Escrow Agent in providing any information required to facilitate such a return of funds to the Subscribers). In either case provided for in this paragraphsection, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow DocumentsFunds.

Resignation of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days' ’ notice of such resignation to Seller and Purchaserthe Company. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depositary the Escrow Documents Funds that it has received as of the date on which it provided the notice of resignation. In such event, the Escrow Agent shall not take any action until the Sellers and the Purchaser have Company has designated a banking corporation, trust company, attorney or other person as successor. Upon receipt of such written instructions signed by the Sellers and the PurchaserCompany, the Escrow Agent shall promptly deliver the Escrow Documents Funds to such successor and shall thereafter have no further obligations hereunder. If such instructions are not received within 30 days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Documents Funds and any other amounts held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor. In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow DocumentsFunds and all interest earned thereon.

Resignation of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days' notice of such resignation to Seller and PurchaserEVW on behalf of the Purchasers. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depositary the Escrow Documents that it has received as of the date on which it provided the notice of resignation. In such event, the Escrow Agent shall not take any action until the Sellers Company and the Purchaser Purchasers have designated a banking corporation, trust company, attorney or other person as successor. Upon receipt of such written instructions signed by the Sellers Company and the PurchaserPurchasers, the Escrow Agent shall promptly deliver the Escrow Documents to such successor and shall thereafter have no further obligations hereunder. If such instructions are not received within 30 days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Documents and any other amounts held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor. In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Documents.