Common use of Resignation of the Escrow Agent Clause in Contracts

Resignation of the Escrow Agent. At any time that the Escrow Agent so chooses, the Escrow Agent may resign from its duties hereunder by giving not less than thirty (30) days' prior written notice to the Surviving Company and the Representative and the Surviving Company and the Representative shall designate, by mutual consent, a successor escrow agent; provided, that notwithstanding any resignation date set forth in the Escrow Agent's notice, such resignation shall not take effect until receipt by the Escrow Agent of an instrument duly executed by a successor escrow agent evidencing its appointment as Escrow Agent hereunder and acceptance of this Agreement. If no successor escrow agent is appointed within such thirty (30) day period, the Escrow Agent may deposit the amount remaining in the Indemnity Escrow Account and Escrow Interest Account with a court of competent jurisdiction as provided in Section 5.8 hereof, whereupon the Escrow Agent shall be discharged of all duties and obligations hereunder.

Resignation of the Escrow Agent. At any time that the Escrow Agent so chooses, the Escrow Agent may resign from its duties hereunder by giving not less than thirty (30) days' prior written notice to Buyer and H.I.G. Cayman, as the Surviving Company Shareholder Representative, and the Representative and the Surviving Company and the Representative shall designate, by mutual consent, a successor escrow agent; provided, that notwithstanding any resignation date set forth in the Escrow Agent's notice, such resignation shall not take effect until receipt by the Escrow Agent of an instrument duly executed by a successor escrow agent evidencing its appointment as Escrow Agent hereunder and acceptance of this Agreement. If no successor escrow agent is appointed within such thirty (30) day period, the Escrow Agent may deposit the amount remaining in the Indemnity Deposit Fund and the Escrow Account and Escrow Interest Account Fund with a court of competent jurisdiction as provided in Section 5.8 6.08 hereof, whereupon the Escrow Agent shall be discharged of all duties and obligations hereunder.

Resignation of the Escrow Agent. At any time that the Escrow Agent so chooses, the The Escrow Agent may resign from its duties hereunder at any time by giving not less than thirty (30) days' prior days written notice of such resignation to the Surviving Company TMPA and the Representative Participating Public Entities. Thereafter, the Escrow Agent shall have no further obligation hereunder except to hold the Escrow Account as depositary and to continue to pay the interest or other amounts thereon as provided herein. In such event the Escrow Agent shall not take any action until TMPA and the Surviving Company and the Representative shall designate, by mutual consent, Participating Public Entities have jointly appointed a successor escrow agent; provided. Upon receipt of written instructions to such effect, that notwithstanding any resignation date set forth the resigning Escrow Agent shall promptly deliver all amounts in the Escrow Agent's notice, Account to such resignation shall not take effect until receipt by the Escrow Agent of an instrument duly executed by a successor escrow agent evidencing its appointment as Escrow and shall thereafter have no further obligations hereunder. Further, if no such successor Xxxxxx Agent hereunder and acceptance of this Agreement. If no successor escrow agent is appointed within has been designated by such thirty (30) day perioddate, the Escrow resigning or removed Xxxxxx Agent may deposit the amount remaining in the Indemnity Escrow Account and Escrow Interest Account with a petition any court of competent jurisdiction as provided in Section 5.8 hereof, whereupon for the Escrow appointment of a successor agent; further the resigning or removed Xxxxxx Agent shall be discharged of may pay into court all duties monies and obligations hereunderproperty deposited with Xxxxxx Agent under this Agreement.

Resignation of the Escrow Agent. At any time that the Escrow Agent so chooses, the The Escrow Agent may resign from its duties hereunder at any time by giving not less than thirty (30) days' prior days written notice of such resignation to the Surviving Company TMPA and the Representative Participating Public Entities. Thereafter, the Escrow Agent shall have no further obligation hereunder except to hold the Escrow Account as depositary and to continue to pay the interest or other amounts thereon as provided herein. In such event the Escrow Agent shall not take any action until TMPA and the Surviving Company and the Representative shall designate, by mutual consent, Participating Public Entities have jointly appointed a successor escrow agent; provided. Upon receipt of written instructions to such effect, that notwithstanding any resignation date set forth the resigning Escrow Agent shall promptly deliver all amounts in the Escrow Agent's notice, Account to such resignation shall not take effect until receipt by the Escrow Agent of an instrument duly executed by a successor escrow agent evidencing its appointment as and shall thereafter have no further obligations hereunder. Further, if no such successor Escrow Agent hereunder and acceptance of this Agreement. If no successor escrow agent is appointed within has been designated by such thirty (30) day perioddate, the resigning or removed Escrow Agent may deposit the amount remaining in the Indemnity Escrow Account and Escrow Interest Account with a petition any court of competent jurisdiction as provided in Section 5.8 hereof, whereupon for the appointment of a successor agent; further the resigning or removed Escrow Agent shall be discharged of may pay into court all duties monies and obligations hereunderproperty deposited with Escrow Agent under this Agreement.