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

Resignation or Removal of Escrow Agent. Escrow Agent may resign upon written notice to the Company and the Dealer Manager provided at least sixty days before the date specified for such resignation to take effect or be removed upon written notice from the Company and the Dealer Manager to the Escrow Agent at any time for any reason. Written notice of the resignation or removal of the Escrow Agent shall be provided to the proper parties at their respective addresses as set forth herein. Upon the effective date of such resignation or removal: (a) all cash and other payments and all other property then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate; or (b) if no such successor escrow agent has been designated by such date: (i) all obligations of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance with the directions of a final order or judgment of a court of competent jurisdiction; and (ii) the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent and may pay into court all monies and property deposited with the Escrow Agent under this Agreement.

Resignation or Removal of Escrow Agent. (a) The Escrow Agent may shall have the right to resign upon 30 days’ prior written notice to the Company and the Dealer Manager provided at least sixty days before Trustee. The Company shall have the date specified for such resignation right to take effect or be removed remove the Escrow Agent upon 30 days’ prior written notice from the Company and the Dealer Manager to the Escrow Agent at any time for any reasonand the Trustee. Written notice of In the resignation or removal of the Escrow Agent shall be provided to the proper parties at their respective addresses as set forth herein. Upon the effective date event of such resignation or removal: (a) all cash and other payments and all other property then held , the Company shall appoint a successor escrow agent hereunder by delivering to the Escrow Agent hereunder a written notice of such appointment. Upon receipt of such notice, the Escrow Agent shall be delivered by it deliver to such the designated successor escrow agent as may all money and other property held hereunder and shall thereupon be released and discharged from any and all further responsibilities whatsoever under this Agreement; provided, however, that the Escrow Agent shall not be deprived of its compensation earned prior to such time. (b) If no successor escrow agent shall have been designated in writing by the Company, whereupon date specified in the Escrow Agent’s obligations hereunder shall cease and terminate; or (b) if no such successor escrow agent has been designated by such date: (i) notice, all obligations of the Escrow Agent hereunder shall, nevertheless, shall nevertheless cease and terminate, and the . The Escrow Agent’s sole responsibility thereafter shall be to keep safely all property then held by it and to deliver the same to a person designated in writing by the Company other parties hereto or in accordance with the directions direction of a final order or judgment of a court of competent jurisdiction; and (ii) the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent and may pay into court all monies and property deposited with the Escrow Agent under this Agreement.

Resignation or Removal of Escrow Agent. The Escrow Agent may at any time resign as Escrow Agent hereunder by giving thirty (30) days prior written notice of resignation to the other parties hereto and may be removed by the mutual consent of the Adviser and Subadviser upon thirty (30) days prior written notice to Escrow Agent. Prior to the Company and effective date of the Dealer Manager provided at least sixty days before resignation or xxxxxxl as specified in such notice, the date specified for such resignation to take effect Adviser, or be removed upon written notice from the Company and the Dealer Manager its designee, will issue to the Escrow Agent at any time for any reason. Written notice of the resignation or removal a written instruction authorizing redelivery of the Escrow Agent Amount to a successor escrow agent. Such Successor escrow agent shall be provided a bank or trust company, organized and existing under the laws of the United States or any state thereof, subject to the proper parties at their respective addresses as set forth hereinexamination by state or federal authorities, and have capital and surplus in excess of $50,000,000. Upon the effective date of such resignation or removal: (a) all cash and other payments and all other property then held by the Escrow Agent hereunder shall be delivered by it to such If no successor escrow agent as may be designated in writing is named by the CompanyAdviser, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate; or (b) if no such successor escrow agent has been designated by such date: (i) all obligations of the Escrow Agent hereunder shallor its designee, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance with the directions of a final order or judgment of a court of competent jurisdiction; and (ii) the Escrow Agent may petition any apply to a court of competent jurisdiction for the appointment of a successor escrow agent. Any such successor escrow agent shall execute and may pay into court deliver to the predecessor escrow agent an instrument accepting such appointment, upon which such successor agent shall, without further act, become vested with all monies of the rights, powers and property deposited with duties of the predecessor escrow agent as if originally named herein. The provisions of paragraph 7 shall survive the resignation or removal of the Escrow Agent under or the termination of this Agreement.