Resignation or Removal of Escrow Agent. The Escrow Agent may resign at any time by furnishing written notice of his resignation to the Transaction Parties in which event the Transaction Parties shall forthwith designate a new escrow agent. The Transaction Parties may remove the Escrow Agent at any time by furnishing to the Escrow Agent joint written notice of his removal and designating a new escrow agent to which the Escrow Agent shall forward the Escrowed Items by the Escrow Agent then holds or over which the Escrow Agent then has direction.
Appears in 2 contracts
Samples: Purchase Agreement (Tara Gold Resources Corp.), Purchase Agreement (Tara Minerals Corp.)
Resignation or Removal of Escrow Agent. The Escrow Agent may resign at any time by furnishing written notice of his its resignation to the Transaction Parties in which event the Transaction Parties shall forthwith designate a new escrow agentParties. The Transaction Parties may remove the Escrow Agent at any time by furnishing to the Escrow Agent a joint written notice of his removal and designating a new escrow agent to which its removal. Such resignation or removal, as the Escrow Agent case may be, shall forward the Escrowed Items by the Escrow Agent then holds or over which the Escrow Agent then has direction.be effective upon delivery of such notice. * * * * *
Appears in 2 contracts
Samples: Escrow Agreement (Endorex Corp), Escrow Agreement (Endorex Corp)
