Resignation or Removal of the Escrow Agent. The Escrow Agent may resign from the performance of its duties hereunder at any time by giving thirty (30) Business Days’ prior written notice to Buyer and Seller. In addition, Buyer and Seller may jointly remove the Escrow Agent as escrow agent at any time, with or without cause, by an instrument jointly executed by Buyer and Seller, along with payment of all fees and expenses to which it is entitled through the date of removal, and given to the Escrow Agent, which instrument shall designate the effective date of such removal. Upon any such notice of resignation or removal, Buyer and Seller, acting jointly, shall appoint a successor escrow agent hereunder, which shall be a commercial bank, trust company or other financial institution with a combined capital and surplus in excess of $500,000,000, unless otherwise agreed by Buyer and Seller. If Buyer and Seller do not agree upon a successor escrow agent within thirty (30) Business Days after their receipt of the Escrow Agent’s resignation notice, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon all of the Parties hereto. Any successor escrow agent shall deliver to Buyer and Seller a written instrument accepting such appointment, and thereupon it shall succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive possession of the Escrow Funds. Upon receipt of the identity of the successor escrow agent, the Escrow Agent shall deliver the Escrow Funds then held hereunder to the successor escrow agent. In the event of the resignation or removal of the Escrow Agent, the resigning or removed escrow agent shall be absolved from any further duties as the Escrow Agent hereunder; provided, however, that the Escrow Agent or any successor escrow agent shall continue to act as the Escrow Agent until a successor is appointed and qualified to act as the Escrow Agent.
Resignation or Removal of the Escrow Agent. The Escrow Agent may resign at any time by furnishing written notice of its resignation to the Company. The Company may remove the Escrow Agent at any time by furnishing to the Escrow Agent a written notice of its removal along with payment of all fees and expenses to which it is entitled through the date of termination. Such resignation or removal, as the case may be, shall be effective on the date specified in such notice and the Escrow Agent's sole responsibility thereafter shall be to safely keep the Escrow Property and to deliver the same to a successor escrow agent as shall be appointed by the Company, as evidenced by a written notice filed with the Escrow Agent or in accordance with a court order. If the Company has failed to appoint a successor prior to the expiration of thirty (30) days following receipt of the notice of resignation or removal, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon the Company.
Resignation or Removal of the Escrow Agent. (a) The Escrow Agent may at any time resign by giving 60 days' written notice of resignation to the Company and the Trustee. The Company may at any time remove the Escrow Agent by giving like written notice of removal to the Escrow Agent and the Trustee. The Holders of a majority in principal amount of the Notes at the time outstanding may at any time remove the Escrow Agent. If the Escrow Agent shall resign or be removed, a successor Escrow Agent, which in each case shall be a bank or trust company having surplus and capital of at least $100,000,000 shall be appointed by the Company by written instrument executed and delivered to the Escrow Agent and to such successor Escrow Agent, a copy of which shall be delivered by the Company to the Trustee.
(b) Any resignation or removal of the Escrow Agent and any appointment of a successor Escrow Agent pursuant to any of the provisions of this Agreement shall become effective upon acceptance of appointment by the successor as provided in Section 17 hereof. If a successor Escrow Agent does not take office within 60 days after the retiring Escrow Agent resigns or is removed, the retiring Escrow Agent, the Company, or the Holders of at least 10% in principal amount of the then outstanding Securities may petition any court of competent jurisdiction for the appointment of a successor Escrow Agent.
Resignation or Removal of the Escrow Agent. The Escrow Agent may resign as such following the giving of thirty (30) days’ prior written notice to the Developer. Similarly, the Escrow Agent may be removed and replaced following the giving of thirty (30) days prior written notice to the Escrow Agent by the Developer. In either event, the duties of the Escrow Agent shall terminate thirty (30) days after the date of such notice (or as of such earlier date as may be mutually agreeable); and the Escrow Agent shall then deliver the balance of the escrow deposit then in its possession to a successor Escrow Agent as shall be appointed by the Developer as evidenced by a written notice filed with the Escrow Agent.
Resignation or Removal of the Escrow Agent. (a) The Escrow Agent may at any time resign by giving 60 days' written notice of resignation to the Company and the Trustee. The Company may at any time remove the Escrow Agent by giving like written notice of removal to the Escrow Agent and the Trustee. The holders of a majority in principal amount of the Debentures at the time outstanding may at any time remove the Escrow Agent. If the Escrow Agent shall resign or be removed, a successor Escrow Agent, which in each case shall be a bank or trust company having surplus and capital of at least $50,000,000, shall be appointed by the Company by written instrument executed and delivered to the Escrow Agent and to such successor Escrow Agent, a copy of which shall be delivered by the Company to the Trustee.
(b) Any resignation or removal of the Escrow Agent and any appointment of a successor Escrow Agent pursuant to any of the provisions of this Agreement shall become effective upon acceptance of appointment by the successor as provided in Section 18 hereof.
Resignation or Removal of the Escrow Agent. The Escrow Agent may resign at any time by giving thirty (30) days' prior written notice of resignation to GWW and the MCC Representative. GWW and the MCC Representative may at any time remove the Escrow Agent upon thirty (30) days' joint prior written notice of removal to the Escrow Agent. Within thirty (30) days after giving such notice of resignation or receiving such notice of removal, the Escrow Agent shall promptly transfer the Escrow Shares and any documentation related thereto to a successor Escrow Agent designated in writing by GWW and the MCC Representative (which designation GWW and the MCC Representative hereby agree to cooperate in promptly making), and the Escrow Agent shall thereupon be discharged from all obligations under this Agreement and shall have no further duties or responsibilities in connection herewith. If GWW and the MCC Representative have failed to appoint a successor prior to the expiration of thirty (30) days following receipt of the notice of resignation or removal, the Escrow Agent may appoint a successor (provided that such successor is a bank or trust company with combined capital and surplus of at least $500,000,000) or may petition any court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon all of the parties hereto.
Resignation or Removal of the Escrow Agent. The Escrow Agent may at any time resign, which resignation shall be effective on the thirtieth (30th) day following the effective date of written notice of resignation sent to Seller and Purchaser. Upon such resignation, the Escrow Agent shall deliver the Escrowed Funds to a substitute Escrow Agent designated in a written notice executed by both Seller and Purchaser. If Seller and Purchaser fail to provide written notice of the same substitute Escrow Agent prior to effectiveness of resignation, the Escrow Agent shall deliver the Escrowed Funds to a substitute Escrow Agent of its own choice and shall notify Seller and Purchaser of same. The Escrow Agent may be removed at any time upon written notice executed by both Seller and Purchaser, whereupon the Escrow Agent shall deliver the Escrowed Funds in accordance with the instructions set forth in such notice. Upon delivery of the Escrowed Funds, the duties of the Escrow Agent hereunder shall immediately terminate.
Resignation or Removal of the Escrow Agent. (a) The Road Authorities may remove and replace the Escrow Agent at any time, with the written consent of the Lincoln Land, by giving to the Escrow Agent and Lincoln Land thirty (30) calendar days' prior written notice, which notice shall include the name of the successor Escrow Agent, if any, and if no successor Xxxxxx Agent has been selected, the Road Authorities and Lincoln Land shall jointly select a successor. If the Road Authorities and Xxxxxxx Land cannot agree as to a successor Escrow Agent within a reasonable time period a Party may apply to a court of competent jurisdiction for such appointment.
(b) The Escrow Agent may resign at any time by giving to the Road Authorities and Lincoln Land sixty (60) calendar days' prior written notice. A resignation shall not become effective until a successor Xxxxxx Agent has been appointed. Within thirty
Resignation or Removal of the Escrow Agent. The Escrow Agent (and any successor escrow agent) may at any time resign as such, after which the Escrow Agent shall promptly deliver the shares of Escrow Stock in its possession to any successor The Escrow Agent then jointly designated by the other Parties hereto in writing, or to any court of competent jurisdiction, whereupon the Escrow Agent shall be discharged of and from any and all further obligations arising in connection with this Escrow Agreement. The Parties shall also have the right at any time upon mutual agreement to substitute a new the Escrow Agent by giving written notice thereof to the Escrow Agent. The resignation or removal of the Escrow Agent shall take effect on the earlier of (i) the appointment of a successor (including a court of competent jurisdiction), or (ii) the day which is five (5) days after the date of delivery of its written notice of resignation to the other Parties hereto or the date on which the Parties hereto deliver written notice of removal to the Escrow Agent, as applicable. If at that time described in clause (ii) of the immediately preceding sentence, the Escrow Agent has not received a designation of a successor the Escrow Agent, the Escrow Agent’s sole responsibility after that time shall be to retain and safeguard the shares of Escrow Stock until receipt of a designation of a successor the Escrow Agent or a joint written disposition instruction by the other Parties hereto or a final non-appealable order of a court of competent jurisdiction.
Resignation or Removal of the Escrow Agent. The Escrow Agent may resign from the performance of its duties hereunder at any time by giving 30 Business Days’ prior written notice to Regency and Nexus or may be removed, with or without cause, by Regency and Nexus, acting jointly, at any time by the giving of 30 Business Days’ prior written notice to the Escrow Agent. Upon any such notice of resignation or removal, Regency and Nexus, acting jointly, shall appoint a successor escrow agent hereunder, which shall be a commercial bank, trust company or other financial institution with a combined capital and surplus in excess of $500,000,000, unless otherwise agreed by Regency and Nexus. Upon the acceptance in writing of any appointment as the Escrow Agent hereunder by a successor escrow agent, such successor escrow agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Escrow Agent, and the retiring Escrow Agent shall be discharged from its duties and obligations under this Agreement, but shall not be discharged from any liability for actions taken as the Escrow Agent hereunder prior to such succession.
