Common use of SUBSTITUTE ESCROW AGENT Clause in Contracts

SUBSTITUTE ESCROW AGENT. The Escrow Agent may, upon not less than 60 days prior written notice to the Issuer, Depositors, and the Administrator, resign as the Escrow Agent. The Issuer and the Depositors shall, before the effective date of the Escrow Agent's resignation, enter into a new identical Escrow Agreement with a substitute Escrow Agent. If the Issuer and the Depositors fail to enter into a new Escrow Agreement and appoint a successor Escrow Agent within 60 days after the Escrow Agent has given notice of its resignation, the Escrow Agent then serving under this Agreement shall retain the Promotional Securities in escrow until a new, identical Escrow Agreement has been executed and a successor Escrow Agent has been appointed. The Escrow Agent shall not be liable for retaining the Promotional Securities in escrow.

SUBSTITUTE ESCROW AGENT. The Escrow Agent may, upon not less than 60 days prior written notice to the Issuer, Depositors, Trust and the AdministratorSecurity Holders, resign as the Escrow Agent. The Issuer Trust and the Depositors Security Holders shall, before the effective date of the Escrow Agent's resignation, enter into a new identical Escrow Agreement with a substitute Escrow Agent. If the Issuer Trust and the Depositors Security Holders fail to enter into a new Escrow Agreement and appoint a successor Escrow Agent within 60 days after the Escrow Agent has given notice of its resignation, the Escrow Agent then serving under this Agreement shall retain the Promotional Securities Escrowed Shares in escrow until a new, identical Escrow Agreement has been executed and a successor Escrow Agent has been appointed. The Escrow Agent shall not be liable for retaining such retention of the Promotional Securities Escrowed Shares in escrow.

SUBSTITUTE ESCROW AGENT. The Escrow Agent may, upon not less than 60 days prior written notice to the Issuer, Depositors, and the Administrator, resign as the Escrow Agent. The Issuer and the Depositors shall, before the effective date of the Escrow Agent's resignation, enter into a new identical Escrow Agreement with a substitute Escrow Agent. The successor Escrow Agent must be satisfactory to the Administrator. If the Issuer and the Depositors fail to enter into a new Escrow Agreement and appoint a successor Escrow Agent within 60 days after the Escrow Agent has given notice of its resignation, the Escrow Agent then serving under this Agreement shall retain the Promotional Securities in escrow until a new, identical Escrow Agreement has been executed and a successor Escrow Agent has been appointed. The Escrow Agent shall not be liable for retaining the Promotional Securities in escrow.