Common use of Substitution of Escrow Bank Clause in Contracts

Substitution of Escrow Bank. 7.2.1 The Implementation Agency may, by not less than 45 (forty-five) days prior notice to the Escrow Bank, the Authority terminate this Agreement and appoint a new Escrow Bank, provided that the new Escrow Bank is acceptable to the Authority and arrangements are made satisfactory to the Authority for transfer of amounts deposited in the Escrow Account to a new Escrow Account established with the successor Escrow Bank.

Substitution of Escrow Bank. 7.2.1 6.2.1 The Implementation Agency Authority may, by not less than 45 (forty-five) days prior notice to the Escrow BankBank and the Concessionaire, the Authority terminate this Agreement and appoint a new Escrow Bank, provided that the new Escrow Bank is acceptable to the Authority Concessionaire and arrangements are made satisfactory to the Authority Concessionaire for transfer of amounts deposited in the Escrow Account Account, to a new Escrow Account established with the successor Escrow Bank.

Substitution of Escrow Bank. 7.2.1 The Implementation Agency mayOperator may after consultation with the Authority, by not less than 45 (forty-forty five) days prior notice to the Escrow Bank, the Authority Operator, terminate this Agreement and appoint a new Escrow Bank, provided that the new Escrow Bank is acceptable to the Authority and arrangements are made satisfactory to the Authority for transfer of amounts deposited in the Escrow Account to a new Escrow Account established with the successor Escrow Bank. The termination of this Agreement shall take effect only upon coming into force of an Escrow Agreement with the substitute Escrow Bank.