Common use of Termination by the Escrow Agent Clause in Contracts

Termination by the Escrow Agent. The Escrow Agent may terminate his appointment as Escrow Agent under this Agreement at any time by giving the Carrier and the Shipper 120 (one hundred and twenty) calendar days' prior written notice. If the Escrow Agent terminates its appointment or becomes unable to perform its obligations hereunder, the Appointers shall agree on a new escrow agent. If the Appointers cannot agree on a new escrow agent within 60 (sixty) calendar days following receipt of the Escrow Agent’s termination notice, each Appointer may request the president of the Zurich Chamber of Commerce to appoint a new es- crow agent. The costs of the appointment proceedings shall be borne by the Carrier and the Shipper equally.

Termination by the Escrow Agent. The Escrow Agent may terminate his appointment as Escrow Agent under this Agreement at any time by giving the Carrier and the Shipper 120 (one hundred and twentytwenty (120) calendar days' prior written notice. If the Escrow Agent terminates its appointment or becomes unable to perform its obligations hereunder, the Appointers shall agree on a new escrow agent. If the Appointers cannot agree on a new escrow agent within 60 sixty (sixty60) calendar days following receipt of the Escrow Agent’s termination notice, each Appointer may request the president of the Zurich Chamber of Commerce to appoint a new es- crow escrow agent. The costs of the appointment proceedings shall be borne by the Carrier and the Shipper equally.