Common use of Withdrawal of Escrow Agent Clause in Contracts

Withdrawal of Escrow Agent. Escrow Agent may resign on sixty (60) days written notice to each of the parties. Thereafter, upon payment of all fees and costs earned or incurred by Escrow Agent in connection with this Agreement, Escrow Agent shall deliver the Escrow Material to a successor escrow agent named by Corillian and Client or, if none, to the party named in written instructions from Corillian and Client. If a successor escrow agent has not been appointed and has not accepted appointment by the end of such sixty (60) day period, Corillian or Client may apply to a court of competent jurisdiction for the appointment of a successor escrow agent and the reasonable costs, expenses, and attorneys' fees of Escrow Agent that are incurred in connection with such a proceeding shall be paid equally by Corillian and Client.