Common use of Termination and Expiration Clause in Contracts

Termination and Expiration. The Issuer and Intermediary may terminate the appointment of the Escrow Agent hereunder in a jointly executed Direction specifying the date upon which such termination shall take effect, which date shall be at least 30 days from the date of such Direction. In the event of such termination, the Issuer and Intermediary shall, within 30 days of such notice, appoint a successor escrow agent and the Escrow Agent shall, upon receipt of Directions signed by the Issuer and Intermediary, turn over to such successor escrow agent all of the Escrow Funds; provided, however, that if the Issuer and Intermediary fail to appoint a successor escrow agent within such 30-day period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the provisions hereof. Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds and under this Agreement.

Termination and Expiration. The Issuer and Intermediary may terminate the appointment of the Escrow Agent hereunder in a jointly executed Direction specifying the date upon which such termination shall take effect, which date shall be at least 30 days from the date of such Direction. In the event of such termination, the Issuer and Intermediary shall, within 30 days of such notice, appoint a successor escrow agent and the Escrow Agent shall, upon receipt of Directions signed by the Issuer and IntermediaryIssuer, turn over to such successor escrow agent all of the Escrow Funds; provided, however, that if the Issuer and Intermediary fail fails to appoint a successor escrow agent within such 30-day period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the provisions hereof. Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds and under this Agreement.