Common use of Agent Resignation Clause in Contracts

Agent Resignation. It is understood that Agent reserves the right to resign at any time by giving written notice of its resignation, specifying the effective date thereof, to the Depositor and Recipient. Within 30 days after receiving the aforesaid notice, the Recipient agrees to appoint a successor escrow agent to which Agent may transfer the Assets then held in the Account, less any deduction permitted under this Agreement for its unpaid fees, costs and expenses. If a successor escrow agent has not been appointed and has not accepted such appointment by the end of the 30-day period, Agent may apply to a court of competent jurisdiction for the appointment of a successor escrow agent, and the costs, expenses and reasonable attorney’s fees which Agent incurs in connection with such a proceeding shall be paid by the Depositor.

Agent Resignation. It is understood that Agent reserves the right to resign at any time by giving written notice of its resignation, specifying the effective date thereof, to the Depositor Secured Party and Recipientthe Depositor. Within 30 thirty (30) days after receiving the aforesaid notice, the Recipient agrees Secured Party and the Depositor agree to appoint a successor escrow agent to which Agent may transfer the Assets Cash Deposit then held in the Account, less any deduction permitted under this Agreement for its unpaid fees, costs and expenses. If a successor escrow agent has not been appointed and has not accepted such appointment by the end of the such thirty (30-) day period, Agent may apply to a court of competent jurisdiction for the appointment of a successor escrow agent, and the costs, expenses and reasonable attorney’s fees which Agent incurs in connection with such a proceeding shall be paid by the Secured Party and the Depositor.