Common use of Replacement of Escrow Agent Clause in Contracts

Replacement of Escrow Agent. (a) At any time during the term of this Escrow Agreement, Escrow Agent may resign and be discharged of the obligations created by this Escrow Agreement by executing and delivering to Parent and the Indemnifying Party, at least forty-five (45) days’ advance written notice of its resignation as Escrow Agent and specifying the date when such resignation is to take effect. Any resignation of Escrow Agent shall not become effective until the earlier to occur of (a) acceptance of appointment by the successor Escrow Agent or (b) 90 days after Escrow Agent’s notice of resignation.

Replacement of Escrow Agent. (a) At any time during the term of this Escrow Agreement, Escrow Agent may resign and be discharged of the obligations created by this Escrow Agreement by executing and delivering to Parent Purchaser and the Indemnifying PartySellers' Representative, at least forty-five (45) days’ ' advance written notice of its resignation as Escrow Agent and specifying the date when such resignation is to take effect. Any resignation of Escrow Agent shall not become effective until the earlier to occur of (a) acceptance of appointment by the successor Escrow Agent Agent, or (b) 90 days after Escrow Agent’s 's notice of resignation.

Replacement of Escrow Agent. (a) At any time during the term of this Escrow Agreement, the Escrow Agent may resign and be discharged of the obligations created by this Escrow Agreement by executing and delivering to Parent the Borrower and the Indemnifying PartyLender, at least forty-five (45) days’ advance written notice of its resignation as Escrow Agent and specifying the date when such resignation is to take effect. Any resignation of the Escrow Agent shall not become effective until the earlier to occur of (a) acceptance of appointment by the successor Escrow Agent or (b) 90 days after the Escrow Agent’s notice of resignation.