Common use of Resignation and Removal of Escrow Agent Clause in Contracts

Resignation and Removal of Escrow Agent. The Escrow Agent may at any time resign and be discharged of the duties and obligations created by this Escrow Agreement by giving at least sixty (60) days' written notice to the Corporation and the Underwriter; the Escrow Agent may be removed at any time upon sixty (60) days' notice by an instrument purportedly signed by an authorized person of the Corporation and the Underwriter. Any successor Escrow Agent shall be appointed and approved by the Corporation and the Underwriter. Any such successor Escrow Agent shall deliver to the former Escrow Agent a written instrument, acknowledged by the Corporation and the Underwriter, accepting such appointment hereunder and thereupon it shall take delivery of the Escrow Fund to hold and distribute in accordance with the terms hereof. If no successor Escrow Agent shall have been appointed within thirty (30) days after the Corporation and the Underwriter are notified of the Escrow Agent's resignation, the Escrow Agent shall return the Escrow Fund to the Subscribers in accordance with the procedure set forth in Section 4(c). Upon the delivery of the Escrow Fund in accordance with this Section 7, the Escrow Agent shall be discharged from any further duties hereunder.

Resignation and Removal of Escrow Agent. The Escrow Agent may --------------------------------------- at any time resign and be discharged of the duties and obligations created by this Escrow Agreement by giving at least sixty (60) days' written notice to the Corporation and the Underwriter; the Escrow Agent may be removed at any time upon sixty (60) days' notice by an instrument purportedly signed by an authorized person of the Corporation and the Underwriter. Any successor Escrow Agent shall be appointed and approved by the Corporation and the Underwriter. Any such successor Escrow Agent shall deliver to the former Escrow Agent a written instrument, acknowledged by the Corporation and the Underwriter, accepting such appointment hereunder and thereupon it shall take delivery of the Escrow Fund to hold and distribute in accordance with the terms hereof. If no successor Escrow Agent shall have been appointed within thirty (30) days after the Corporation and the Underwriter are notified of the Escrow Agent's resignation, the Escrow Agent shall return the Escrow Fund to the Subscribers in accordance with the procedure set forth in Section 4(c). Upon the delivery of the Escrow Fund in accordance with this Section 7, the Escrow Agent shall be discharged from any further duties hereunder.

Resignation and Removal of Escrow Agent. The Escrow Agent may at any --------------------------------------- time resign and be discharged of the duties and obligations created by this Escrow Agreement by giving at least sixty (60) days' written notice to the Corporation and the Underwriter; the Escrow Agent may be removed at any time upon sixty (60) days' notice by an instrument purportedly signed by an authorized person of the Corporation and the Underwriter. Any successor Escrow Agent shall be appointed and approved by the Corporation and the Underwriter. Any such successor Escrow Agent shall deliver to the former Escrow Agent a written instrument, acknowledged by the Corporation and the Underwriter, accepting such appointment hereunder and thereupon it shall take delivery of the Escrow Fund to hold and distribute in accordance with the terms hereof. If no successor Escrow Agent shall have been appointed within thirty (30) days after the Corporation and the Underwriter are notified of the Escrow Agent's resignation, the Escrow Agent shall return the Escrow Fund to the Subscribers in accordance with the procedure set forth in Section 4(c). Upon the delivery of the Escrow Fund in accordance with this Section 7, the Escrow Agent shall be discharged from any further duties hereunder.

Resignation and Removal of Escrow Agent. The Escrow Agent may at any time resign and be discharged of the duties and obligations created by this Escrow Agreement by giving at least sixty (60) days' ’ written notice to the Corporation and the Underwriter; the Escrow Agent may be removed at any time upon sixty (60) days' ’ notice by an instrument purportedly signed by an authorized person of the Corporation and the Underwriter. Any successor Escrow Agent shall be appointed and approved by the Corporation and the Underwriter. Any such successor Escrow Agent shall deliver to the former Escrow Agent a written instrument, acknowledged by the Corporation and the Underwriter, accepting such appointment hereunder and thereupon it shall take delivery of the Escrow Fund to hold and distribute in accordance with the terms hereof. If no successor Escrow Agent shall have been appointed within thirty (30) days after the Corporation and the Underwriter are notified of the Escrow Agent's ’s resignation, the Escrow Agent shall return the Escrow Fund to the Subscribers in accordance with the procedure set forth in Section 4(c). Upon the delivery of the Escrow Fund in accordance with this Section 7, the Escrow Agent shall be discharged from any further duties hereunder.

Resignation and Removal of Escrow Agent. The Escrow Agent may at ------------------------------------------- any time resign and be discharged of the duties and obligations created by this Escrow Agreement by giving at least sixty (60) days' written notice to the Corporation and the Underwriter; the Escrow Agent may be removed at any time upon sixty (60) days' notice by an instrument purportedly signed by an authorized person of the Corporation and the Underwriter. Any successor Escrow Agent shall be appointed and approved by the Corporation and the Underwriter. Any such successor Escrow Agent shall deliver to the former Escrow Agent a written instrument, acknowledged by the Corporation and the Underwriter, accepting such appointment hereunder and thereupon it shall take delivery of the Escrow Fund to hold and distribute in accordance with the terms hereof. If no successor Escrow Agent shall have been appointed within thirty (30) days after the Corporation and the Underwriter are notified of the Escrow Agent's resignation, the Escrow Agent shall return the Escrow Fund to the Subscribers in accordance with the procedure set forth in Section 4(c). Upon the delivery of the Escrow Fund in accordance with this Section 7, the Escrow Agent shall be discharged from any further duties hereunder.

Resignation and Removal of Escrow Agent. The Escrow Agent may ----------------------------------------- at any time resign and be discharged of the duties and obligations created by this Escrow Agreement by giving at least sixty (60) days' written notice to the Corporation and the Underwriter; the Escrow Agent may be removed at any time upon sixty (60) days' notice by an instrument purportedly signed by an authorized person of the Corporation and the Underwriter. Any successor Escrow Agent shall be appointed and approved by the Corporation and the Underwriter. Any such successor Escrow Agent shall deliver to the former Escrow Agent a written instrument, acknowledged by the Corporation and the Underwriter, accepting such appointment hereunder and thereupon it shall take delivery of the Escrow Fund to hold and distribute in accordance with the terms hereof. If no successor Escrow Agent shall have been appointed within thirty (30) days after the Corporation and the Underwriter are notified of the Escrow Agent's resignation, the Escrow Agent shall return the Escrow Fund to the Subscribers in accordance with the procedure set forth in Section 4(c). Upon the delivery of the Escrow Fund in accordance with this Section 7, the Escrow Agent shall be discharged from any further duties hereunder.

Resignation and Removal of Escrow Agent. The Escrow Agent may at any ----------------------------------------- time resign and be discharged of the duties and obligations created by this Escrow Agreement by giving at least sixty (60) days' written notice to the Corporation and the Underwriter; the Escrow Agent may be removed at any time upon sixty (60) days' notice by an instrument purportedly signed by an authorized person of the Corporation and the Underwriter. Any successor Escrow Agent shall be appointed and approved by the Corporation and the Underwriter. Any such successor Escrow Agent shall deliver to the former Escrow Agent a written instrument, acknowledged by the Corporation and the Underwriter, accepting such appointment hereunder and thereupon it shall take delivery of the Escrow Fund to hold and distribute in accordance with the terms hereof. If no successor Escrow Agent shall have been appointed within thirty (30) days after the Corporation and the Underwriter are notified of the Escrow Agent's resignation, the Escrow Agent shall return the Escrow Fund to the Subscribers in accordance with the procedure set forth in Section 4(c). Upon the delivery of the Escrow Fund in accordance with this Section 7, the Escrow Agent shall be discharged from any further duties hereunder.