Common use of Resignation or Removal Clause in Contracts

Resignation or Removal. The Escrow Agent may resign by furnishing written notice of its resignation to the Parties, and the Parties may remove the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal along with payment of all fees and expenses to which it is entitled through the date of termination. No resignation or removal of the Escrow Agent shall become effective until the appointment of a successor Escrow Agent hereunder and the acceptance by such successor of the duties of the Escrow Agent hereunder. Notwithstanding the foregoing, if no replacement Escrow Agent is appointed in accordance with this Section 3.3 within thirty (30) days after the Escrow Agent gives written notice to the Parties of its resignation or is otherwise removed, the Escrow Agent may petition a court of competent jurisdiction at the expense of the Parties (which shall each be responsible for fifty percent (50%) of such expenses) for the appointment of a successor Escrow Agent and any such resulting appointment shall be binding upon the Parties. Such resignation or removal, as the case may be, shall be effective upon the appointment of a successor Escrow Agent, and the Escrow Agent’s sole responsibility thereafter shall be to safely keep the Escrow Property and to deliver the same to a successor Escrow Agent as shall be appointed by the Parties, as evidenced by a joint written notice delivered to the Escrow Agent, or in accordance with the order of a court of competent jurisdiction.

Resignation or Removal. The Escrow Agent may may, at any time, resign as escrow agent hereunder by furnishing written notice of its resignation to each Party. At the Partieseffectiveness of such resignation, all fees and expenses to which the Escrow Agent is entitled shall be immediately due and payable to Escrow Agent. The Parties may remove the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal along with payment of all fees and expenses to which it is entitled through the date of termination. No resignation or removal of the Escrow Agent shall become effective until the appointment of a successor Escrow Agent hereunder and the acceptance by such successor of the duties of the Escrow Agent hereunder. Notwithstanding the foregoing, if no replacement Escrow Agent is appointed in accordance with this Section 3.3 within thirty (30) days after the Escrow Agent gives written notice to the Parties of its resignation or is otherwise removed, the Escrow Agent may petition a court of competent jurisdiction at the expense of the Parties (which shall each be responsible for fifty percent (50%) of such expenses) for the appointment of a successor Escrow Agent and any such resulting appointment shall be binding upon the Parties. Such resignation or removal, as the case may be, shall be effective thirty (30) days after the delivery of such notice or upon the earlier appointment of a successor Escrow Agentsuccessor, and the Escrow Agent’s sole responsibility thereafter shall be to safely keep the Escrow Property and to deliver the same to a successor Escrow Agent escrow agent as shall be appointed by the Parties, as evidenced by a joint written notice delivered to filed with the Escrow Agent, Agent or in accordance with a court order. If the order Parties have failed to appoint a successor escrow agent prior to the expiration of a thirty (30) days following the delivery of such notice of resignation or removal, the Escrow Agent shall be entitled, at its sole discretion and at the expense of Company and, to (a) return the Escrow Property to Company, or (b) petition any court of competent jurisdictionjurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon the Parties.

Resignation or Removal. The Escrow Agent may resign by furnishing written notice of its resignation to the Parties, and the Parties may may, by joint written consent, remove the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal along with payment of all fees and expenses to which it is entitled through the date of termination. No resignation or removal of the Escrow Agent shall become effective until the appointment of a successor Escrow Agent hereunder and the acceptance by such successor of the duties of the Escrow Agent hereunder. Notwithstanding the foregoing, if no replacement Escrow Agent is appointed in accordance with this Section 3.3 within thirty (30) days after the Escrow Agent gives written notice to the Parties of its resignation or is otherwise removed, the Escrow Agent may petition a court of competent jurisdiction at the expense of the Parties (which shall each be responsible for fifty percent (50%) of such expenses) for the appointment of a successor Escrow Agent and any such resulting appointment shall be binding upon the Parties. Such resignation or removal, as the case may be, shall be effective 30 calendar days after the delivery of such notice or upon the earlier appointment of a successor Escrow Agentsuccessor. After such 30-day notice period expires, and the Escrow Agent’s sole responsibility thereafter shall be to safely keep the Escrow Property (without any obligation to reinvest the same) and to account and deliver the same to a successor Escrow Agent escrow agent as shall be appointed by the Parties, as evidenced by a joint written notice delivered to filed with the Escrow Agent, Agent or in accordance with a final court order at which time of delivery, the order Escrow Agent’s obligations hereunder shall cease and terminate. If the Parties have failed to appoint a successor escrow agent prior to the expiration of a 30 days following the delivery of such notice of resignation or removal, the Escrow Agent may: (a) petition any court of competent jurisdictionjurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and the costs, expenses and reasonable attorney’s fees which are incurred in connection with such proceeding may be charged against and withdrawn from the Escrow Property; or (b) appoint a successor escrow agent of its own choosing. Any such appointment pursuant to either (a) or (b) of the preceding sentence shall be binding upon the Parties.

Resignation or Removal. The Escrow Agent may resign at any time by furnishing written notice of its resignation to the Parties, other parties hereto. Escrow Corp. and the Parties Company may remove the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal along with payment of all fees and expenses to which it is entitled through the date of termination. No resignation or removal of the Escrow Agent shall become effective until the appointment of a successor Escrow Agent hereunder and the acceptance by such successor of the duties of the Escrow Agent hereunder. Notwithstanding the foregoing, if no replacement Escrow Agent is appointed in accordance with this Section 3.3 within thirty (30) days after the Escrow Agent gives written notice to the Parties of its resignation or is otherwise removed, the Escrow Agent may petition a court of competent jurisdiction at the expense of the Parties (which shall each be responsible for fifty percent (50%) of such expenses) for the appointment of a successor Escrow Agent and any such resulting appointment shall be binding upon the Parties. Such resignation or removal, as the case may be, shall be effective thirty (30) days after the delivery of such notice or upon the earlier appointment of a successor Escrow Agentas set forth below, and the Escrow Agent’s sole responsibility thereafter shall be to safely keep the Escrow Property in accordance with the terms of this Agreement and to deliver the same to a successor Escrow Agent escrow agent as shall be appointed by the PartiesEscrow Corp., as evidenced by a joint written notice delivered to filed with the Escrow Agent, Agent or in accordance with a court order. Escrow Corp. agrees that such successor shall be a Person that would have been qualified to be a successor Trustee in accordance with the order terms of the Indenture. If Escrow Corp. has failed to appoint a successor escrow agent prior to the expiration of thirty (30) days following the delivery of such notice of resignation or removal, the Escrow Agent may petition any court of competent jurisdiction.jurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon Escrow Corp.

Resignation or Removal. The Escrow Agent may may, at any time, resign as escrow agent hereunder by furnishing written notice of its resignation to each Party. At the Partieseffectiveness of such resignation, all fees and expenses to which the Escrow Agent is entitled shall be immediately due and payable to Escrow Agent. The Parties may remove the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal along with payment of all fees and expenses to which it is entitled through the date of termination. No resignation or removal of the Escrow Agent shall become effective until the appointment of a successor Escrow Agent hereunder and the acceptance by such successor of the duties of the Escrow Agent hereunder. Notwithstanding the foregoing, if no replacement Escrow Agent is appointed in accordance with this Section 3.3 within thirty (30) days after the Escrow Agent gives written notice to the Parties of its resignation or is otherwise removed, the Escrow Agent may petition a court of competent jurisdiction at the expense of the Parties (which shall each be responsible for fifty percent (50%) of such expenses) for the appointment of a successor Escrow Agent and any such resulting appointment shall be binding upon the Parties. Such resignation or removal, as the case may be, shall be effective thirty (30) days after the delivery of such notice or upon the earlier appointment of a successor Escrow Agentsuccessor, and it will be the Escrow Agent’s sole responsibility thereafter shall be to safely keep the Escrow Property Funds and to deliver the same to a successor Escrow Agent escrow agent as shall be appointed by the Parties, as evidenced by a joint written notice delivered to filed with the Escrow Agent, Agent or in accordance with a court order. In addition, the order Escrow Agent agrees to fully cooperate with any such successor escrow agent, including but not limited to, providing all necessary information, records, and documentation related to the Escrow Account, and executing any necessary instruments or documents required for the transfer of the Escrow Funds to the successor. If the Parties have failed to appoint a successor escrow agent prior to the expiration of thirty (30) days following the delivery of such notice of resignation or removal, the Escrow Agent shall be entitled, at its sole discretion and at the expense of Company and, to (a) return the Escrow Funds to Company, or (b) petition any court of competent jurisdictionjurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon the Parties.

Resignation or Removal. The Escrow Agent may resign by furnishing as Escrow Agent following the giving of 30 days prior written notice of its resignation to the Parties, other parties to this Agreement and the Parties Escrow Agent shall be replaced by mutual agreement of Venture Holdings and Winget. Similarly, the Escrow Agent may remove be removed and replaced folloxxxx xhe giving of 30 days prior written notice to the Escrow Agent by furnishing to the Escrow Agent a joint written notice mutual agreement of its removal along with payment of all fees Venture Holdings and expenses to which it is entitled through the date of terminationWinget. No resignation or removal of the Escrow Agent shall become effective until the appointment of a successor Escrow Agent hereunder and the acceptance by such successor of In either event, the duties of the Escrow Agent hereunder. Notwithstanding the foregoing, if no replacement Escrow Agent is appointed in accordance with this Section 3.3 within thirty (30) shall terminaxx 00 days after the Escrow Agent gives date of such written notice to the Parties (or as of its resignation or is otherwise removed, such earlier date as may be mutually agreeable) and the Escrow Agent may petition a court of competent jurisdiction at the expense of the Parties (which shall each be responsible for fifty percent (50%) of such expenses) for the appointment of a successor Escrow Agent and any such resulting appointment shall be binding upon the Parties. Such resignation or removal, as the case may be, shall be effective upon the appointment of a successor Escrow Agent, and the Escrow Agent’s sole responsibility thereafter shall be to safely keep the Escrow Property and to then deliver the same Leases then in its possession to a successor Escrow Agent as shall be appointed by the PartiesVenture Holdings, as evidenced by a joint written notice delivered to or failing such appointment, the Escrow Agent, or in accordance with the order of a Agent may petition any court of competent jurisdictionjurisdiction for the appointment of a successor Escrow Agent or other appropriate relief, and such resulting appointment shall be binding upon all of the parties to this Agreement. Upon acknowledgment by any successor Escrow Agent of the Leases, the then acting Escrow Agent shall be fully released and relieved of all duties, responsibilities and obligations under this Escrow Agreement, except for any liability with respect to any previous acts, steps or omissions resulting from its own gross negligence or willful misconduct as set forth in Section 4 of this Escrow Agreement.

Resignation or Removal. The Escrow Agent may may, at any time, resign as escrow agent hereunder by furnishing written notice of its resignation to each Party. At the Partieseffectiveness of such resignation, all fees and expenses to which the Escrow Agent is entitled shall be immediately due and payable to Escrow Agent. The Parties may remove the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal along with payment of all fees and expenses to which it is entitled through the date of termination. No resignation or removal of the Escrow Agent shall become effective until the appointment of a successor Escrow Agent hereunder and the acceptance by such successor of the duties of the Escrow Agent hereunder. Notwithstanding the foregoing, if no replacement Escrow Agent is appointed in accordance with this Section 3.3 within thirty (30) days after the Escrow Agent gives written notice to the Parties of its resignation or is otherwise removed, the Escrow Agent may petition a court of competent jurisdiction at the expense of the Parties (which shall each be responsible for fifty percent (50%) of such expenses) for the appointment of a successor Escrow Agent and any such resulting appointment shall be binding upon the Parties. Such resignation or removal, as the case may be, shall be effective thirty (30) days after the delivery of such notice or upon the earlier appointment of a successor Escrow Agentsuccessor, and it will be the Escrow Agent’s sole responsibility thereafter shall be to safely keep the Escrow Property and to deliver the same to a successor Escrow Agent escrow agent as shall be appointed by the Parties, as evidenced by a joint written notice delivered to filed with the Escrow Agent, Agent or in accordance with a court order. In addition, the order Escrow Agent agrees to fully cooperate with any such successor escrow agent, including but not limited to, providing all necessary information, records, and documentation related to the Escrow Account, and executing any necessary instruments or documents required for the transfer of the Escrow Property to the successor. If the Parties have failed to appoint a successor escrow agent prior to the expiration of thirty (30) days following the delivery of such notice of resignation or removal, the Escrow Agent shall be entitled, at its sole discretion and at the expense of Company and, to (a) return the Escrow Property to Company, or (b) petition any court of competent jurisdictionjurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon the Parties.