Common use of Successor Escrow Agent Clause in Contracts

Successor Escrow Agent. The Escrow Agent, or any successor, may resign ---------------------- at any time upon giving written notice to AOLA, AOLB and Itau thirty (30) days before such resignation shall take effect. In addition, AOLA, AOLB and Itau may terminate the Escrow Agent's appointment as escrow agent upon giving written notice (jointly signed by AOLA, AOLB and Itau) to the Escrow Agent thirty (30) days before such termination shall take effect. If the Escrow Agent shall resign, be terminated or be unable to serve, then it shall be succeeded by a successor escrow agent jointly named by AOLA, AOLB and Itau in such thirty (30) day period, or if no such appointment is made by that time, then appointed by a court of competent jurisdiction upon petition by the Escrow Agent, AOLA, AOLB or Itau (in which action the other parties shall be afforded a reasonable opportunity to participate) to appoint a successor escrow agent. The Escrow Agent so removed shall deliver the Notes or any documents held in escrow hereunder to its successor and shall thereupon be discharged, and the successor shall thereupon succeed to all of the rights, powers and duties and shall assume all of the obligations of the Escrow Agent originally named in this Escrow Agreement. Upon such delivery of the Notes and any other documents, the Escrow Agent shall have no further duties, responsibilities or obligations under this Escrow Agreement. The successor Escrow Agent shall be a United States bank or trust company with assets of at least $50,000,000 and with a place of business in New York, New York.

Successor Escrow Agent. The Escrow Agent, or any successor, may resign ---------------------- at any time upon giving written notice to AOLA, AOLB NII and Itau Xxxxxxxxx at least thirty (30) days before such resignation shall take effect. In addition, AOLA, AOLB NII and Itau Xxxxxxxxx may terminate the Escrow Agent's appointment as escrow agent upon giving written notice (jointly signed by AOLA, AOLB NII and ItauXxxxxxxxx) to the Escrow Agent at least thirty (30) days before such termination shall take effect. If the Escrow Agent shall resign, be terminated or be unable to serve, then it shall be succeeded by a successor escrow agent such bank or trust company jointly named by AOLA, AOLB NII and Itau Xxxxxxxxx in such thirty (30) day period, or if no such appointment is made by that time, then it shall be succeeded by a bank or trust company appointed by a court of competent jurisdiction upon petition by the any of Escrow Agent, AOLA, AOLB NII or Itau Xxxxxxxxx (in which action the other parties shall be afforded a reasonable opportunity to participate) to appoint a successor escrow agent, or the Escrow Agent may tender the Escrow Fund into court as provided elsewhere in this Agreement. The Escrow Agent so removed shall deliver transfer the Notes or any documents held in escrow hereunder Escrow Fund to its successor and shall thereupon be discharged, and the successor shall thereupon succeed to all of the rights, powers and duties and shall assume all of the obligations of the Escrow Agent originally named in this Escrow Agreement. Upon such delivery of the Notes and Notwithstanding any other documentsprovision hereof, the obligation of NII and Xxxxxxxxx to Escrow Agent under Section 6(d) and 6(f) shall have no further duties, responsibilities survive any resignation or obligations under this Escrow Agreement. The successor removal of Escrow Agent shall be a United States bank or trust company with assets any termination of at least $50,000,000 and with a place of business in New York, New Yorkthis Agreement.

Successor Escrow Agent. The Escrow Agent, or any successor, may resign ---------------------- at any time upon giving written notice to AOLA, AOLB Buyer and Itau Seller at least thirty (30) days before such resignation shall take effect. In addition, AOLA, AOLB Buyer and Itau Seller may terminate the Escrow Agent's appointment as escrow agent upon giving written notice (jointly signed by AOLA, AOLB Buyer and ItauSeller) to the Escrow Agent at least thirty (30) days before such termination shall take effect. If the Escrow Agent shall resign, be terminated or be unable to serve, then it shall be succeeded by a successor escrow agent such bank or trust company jointly named by AOLA, AOLB Buyer and Itau Seller in such thirty (30) day period, or if no such appointment is made by that time, then it shall be succeeded by a bank or trust company appointed by a court of competent jurisdiction upon petition by the any of Escrow Agent, AOLA, AOLB Buyer or Itau Seller (in which action the other parties shall be afforded a reasonable opportunity to participate) to appoint a successor escrow agent, or the Escrow Agent may tender the Escrow Fund into court as provided elsewhere in this Agreement. The Escrow Agent so removed shall deliver transfer the Notes or any documents held in escrow hereunder Escrow Fund to its successor and shall thereupon be dischargeddischarged from any obligation to perform further services under this Agreement, and the successor shall thereupon succeed to all of the rights, powers and duties and shall assume all of the obligations of the Escrow Agent originally named in this Escrow Agreement. Upon such delivery of the Notes and Notwithstanding any other documentsprovision hereof, the obligation of Buyer and Seller to Escrow Agent under Sections 6(d) and 6(f) shall have no further duties, responsibilities survive any resignation or obligations under this Escrow Agreement. The successor removal of Escrow Agent shall be a United States bank or trust company with assets any termination of at least $50,000,000 and with a place of business in New York, New Yorkthis Agreement.