Common use of Successor Escrow Agents Clause in Contracts

Successor Escrow Agents. The Bank, or any successor escrow agent, ------------------------- may resign from its duties under this Agreement at any time by giving notice in writing to the Customer and shall be discharged from its duties under this Agreement on the first to occur of the appointment of a successor escrow agent as provided in this Section , or the expiration of thirty (30) calendar days after such notice is given, and may be discharged from its duties under this Agreement upon receipt from the Customer of five (5) days prior written notice of such discharge. In the event of any resignation or discharge of the Bank, a successor escrow agent shall be appointed by the Customer. A successor escrow agent shall be selected from among those state or national banks possessing trust powers whose principal office is located in the United States of America. Any successor escrow agent shall deliver to the Customer and the Bank a written instrument accepting appointment under this Agreement, and thereupon it shall succeed to all of the rights and duties of the Bank hereunder, and shall be entitled to receive the Escrowed Funds. Upon the resignation or discharge of the Bank, the Bank shall deliver all Escrowed Funds in its possession pursuant to the terms of this Agreement to such person or persons as the Customer shall designate in writing. 11.

Successor Escrow Agents. The Bank, or any successor escrow agent, ------------------------- ------------------------ may resign from its duties under this Agreement at any time by giving notice in writing to the Customer and Oxford and shall be discharged from its duties under this Agreement on the first to occur of the appointment of a successor escrow agent as provided in this Section Section, or the expiration of thirty (30) calendar days after such notice is given, and may be discharged from its duties under this Agreement upon receipt from the Customer and Oxford of five (5) days prior written notice of such discharge. In the event of any resignation or discharge of the Bank, a successor escrow agent shall be appointed by appointed, which shall be acceptable to Oxford and the Customer. A successor escrow agent shall be selected from among those state or national banks possessing trust powers whose principal office is located in the United States of America. Any successor escrow agent shall deliver to the Customer Customer, Oxford and the Bank a written instrument accepting appointment under this Agreement, and thereupon it shall succeed to all of the rights and duties of the Bank hereunder, and shall be entitled to receive the Escrowed Funds. Upon the resignation or discharge of the Bank, the Bank shall deliver all Escrowed Funds in its possession pursuant to the terms of this Agreement to such person or persons as the Customer and Oxford shall jointly designate in writing. 11.