Common use of Successor Escrow Agent Clause in Contracts

Successor Escrow Agent. In the event the Escrow Agent becomes unavailable or unwilling to continue in its capacity hereunder, the Escrow Agent may resign and be discharged from its duties or obligations hereunder by delivering a resignation to the Parties to this Escrow Agreement, not less than 60 days' prior to the date when such resignation shall take effect. BRI may appoint a successor Escrow Agent so long as such successor is a bank with assets of at least $500 million. If, within such notice period, BRI provides to the Escrow Agent written instructions with respect to the appointment of a successor Escrow Agent and directions for the transfer of the Letter of Credit, the Cash Collateral or any Escrow Fund then held by the Escrow Agent to such successor, the Escrow Agent shall act in accordance with such instructions and promptly transfer the Letter of Credit, the Cash Collateral and such Escrow Fund to such designated successor. If no successor escrow agent is named by BRI within such notice period, the Escrow Agent may apply to a court of competent jurisdiction for appointment of a successor escrow agent.

Successor Escrow Agent. In the event the Escrow Agent becomes unavailable or unwilling to continue in its capacity hereunder, the Escrow Agent may resign and be discharged from its duties or obligations hereunder by delivering a resignation to the Parties to this Escrow Agreement, not less than 60 days' prior to the date when such resignation shall take effect. BRI may Seller may, upon three business days prior written notice to Parent, appoint a successor Escrow Agent so long as such successor is a bank with assets of at least $500 million. If, within such 60-day notice period, BRI Seller provides to the Escrow Agent written instructions with respect to the appointment of a successor Escrow Agent and directions for the transfer of the Letter of Credit, Credit or the Cash Collateral or any Escrow Fund then held by the Escrow Agent to such successor, the Escrow Agent shall act in accordance with such instructions and promptly transfer the Letter of Credit, Credit or the Cash Collateral and such Escrow Fund to such designated successor. If no successor escrow agent is named by BRI Seller within such notice period, the Escrow Agent may apply to a court of competent jurisdiction for appointment of a successor escrow agent.

Successor Escrow Agent. In the event the Escrow Agent becomes unavailable or unwilling to continue in its capacity hereunderherewith, the Escrow Agent may resign and be discharged from its duties or obligations hereunder by delivering a giving resignation to the Parties parties to this Escrow Agreement, specifying not less than 60 days' prior to written notice of the date when such resignation shall take effect. BRI Parent may appoint a successor Escrow Agent so long as such successor is a bank with assets the consent of at least $500 millionthe Stockholder Agent, which shall not be unreasonably withheld. If, within such notice period, BRI Parent provides to the Escrow Agent written instructions with respect to the appointment of a successor Escrow Agent and directions for the transfer of the Letter of Credit, the Cash Collateral or any Escrow Fund then held by the Escrow Agent to such successor, the Escrow Agent shall act in accordance with such instructions and promptly transfer the Letter of Credit, the Cash Collateral and such Escrow Fund to such designated successor. If no successor escrow agent is named by BRI within such notice period, the Escrow Agent may apply to a court of competent jurisdiction for appointment of a successor escrow agent.