Automatic Succession. Notwithstanding any other provision of this Section 11, any Permitted Bank into which the Escrow Agent is merged or with which it is consolidated, or any Permitted Bank to which the Escrow Agent transfers a substantial portion of its escrow business shall be the successor escrow agent without the execution or filing of any paper or any further act on the part of any party hereto.
Appears in 3 contracts
Sources: Stockholders' Agreement (Prism Financial Corp), Stockholders' Agreement (Prism Acquisition Subsidiary Inc), Stockholders' Agreement (Royal Bank of Canada)