Common use of Discharge of Escrow Agent Clause in Contracts

Discharge of Escrow Agent. Escrow Agent agrees that Shareholders and Purchaser may, by mutual agreement at any time, remove Escrow Agent as escrow agent under this Agreement, and substitute any bank or trust company therefor, in which event, upon receipt of written notice thereof, payment of any accrued but unpaid fees, and reimbursement of Escrow Agent's other fees and expenses from the Special Liabilities Escrow Fund in accordance with Section 4.1 hereof, Escrow Agent shall account for and deliver to such substituted escrow agent the Escrow Fund held by it, and Escrow Agent shall thereafter be discharged from liability under this Agreement.

Discharge of Escrow Agent. Escrow Agent agrees that Shareholders Agent (on behalf of the Shareholders) and Purchaser may, by mutual written agreement at any time, remove Escrow Agent as escrow agent under this Agreement, and substitute any bank or trust company therefor, in which event, upon receipt of such written notice thereof, payment of any accrued but unpaid fees, and reimbursement of Escrow Agent's other fees and expenses from the Special Liabilities Closing Escrow Fund in accordance with Section paragraph 4.1 hereofof this Agreement, Escrow Agent shall account for and deliver to such substituted escrow agent the Escrow Fund held by it, and Escrow Agent shall thereafter be discharged from liability under this Agreement.

Discharge of Escrow Agent. Escrow Agent agrees that Shareholders (acting through the Agent) and Purchaser may, by mutual written agreement at any time, remove Escrow Agent as escrow agent under this Agreement, and substitute any bank or trust company therefor, in which event, upon receipt of such written notice thereof, payment of any accrued but unpaid fees, and reimbursement of Escrow Agent's other fees and expenses from the Special Liabilities Post Closing Escrow Fund in accordance with Section paragraph 4.1 hereof, Escrow Agent shall account for and deliver to such substituted escrow agent the Escrow Fund held by it, and Escrow Agent shall thereafter be discharged from liability under this Agreement.