Common use of Resignation of the Escrow Agent Clause in Contracts

Resignation of the Escrow Agent. The Escrow Agent may resign upon thirty (30) days written notice to the other parties. If a successor Escrow Agent shall not have been designated herein or appointed by Pledgor and Obligee Representative before the effective date of such resignation, the Escrow Agent may petition any state or federal court to appoint a successor.

Resignation of the Escrow Agent. The Escrow Agent may resign upon at any time by providing Buyer and the Sellers' Representative with thirty (30) days days' written notice of its intention to the other parties. If do so; provided, that a successor Escrow Agent has been appointed. The Escrow Agent's resignation shall not have been designated herein or appointed by Pledgor be effective upon delivery of the Escrow Amount to the successor Escrow Agent and Obligee Representative before upon such successor assuming the effective date obligations, rights and duties of such resignation, the Escrow Agent may petition any state or federal court to appoint a successorhereunder.