Common use of Resignation of the Escrow Agent Clause in Contracts

Resignation of the Escrow Agent. Escrow Agent or any successor may resign its position and be discharged of its duties or obligations hereunder by giving thirty (30) days written notice to the parties hereto. Such resignation shall take effect at the earliest to occur of the end of such thirty (30) days, provided the escrow funds have been tendered into the registry or custody of any court of competent jurisdiction or the appointment by the Company of, and delivery of the escrow funds to, a successor. From and after the effective date of such resignation or appointment of a successor, Escrow Agent shall not be obligated to perform any of the duties of Escrow Agent hereunder, other than prompt transfer of the escrow funds to a successor, or if no successor is appointed, the registry or custody of any court of competent jurisdiction, and will not be liable for any nonperformance thereof nor for any act or failure to act whatsoever on the part of any successor Escrow Agent.