Common use of Resignation or Termination of Escrow Agent Clause in Contracts

Resignation or Termination of Escrow Agent. 16.1 The Escrow Agent may resign by providing written notice of resignation to the Issuer. 16.2 The Issuer may terminate the services of the Escrow Agent under this Agreement by providing written notice of termination to the Parties. 16.3 The resignation or termination of the Escrow Agent shall be effective, and the Escrow Agent shall cease to be bound by this Agreement: (a) 60 days after the date of receipt by the Escrow Agent or Issuer, as applicable, of a notice referred to in subsections 16.2 or 16.3; or (b) upon such date as may be mutually agreed to by the Escrow Agent and the Issuer, provided that the resignation or termination date must not be less than 10 business days before a release date set forth in subsection 9.1. 16.4 If the Escrow Agent resigns or is terminated, the Issuer shall be responsible for ensuring that the Escrow Agent is replaced not later than the resignation or termination date. 16.5 The Issuer’s appointment of a replacement escrow agent shall be binding on the Issuer and the Security Holders.

Resignation or Termination of Escrow Agent. 16.1 The Escrow Agent may resign by providing written notice of resignation to the Issuer. 16.2 The Issuer may terminate the services of the Escrow Agent under this Agreement by providing written notice of termination to the Parties. 16.3 The resignation or termination of the Escrow Agent shall be effective, and the Escrow Agent shall cease to be bound by this Agreement: (a) 60 days after the date of receipt by the Escrow Agent or Issuer, as applicable, of a notice referred to in subsections 16.2 or 16.3; or (b) upon such date as may be mutually agreed to by the Escrow Agent and the Issuer, ; provided that the resignation or termination date must not be less than 10 business days before a release date set forth in subsection 9.1. 16.4 If the Escrow Agent resigns or is terminated, the Issuer shall be responsible for ensuring that the Escrow Agent is replaced not later than the resignation or termination date. 16.5 The Issuer’s appointment of a replacement escrow agent shall be binding on the Issuer and the Security Holders.

Resignation or Termination of Escrow Agent. 16.1 The Escrow Agent may resign by providing written notice of resignation to the Issuer. 16.2 The Issuer may terminate the services of the Escrow Agent under this Agreement by providing written notice of termination to the Parties. 16.3 The resignation or termination of the Escrow Agent shall be effective, and the Escrow Agent shall cease to be bound by this Agreement: (a) 60 days after the date of receipt by the Escrow Agent or Issuer, as applicable, of a notice referred to in subsections 16.2 or 16.3; or (b) upon such date as may be mutually agreed to by the Escrow Agent and the Issuer, provided that the resignation or termination date must not be less than 10 business days before a release date set forth in subsection 9.1. 16.4 If the Escrow Agent resigns or is terminated, the Issuer shall be responsible for ensuring that the Escrow Agent is replaced not later than the resignation or termination date. 16.5 The Issuer’s 's appointment of a replacement escrow agent shall be binding on the Issuer and the Security Holders.

Resignation or Termination of Escrow Agent. 16.1 The Escrow Agent may resign by providing written notice of resignation to the Issuerhewer. 16.2 The Issuer may terminate the services of the Escrow Agent under this Agreement by providing written notice of termination t inatiion to the Parties. 16.3 The resignation or termination of the Escrow escrow Agent shall be effective, and the Escrow Agent shall cease to be bound by this Agreement: (a) 60 days after the date of receipt by the Escrow Agent or Issuer, as applicable, of a notice referred to in subsections 16.2 162 or 16.3; or (b) upon such date as may be mutually maybe mmutually agreed to by the Escrow Agent and the IssuerEnsues, provided that the resignation or termination tenetion date must not be less than 10 business days before a release date set forth in subsection 9.1. 16.4 If the Escrow Agent resigns or is terminated, the Issuer shall be responsible for ensuring that the Escrow Agent is replaced not later than the resignation or termination datetemination data. 16.5 The Issuer’s 's appointment of a replacement escrow agent shall be binding on the Issuer and the Security Holders.