Common use of Substitution of Escrow Agent Clause in Contracts

Substitution of Escrow Agent. The Escrow Agent, or any successor to it hereafter appointed, may at any time resign by giving notice in writing to the Board, the Company and ▇▇. ▇▇▇▇ and shall be discharged of its duties hereunder upon the appointment of a successor Escrow Agent as hereinafter provided. In the event of any such resignation, a successor Escrow Agent, who shall be a shall be appointed by the Board. Any such successor Escrow Agent shall deliver to the Board, the Company and ▇▇. ▇▇▇▇ a written instrument accepting such appointment hereunder, and thereupon it shall succeed to all the rights and duties of the Escrow Agent hereunder.