Common use of Substitution of Escrow Agent Clause in Contracts

Substitution of Escrow Agent. The Escrow Agent may resign by giving not less than 30 days' prior written notice to the Leasing Company and the Senior Note Trustee or, after the Senior Note Discharge Date, to the Convertible Note Trustee. Such resignation shall take effect upon the later to occur of (i) delivery of all funds and Eligible Cash Equivalents maintained by the Escrow Agent hereunder and copies of all books, records, plans and other documents in the Escrow Agent's possession relating to such funds or Eligible Cash Equivalents or this Agreement to a successor Escrow Agent mutually approved by the Leasing Company and the Senior Note Trustee or, after the Senior Note Discharge Date,