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be delivered by giving to the other parties not less than <br />ten (10) days prior notice thereof. <br />Section 7.02. Termination of Responsibilities. Upon <br />the taking of all the actions as described herein by the <br />Escrow Agent, the Escrow Agent shall have no further obliga- <br />tions or responsibilities hereunder to the Issuer, the <br />holders of the Refunded Bonds or to any other person or <br />persons in connection with this Agreement. <br />Section 7.03. Binding Agreement. This Agreement shall <br />be binding upon the Issuer and the Escrow Agent and their <br />,respective successors and legal representatives, and shall <br />;inure solely to the benefit of the holders of the Refunded <br />iBonds, the Issuer, the Escrow Agent and their respective <br />;successors and legal representatives. <br />Section 7.04. Severability. In case any one or more <br />of the provisions contained in this Agreement shall for any <br />reason be held to be invalid, illegal or unenforceable in <br />any respect, such invalidity, ille§ality or unenforceability <br />shall not affect any other provisions of this Agreement, but <br />this Agreement shall be construed as if, such invalid or <br />illegal or unenforceable provision had never been contained <br />herein. <br />Section 7.05. Texas Law Governs. This Agreement shall <br />be governed exclusively by the provisions hereof and by the <br />applicable laws of the State of Texas. <br />? Section 7.06. Time of the Essence. Time shall be of <br />ithe essence in the performance of obligations from time to <br />j time imposed upon the Escrow Agent by this Agreement. <br />EXECUTED as of the date first written above. <br />CITY OF PARIS, TEXAS <br />By <br />ATTEST: <br />Mayor <br />City Secretary <br />(CITY SEAL) <br />ATTEST: <br />Title: <br />(BANK SEAL) <br />INTERFIRST BANK DALLAS, NATIONAL <br />ASSOCIATION, DALLAS, TEXAS <br />By <br />9 <br />