Custody Standard. The Escrow Agent shall invest the Security Amount in Swiss Francs denominated fiduciary deposits, free of any withholding tax, with first class international banks and with a term of not more than three (3) months. Interest and other earnings from such investments shall be credited to the Escrow Account. The Escrow Agent undertakes to ensure that the Escrow Account and all funds held in it are maintained as a separate bank account, identified as a fiduciary deposit (Treuhandkonto), such that (i) the Security Amount shall be released pursuant to article 5.2 only, and (ii) no third parties (including the account holding bank) shall be entitled to make or claim any rights, liens or encumbrances to or over the Escrow Account or any funds held in it.
Appears in 7 contracts
Samples: Capacity Reservation and Transit Services Agreement, Capacity Reservation and Transit Services Agreement, Capacity Reservation and Transit Services Agreement
