Common use of Deposit and Investment of Proceeds Clause in Contracts

Deposit and Investment of Proceeds. (i) All offering proceeds, after deduction of cash paid for underwriting commissions, underwriting expenses and dealer allowances, and amounts permitted to be released to the registrant pursuant to paragraph (b)(2)(vi) of this section, shall be deposited promptly into the escrow or trust account; provided, however, that no deduction may be made for underwriting commissions, underwriting expenses or dealer allowances payable to an affiliate of the registrant. (ii) Deposited proceeds shall be in the form of checks, drafts, or money orders payable to the order of the escrow agent or trustee. (iii) Deposited proceeds and interest or dividends thereon, if any, shall be held for the sole benefit of the purchasers of the securities. (iv) Deposited proceeds shall be invested in one of the following: (A) An obligation that constitutes a "deposit," as that term is defined in Section (3) (1) of the Federal Deposit Insurance Act; (B) Securities of any open-end investment company registered under the Investment Company Act of 1940 that holds itself out as a money market fund meeting the conditions of paragraphs (c) (2), (c) (3), and (c) (4) of Rule 2a-7 under the Investment Company Act; or (C) Securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States. Note to Rule 419(6)(2)(iv). Issuers are cautioned that investments in government securities are inappropriate unless such securities can be readily sold or otherwise disposed of for cash at the time required without any dissipation of offering proceeds invested. (v) Interest or dividends earned on the funds, if any, shall be held in the escrow or trust account until the funds are released in accordance with the provisions of this section. If funds held in the escrow or trust account are released to a purchaser of the securities, the purchaser shall receive interest or dividends earned, if any, on such funds up to the date of release. If funds held in the escrow or trust account are released to the registrant, interest or dividends earned on such funds up to the date of release may be released to the registrant. (vi) The registrant may receive up to 10 percent of the proceeds remaining after payment of underwriting commissions, underwriting expenses and dealer allowances permitted by paragraph (b)(2)(i) of this section, exclusive of interest or dividends, as those proceeds are deposited into the escrow or trust account.

Deposit and Investment of Proceeds. (i) i. All offering proceeds, after deduction of cash paid for underwriting commissions, underwriting expenses and dealer allowances, and amounts permitted to be released to the registrant pursuant to paragraph (b)(2)(vi) of this section, shall be deposited promptly into the escrow or trust account; provided, however, that no deduction may be made for underwriting commissions, underwriting expenses or dealer allowances payable to an affiliate of the registrant. (ii) . Deposited proceeds shall be in the form of checks, drafts, or money orders payable to the order of the escrow agent or trustee. (iii) . Deposited proceeds and interest or dividends thereon, if any, shall be held for the sole benefit of the purchasers of the securities. (iv) . Deposited proceeds shall be invested in one of the following: (A) A. An obligation that constitutes a "deposit," as that term is defined in Section (3) (1section 3(1) of the Federal Deposit Insurance Act; (B) B. Securities of any open-end investment company registered under the Investment Company Act of 1940 that holds itself out as a money market fund meeting the conditions of paragraphs xxxxxxxxxx (c) (2)x)0, (c) (3)x)0, and (c) (4c)(4) of 17 CFR 270.2a-7 (Rule 2a-7 2a-7) under the Investment Company Act; or (C) C. Securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States. Note to Rule 419(6)(2)(iv). Issuers are cautioned that investments in government securities are inappropriate unless such securities can be readily sold or otherwise disposed of for cash at the time required without any dissipation of offering proceeds invested. (v) v. Interest or dividends earned on the funds, if any, shall be held in the escrow or trust account until the funds are released in accordance with the provisions of this section. If funds held in the escrow or trust account are released to a purchaser of the securities, the purchaser purchasers shall receive interest or dividends earned, if any, on such funds up to the date of release. If funds held in the escrow or trust account are released to the registrant, interest or dividends earned on such funds up to the date of release may be released to the registrant. (vi) . The registrant may receive up to 10 percent of the proceeds remaining after payment of underwriting commissions, underwriting expenses and dealer allowances permitted by paragraph (b)(2)(i) of this section, exclusive of interest or dividends, as those proceeds are deposited into the escrow or trust account.

Deposit and Investment of Proceeds. (i) A. All offering proceeds, after deduction of cash paid for underwriting commissions, underwriting expenses and dealer allowances, and amounts permitted to be released to the registrant pursuant to paragraph Rule 419 of the General Rules and Regulations of the Securities and Exchange Commission (b)(2)(vi"Rule 419") of this section, shall be deposited promptly into the escrow or trust account; provided, however, however that no deduction may be made for underwriting commissions, underwriting expenses or dealer allowances payable to an affiliate of the registrant. (ii) B. Deposited proceeds shall be in the form of checks, drafts, or money orders payable to the order of the escrow agent or trustee. (iii) C. Deposited proceeds and interest or dividends thereon, if any, shall be held for the sole benefit of the purchasers of the securities. (iv) D. Deposited proceeds shall be invested in one of the following: (Ai) An an obligation that constitutes a "deposit," ", as that term is defined in Section (3) (1section 3(l) of the Federal Deposit Insurance ActAct [12 U.S.C. 1813(l)(1991)]; (Bii) Securities securities of any open-end investment company registered under the Investment Company Act of 1940 that holds itself out as a money market fund meeting the conditions of paragraphs (c) (2c)(2), (c) (3c)(3), and (c) (4c)(4) of Rule 2a-7 under the Investment Company Act; or (Ciii) Securities securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States. Note to Rule 419(6)(2)(iv). Issuers are cautioned that investments in government securities are inappropriate unless such securities can be readily sold or otherwise disposed of for cash at the time required without any dissipation of offering proceeds invested. (v) E. Interest or dividends earned on the funds, if any, shall be held in the escrow or trust account until the funds are released in accordance with the provisions of this sectionRule 419. If funds held in the escrow or trust account are released to a purchaser of the securities, the purchaser purchasers shall receive interest or dividends earned, if any, on such funds up to the date of release. If funds held in the escrow or trust account are released to the registrant, interest or dividends earned on such funds up to the date of release may be released to the registrant. (vi) F. The registrant may receive up to 10 percent 10% of the proceeds remaining after payment of underwriting commissions, underwriting expenses and dealer allowances permitted by paragraph (b)(2)(i) of this sectionRule 419, exclusive of interest or dividends, as those proceeds are deposited into the escrow or trust account.

Deposit and Investment of Proceeds. (i) All offering proceeds, after deduction of cash paid for underwriting commissions, underwriting expenses and dealer allowances, and amounts permitted to be released to the registrant pursuant to paragraph (b)(2)(vi) of this section, shall be deposited promptly into the escrow or trust account; provided, however, that no deduction may be made for underwriting commissions, underwriting expenses or dealer allowances payable to an affiliate of the registrant. (ii) Deposited proceeds shall be in the form of checks, drafts, or money orders payable to the order of the escrow agent or trustee. (iii) Deposited proceeds and interest or dividends thereon, if any, shall be held for the sole benefit of the purchasers of the securities. (iv) Deposited proceeds shall be invested in one of the following: (A) An obligation that constitutes a "deposit," as that term is defined in Section (3) (1) of the Federal Deposit Insurance Act; (B) Securities of any open-end investment company registered under the Investment Company Act of 1940 that holds itself out as a money market fund meeting the conditions of paragraphs (c) (2), (c) (3), and (c) (4) of Rule 2a-7 under the Investment Company Act; or (C) Securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States. Note to Rule 419(6)(2)(iv). Issuers are cautioned that investments in government securities are inappropriate unless such securities can be readily sold or otherwise disposed of for cash at the time required without any dissipation of offering proceeds invested. (v) Interest or dividends earned on the funds, if any, shall be held in the escrow or trust account until the funds are released in accordance with the provisions of this section. If funds held in the escrow or trust account are released to a purchaser of the securities, the purchaser shall receive interest or dividends earned, if any, on such funds up to the date of release. If funds held in the escrow or trust account are released to the registrant, interest or dividends earned on such funds up to the date of release may be released to the registrant. (vi) The registrant may receive up to 10 percent of the proceeds remaining after payment of underwriting commissions, underwriting expenses and dealer allowances permitted by paragraph para-graph (b)(2)(i) of this section, exclusive of interest or dividends, as those proceeds are deposited into the escrow or trust account.