Common use of Funds in the Escrow Account Clause in Contracts

Funds in the Escrow Account. Upon receipt of funds from subscribers, the Escrow Agent shall hold such funds in escrow pursuant to the terms of this Agreement. All funds in the Escrow Account shall at all times be placed in “Short-term Investments” (as defined below) and the Escrow Agent agrees to reinvest all earnings and interest derived therefrom in any of the Short-term Investments specified below. "Short-term Investments" include short-term obligations of, or short-term obligations guaranteed by, the United States government or bank money-market funds comprised of these obligations or certificates of deposit of national or state banks that have deposits insured by the Federal Deposit Insurance Corporation, including certificates of deposit of any bank acting as a depository or custodian for any such funds, including, without limitation, such certificates or instruments of the Escrow Agent, all of which instruments must be capable of being readily sold or otherwise disposed of for cash on or before the earlier of (i) the date that the Minimum Amount is achieved, or (ii) the Closing Date, without any dissipation of the offering proceeds invested. The following securities are not permissible investments: (a) corporate equity or debt securities; (b) repurchase agreements; (c) bankers' acceptances; (d) commercial paper; (e) municipal securities; and (f) money market funds other than bank money market accounts. The Escrow Agent shall be entitled to sell or redeem any such investment as necessary to make any distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale or redemption. Income, if any, resulting from the investment of the funds in the Escrow Account shall be distributed according to this Agreement. The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company) on the account balance in the Escrow Account and the activity in such accounts since the last report.

Funds in the Escrow Account. Upon receipt of funds from subscribers, the Escrow Agent shall hold such funds in escrow pursuant to the terms of this Agreement. All funds in the Escrow Account shall at all times be placed in “Short-term Investments” (as defined below) and the Escrow Agent agrees to reinvest all earnings and interest derived therefrom in any of the Short-term Investments specified below. "“Short-term Investments" ” include short-term obligations of, or short-term obligations guaranteed by, the United States government or bank money-market funds comprised of these obligations or certificates of deposit of national or state banks that have deposits insured by the Federal Deposit Insurance Corporation, including certificates of deposit of any bank acting as a depository or custodian for any such funds, including, without limitation, such certificates or instruments of the Escrow Agent, all of which instruments must be capable of being readily sold or otherwise disposed of for cash on or before the earlier of (i) the date that the Minimum Amount is achieved, or (ii) the Closing Expiration Date, without any dissipation of the offering proceeds invested. The following securities are not permissible investments: (a) corporate equity or debt securities; (b) repurchase agreements; (c) bankers' ’ acceptances; (d) commercial paper; (e) municipal securities; and (f) money market funds other than bank money market accounts. The Escrow Agent shall be entitled to sell or redeem any such investment as necessary to make any distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale or redemption. Income, if any, resulting from the investment of the funds in the Escrow Account shall be distributed according to this Agreement. The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company) on the account balance in the Escrow Account and the activity in such accounts since the last report.

Funds in the Escrow Account. Upon receipt of funds from subscribers, the Escrow Agent shall hold such funds in escrow pursuant to the terms of this Agreement. All funds in the Escrow Account shall at all times be placed in “Short-term Investments” (as defined below) as directed by the Company and the Escrow Agent agrees to reinvest all earnings and interest derived therefrom in any of the Short-term Investments specified below. "“Short-term Investments" ” include short-term obligations of, or short-term obligations guaranteed by, the United States government or bank money-market funds comprised of these obligations or certificates of deposit of national or state banks that have deposits insured by the Federal Deposit Insurance Corporation, including certificates of deposit of any bank acting as a depository or custodian for any such funds, including, without limitation, such certificates or instruments of the Escrow Agent, all of which instruments must be capable of being readily sold or otherwise disposed of for cash on or before the earlier of (i) the date that the Minimum Amount is achieved, or (ii) the Closing Expiration Date, without any dissipation of the offering proceeds invested. The following securities are not permissible investments: (a) corporate equity or debt securities; (b) repurchase agreements; (c) bankers' ’ acceptances; (d) commercial paper; (e) municipal securities; and (f) money market funds other than bank money market accounts. The Escrow Agent shall be entitled to sell or redeem any such investment as necessary to make any distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale or redemption. Income, if any, resulting from the investment of the funds in the Escrow Account shall be distributed according to this Agreement. The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company) on the account balance in the Escrow Account and the activity in such accounts since the last report.