Investment of Deposited Cash a. Any Deposited Cash, until required for payment to Bondholders in accordance with this Agreement or required to be remitted to other Paying Agents in accordance with Section 7.3.b, including, without limitation, Deposited Cash covered by outstanding checks that were issued by the Fiscal Agent to Bondholders and not yet cashed, shall be received and held in trust for the benefit of the State by Computershare (or its Affiliate, Computershare Trust Company of Canada), and be invested or reinvested in accordance with Section 7.1.a, in the External Bank Accounts designated for such purposes unless the Fiscal Agent is otherwise directed, as evidenced by a Direction of the State, to invest such funds on the State’s behalf in direct obligations of the United States of America (“Government Securities”) or in bank deposits with such Approved External Bank as may be determined by the State (“Approved Bank Deposits”). The investment in Government Securities and Approved Bank Deposits is subject to additional fees not covered in the Fee Letter, including but not limited to custody fees, overdraft charges and transaction charges, that shall be paid to the Fiscal Agent by the State. Any such Government Securities or Approved Bank Deposits shall be purchased by the Fiscal Agent in the name of the Fiscal Agent in trust for the State, and the Fiscal Agent shall ensure that Computershare (or its Affiliate, Computershare Trust Company of Canada) in trust for the State is identified as the beneficial owner of such Government Securities or Approved Bank Deposits in the records of, and securities account or bank deposit statements issued by, the securities intermediary or issuer in respect of such Government Securities or Approved Bank Deposits, provided that the name of such purchaser or beneficial owner may also include information identifying the issue of Bonds to which such Government Securities or Approved Bank Deposits relate. The State shall bear the risk of and be responsible for any loss resulting from the investment in Government Securities or Approved Bank Deposits. Any interest or profit realized on any sale of Government Securities or Approved Bank Deposits, including the proceeds of any sale thereof, not immediately required to effect payment to Bondholders or for remittance to other Paying Agents in accordance with Section 7.2.b shall be immediately deposited by the Fiscal Agent into the relevant External Bank Account.
Investment of Deposited Cash a. Any Deposited Cash held by the Fiscal Agent, until required for payment to Bondholders in accordance with this Agreement or required to be remitted to other Paying Agents in accordance with Section 7.3.b, including, without limitation, Deposited Cash covered by outstanding checks that were issued by the Fiscal Agent to Bondholders and not yet cashed, shall be held in trust for the benefit of the State by the Fiscal Agent and be invested or reinvested in a Trust Account of the Fiscal Agent unless the Fiscal Agent is otherwise directed, as evidenced by a Direction of the State, to invest such funds in direct obligations of the United States of America ("Government Securities") or in time deposits with the Fiscal Agent.
Investment of Deposited Cash a. Any Deposited Cash held by the Fiscal Agent, until required for payment to Bondholders in accordance with this Agreement or required to be remitted to other Paying Agents in accordance with Section 7.3.b, including, without limitation, Deposited Cash covered by outstanding checks that were issued by the Fiscal Agent to Bondholders and not yet cashed, shall be held in trust for the benefit of the State by the Fiscal Agent and be invested or reinvested in a Trust Account of the Fiscal Agent unless the Fiscal Agent is otherwise directed, as evidenced by a Direction of the State, to invest such funds in direct obligations of the United States of America (“Government Securities”) or in time deposits with such bank as may be determined by the State and the Fiscal Agent. 32 b. Whenever, in the opinion of the Fiscal Agent, funds are needed for payment to Bondholders in accordance with the provisions of this Agreement or for remittance to other Paying Agents, if any, in accordance with a Direction of the State as provided in Section 7.3.b, the Fiscal Agent shall withdraw from the Trust Account, or if Deposited Cash is invested in Government Securities or time deposits, shall sell such Government Securities or time deposits, as in its judgment will make available sufficient Deposited Cash to effect payments to Bondholders upon presentation of Bonds, or to effect such remittances to other Paying Agents and add to Deposited Cash the proceeds of any such sale of Government Securities or time deposits, including any interest or profit realized thereon. If at any time additional Deposited Cash is needed for payment to Bondholders or to effect remittances to other Paying Agents and it is not available from the Trust Account, sales of Government Securities or maturing time deposits, the Fiscal Agent shall notify the State of the amount of additional funds so required and the time when required, and the State shall deposit with the Fiscal Agent within the time required the additional funds in the amount specified in such notice. The State may, by a Direction of the State, require the Fiscal Agent to, from time to time, pay over to the State from Deposited Cash such Deposited Cash which is not needed for payment to Bondholders or for remittances to other Paying Agents. 33 c. The Fiscal Agent shall restore to Deposited Cash out of compensation earned or interest or other profit realized upon any investment of Deposited Cash permitted by this Agreement an amount equal to an...
