Common use of Investment of Escrow Fund Clause in Contracts

Investment of Escrow Fund. The Escrow Agent shall invest and reinvest the amounts on deposit in the Escrow Fund as Purchaser may direct by written notice to the Escrow Agent. The Escrow Fund may be invested in (a) securities issued or fully guaranteed or insured by the United States government or any agency thereof; (b) certificates of deposit, eurocurrency and eurodollar time deposits, and overnight bank deposits of, and securities guaranteed (by letter of credit or otherwise) by, or money market accounts offered by, any commercial bank or trust company which is organized under the laws of the United States or any state thereof having capital and surplus in excess of $200,000,000 and whose short-term senior unsecured indebtedness is rated A-1 or P-1 by Standard & Poor’s Corporation or Xxxxx’x Investors Service, respectively or an equivalent rating; (c) commercial paper rated A-1 or P-1 by Standard & Poor’s Corporation or Xxxxx’x Investor Service, Inc., respectively, maturing not more than 360 days from the date of acquisition thereof by such person; (d) repurchase agreements with institutions whose long-term senior unsecured indebtedness is rated A or better by Standard & Poor’s Corporation or A or better by Moody’s Investor’s Service, Inc.; (e) securities with maturities of six months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated A or better by Standard & Poor’s Corporation or A or better by Xxxxx’x Investors Service, Inc.; and (f) shares of mutual funds that invest primarily in any or all of the investments referred to in clauses (a) through (e). The Escrow Agent reserves the right to request specific instructions in writing from Purchaser as to the investment of the Escrowed Funds and shall not be responsible for gains or losses in the market value of or the rate of interest earned on investments made in accordance with the provision hereof. All earnings or other income received from such investment and reinvestment, less Escrow Taxes and losses, if any incurred on such investment and reinvestment (such net amount being herein referred to as “Net Earnings”).

Investment of Escrow Fund. The Escrow Agent shall invest and reinvest At the amounts on deposit in written direction of the Escrow Fund as Purchaser may direct by written notice Company, delivered to the Escrow Agent. The Escrow , all or any part of the Escrowed Fund may shall be invested by the Escrow Agent for the account and risk of the Company, in any one or more Qualified Investments. As used herein, "Qualified Investments" shall mean (ai) securities issued cash, (ii) obligations of, or obligations fully guaranteed or insured by as to timely payment of principal and interest by, the United States government of America with a maturity date of one year or less from the date of investment, (iii) shares in investment companies registered as such under the Investment Company Act of 1940, as amended, which value their assets in accordance with Rule 2a-7 (or any agency thereof; successor rule) under such Act, including in particular the Armada Money Market Fund, (biv) certificates of deposit, eurocurrency and eurodollar time deposits, and overnight bank deposits of, and securities guaranteed (by letter deposit with an investment term of credit one year or otherwise) by, or money market accounts offered by, less from the date of investment with any commercial bank or trust company which is organized under the laws of the United States of America or the laws of any state thereof having capital and surplus in excess which has a long term debt rating from Moody's Investor's Service, Inc. ("Moody's") of $200,000,000 and whose short-term senior unsecured indebtedness is rated A-1 at least Aaa or P-1 by from Standard & Poor’s 's Corporation ("S&P") of at least AAA or Xxxxx’x Investors Serviceas suggested by the Company and as to which the Snydxx xxxll have given its prior consent, respectively (v) municipal or an equivalent rating; (c) commercial paper rated A-1 or P-1 by Standard & Poor’s Corporation or Xxxxx’x Investor Service, Inc., respectively, maturing not more than 360 days from the corporate bonds with a maturity date of acquisition thereof by such person; (d) repurchase agreements with institutions whose long-term senior unsecured indebtedness is rated A or better by Standard & Poor’s Corporation or A or better by Moody’s Investor’s Service, Inc.; (e) securities with maturities of six months one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political territory of the United States of America, or by any political subdivision or taxing authority thereof, investment and rated A at lease Aaa by Moody's or better AAA by Standard & Poor’s Corporation S&P or A or better as suggested by Xxxxx’x Investors Service, Inc.; the Company and as to which the Company shall have given its prior consent and (fvi) shares commercial paper with a maturity of mutual funds that invest primarily in any not more than thirty days and rated at least P-1 by Moody's or all of A-1 by S&P or as suggested by the investments referred Company and as to in clauses (a) through (e)which the Snydxx xxxll have given its prior consent. The Escrow Agent reserves shall be, and hereby is, fully empowered to sell any Qualified Investment purchased by it pursuant to this paragraph in order to provide cash to make payment required or permitted to be made hereunder by the right to request specific instructions in writing from Purchaser as to the investment of the Escrowed Funds and Escrow Agent. The Escrow Agent shall not be responsible liable for gains or losses any loss due to fluctuations in the market value rates resulting from a sale of or the rate of interest earned on investments made Qualified Investments in accordance with the provision hereofprevious sentence or penalties incurred because of early redemption. All earnings or The Escrow Agent will hold any Qualified Investments purchased by it hereunder without any responsibility other income received from such investment and reinvestment, less Escrow Taxes and losses, if any incurred on such investment and reinvestment (such net amount being herein referred to as “Net Earnings”)than for the safe keeping thereof.