Common use of Investment of Escrow Funds Clause in Contracts

Investment of Escrow Funds. The Escrow Agent shall invest all funds held in the Escrow Account (including earnings, if any, thereon) in United States government securities or securities guaranteed by the United States, certificates of deposit of banks located in the United States or any other investment, provided, in each case, that such investment is permitted by Rule 15c2-4, promulgated by the Securities and Exchange Commission under the Exchange Act ("Rule 15c2-4"). Such investments shall be made in a manner consistent with the requirement that the Subscription Proceeds be available for delivery by the Escrow Agent at the times described herein. The parties hereto recognize that there may be a forfeiture of interest in the event of early withdrawal from an interest-bearing account of investment.

Investment of Escrow Funds. The Escrow Agent shall invest all funds held in the Escrow Account (including earnings, if any, thereon) in United States government securities or securities guaranteed by the United States, certificates of deposit of banks located in the United States or any other investment, provided, in each case, that such investment is permitted by Rule 15c2-4, promulgated by the Securities and Exchange Commission under the Exchange Act ("Rule 15c2-4"), and NASD Notice to Members 84-7. Such investments shall be made in a manner consistent with the requirement that the Subscription Proceeds be available for delivery by the Escrow Agent at the times described herein. The parties hereto recognize that there may be a forfeiture of interest in the event of early withdrawal from an interest-bearing account of investment.

Investment of Escrow Funds. The Escrow Agent shall invest all funds held in the Escrow Account (including earnings, if any, thereon) in United States government securities or securities guaranteed by the United States, certificates of deposit of banks located in the United States or any other investment, provided, in each case, that such investment is permitted by Rule 15c2-4, promulgated by the Securities and Exchange Commission under the Exchange Act ("Rule 15c2-4"). Such investments shall be made in a manner consistent with the requirement that the Subscription Proceeds be available for delivery by the Escrow Agent at the times described herein. The parties hereto recognize that there may be a forfeiture of interest in the event of early withdrawal from an interest-bearing account of investmentaccount.