Common use of Investment of Escrowed Funds Clause in Contracts

Investment of Escrowed Funds. The Escrow Agent, immediately upon receipt of each check remitted to it, shall deposit such check in interest-bearing savings accounts, in short-term certificates of deposit issued by a bank, or in other short-term securities directly or indirectly issued or guaranteed by the United States government, all as directed by the Company. Interest and dividends earned on such investments shall be similarly reinvested. Following the distribution of Escrowed Funds to the Company pursuant to Paragraph 5 below, any funds remaining in the Escrow Account shall be invested in bank money market funds or other similar instruments as directed by the Company.

Investment of Escrowed Funds. The Escrow Agent, immediately upon receipt of each check Payment remitted to it, shall deposit such check Payment in a bank account (including, but not limited to, interest-bearing savings accounts and bank money market accounts, ) or in short-term certificates of deposit issued by a bank, or in other short-term securities directly or indirectly issued or guaranteed by the United States government, all bank as directed by the Company. Interest and dividends earned on such investments shall be similarly reinvested. Following the distribution of Escrowed Funds to the Company pursuant to Paragraph 5 below, any funds remaining in the Escrow Account shall be invested in bank money market funds or other similar instruments as directed in writing by the Company.