Common use of Investment of Escrowed Property Clause in Contracts

Investment of Escrowed Property. The Escrow Agent, on the second business day ("business day" ----------------------------------------- defined for purposes of this Escrow Agreement as any day which is not a Saturday, a Sunday or a day on which banks or trust companies in The City and State of New York are authorized or obligated by law, regulation or executive order to remain closed) succeeding (unless such deposit is made in federal or other immediately available or "same day" funds, in which case, on the same business day) the credit of any subscription proceeds to the Escrow Account pursuant to Section 2 and until release of such proceeds in accordance with the terms hereof, shall invest such proceeds in any Money Market governed under the 1940 Act and having a rating in the highest investment category granted thereby by a recognized credit rating agency at the time of acquisition, including any fund for which the Escrow Agent or an Affiliate of the Escrow Agent serves as an investment advisor, administrator, shareholder servicing agent, custodian or subcustodian, notwithstanding that (A) the Escrow Agent or an Affiliate of the Escrow Agent charges and collects fees and expenses from such funds for services rendered (provided that such charges, fees and expenses are on terms consistent with terms negotiates at arm's length) and (B) the Escrow Agent charges and collects fees and expenses for services rendered, pursuant to this Agreement. (made a part of this Escrow Agreement as if herein set forth on Exhibit A). The Escrow Agent shall in no event be liable for any loss resulting from any change in interest rates applicable to proceeds invested pursuant to this section. Interest on proceeds invested pursuant to this Section shall accrue from the date of investment of such proceeds until the termination of such investment pursuant to the terms hereof and shall be paid as set forth in Section 5. The Escrow Agent shall have no obligation to invest or reinvest the Escrow Property if deposited with the Escrow Agent after 11:00 a.m. (E.S.T.) on such day of deposit instructions received after 11:00 a.m. (E.S.T.) will be treated as if received on the following business day. Neither Citigroup nor any of its affiliates assume any duty or liability for monitoring the investment rating. Any investment direction contained herein may be executed through an affiliated broker dealer of the Escrow Agent and shall be entitled to such usual and customary fee.

Investment of Escrowed Property. The Escrow Agent, Agent on the second business day ("business day" ----------------------------------------- defined for purposes of this Escrow Agreement as any day which is not a Saturday, a Sunday or a day on which banks or trust companies in The the City and State of New York are authorized or obligated by law, regulation or executive order to remain closed) succeeding (unless such deposit is made in federal or other immediately available or "same day" funds, in which case, on the same business dayday next succeeding) the credit of any subscription proceeds to the Escrow Account pursuant to Section 2 and until release of such proceeds in accordance with the terms hereof, shall invest deposit such proceeds in any a __________ Money Market governed under the 1940 Act and having a rating in the highest investment category granted thereby by a recognized credit rating agency at the time of acquisition, including any fund for which the Escrow Agent or an Affiliate of the Escrow Agent serves as an investment advisor, administrator, shareholder servicing agent, custodian or subcustodian, notwithstanding that (A) the Escrow Agent or an Affiliate of the Escrow Agent charges and collects fees and expenses from such funds for services rendered (provided that such charges, fees and expenses are on terms consistent with terms negotiates at arm's length) and (B) the Escrow Agent charges and collects fees and expenses for services renderedDeposit Account, pursuant to this Agreement. Rule 15c2-4 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, in accordance with the terms set forth on Exhibit A hereto (made a part of this Escrow Agreement as if herein set forth on Exhibit Aforth). The Escrow Agent shall in no event be liable for any loss resulting from any change in interest rates applicable to proceeds invested pursuant to this sectionSection. Interest on proceeds invested pursuant to this Section shall accrue from the date of investment of such proceeds until the termination of such investment pursuant to the terms hereof and shall be paid as set forth in Section 5. The Escrow Agent shall have no obligation to invest or reinvest the Escrow Property if deposited with parties recognize that in authorizing the Escrow Agent after 11:00 a.m. (E.S.T.) on such day to invest principal and income cash balances held as Escrowed Property into money market instruments or deposits that are obligations of deposit instructions received after 11:00 a.m. (E.S.T.) will be treated as if received on __________ or related entities, in addition to the following business day. Neither Citigroup nor any of its affiliates assume any duty or liability fees provided for monitoring the investment rating. Any investment direction contained herein may be executed through an affiliated broker dealer of herein, the Escrow Agent or a related entity may also receive a benefit or profit from the use of such obligations. The parties hereby authorize the receipt of such benefit or profit and shall be entitled expressly waive any special computation or accounting. The Escrow Agent hereby agrees to provide the parties with periodic statements describing such usual obligations and customary feereporting the interest earned thereon so that the parties may review and evaluate the transactions effected by the Escrow Agent pursuant to this authorization.

Investment of Escrowed Property. The Escrow Agent, Agent on the second business day ("business day" ----------------------------------------- defined for purposes of this Escrow Agreement as any day which is not a Saturday, a Sunday or a day on which banks or trust companies in The the City and State of New York are authorized or obligated by law, regulation or executive order to remain closed) succeeding (unless such deposit is made in federal or other immediately available or "same day" funds, in which case, on the same business dayday next succeeding) the credit of any subscription proceeds to the Escrow Account pursuant to Section 2 and until release of such proceeds in accordance with the terms hereof, shall invest such proceeds in any a Citibank Money Market governed under the 1940 Act and having a rating in the highest investment category granted thereby by a recognized credit rating agency at the time of acquisition, including any fund for which the Escrow Agent or an Affiliate of the Escrow Agent serves as an investment advisor, administrator, shareholder servicing agent, custodian or subcustodian, notwithstanding that (A) the Escrow Agent or an Affiliate of the Escrow Agent charges and collects fees and expenses from such funds for services rendered (provided that such charges, fees and expenses are on terms consistent with terms negotiates at arm's length) and (B) the Escrow Agent charges and collects fees and expenses for services renderedDeposit Account, pursuant to this Agreement. Rule 15c2-4 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, in accordance with the terms set forth on Exhibit A hereto (made a part of this Escrow Agreement as if herein set forth on Exhibit Aforth). The Escrow Agent shall in no event be liable for any loss resulting from any change in interest rates applicable to proceeds invested pursuant to this sectionSection. Interest on proceeds invested pursuant to this Section shall accrue from the date of investment of such proceeds until the termination of such investment pursuant to the terms hereof and shall be paid as set forth in Section 5. The Escrow Agent shall have no obligation to invest or reinvest the Escrow Property if deposited with parties recognize that in authorizing the Escrow Agent after 11:00 a.m. (E.S.T.) on such day to invest principal and income cash balances held as Escrowed Property into money market instruments or deposits that are obligations of deposit instructions received after 11:00 a.m. (E.S.T.) will be treated as if received on Citibank or related entities, in addition to the following business day. Neither Citigroup nor any of its affiliates assume any duty or liability fees provided for monitoring the investment rating. Any investment direction contained herein may be executed through an affiliated broker dealer of herein, the Escrow Agent or a related entity may also benefit or profit from the use of such obligations. The parties hereby authorize the receipt of such benefit or profit and shall be entitled expressly waive any special computation or accounting. The Escrow Agent hereby agrees to provide the parties with periodic statements describing such usual obligations and customary feereporting the interest earned thereon so that the parties may review and evaluate the transactions effected by the Escrow Agent pursuant to this authorization.