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 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.

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. (a) The Escrow AgentAgent shall, on from time to time invest and reinvest the second business day Escrowed Property, if any, in such of the following investments as the Buyer and the Seller may from time to time elect by joint notice in writing ("business day" ----------------------------------------- defined for purposes Permitted Investments"): (i) Any U.S. Government or U.S. Government Agency security; (ii) Any commercial paper rated A1/P1 or better; (iii) Any certificate of this Escrow Agreement as deposit or time deposit in any day which is not bank with a Saturday, a Sunday long-term debt rating of A or a day on which banks better from Xxxxx'x Investors Services Inc. or trust companies in Standard & Poor's Corporation; (iv) The City and State Xxxxx Fargo 100% Treasury Fund; or (v) The following institutional money market funds: (1) Dreyfus Treasury Cash Management Fund (2) Federated Treasury Obligations Fund (3) AIM Treasury Portfolio In the absence 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 joint written instructions to the Escrow Account pursuant to Section 2 contrary from the Buyer and until release of such proceeds in accordance with the terms hereofSeller, 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 shall invest the Escrowed Property in Permitted Investments set forth in clause (iv) of this Section 4(a). (b) Any Interest received on such investment and reinvestment of the Escrowed Property shall be reinvested as provided in this Section 4 until distributed as provided in Section 3. (c) The Escrow Agent will act upon investment instructions the Business Day after such instructions are received, provided the requests are communicated within a sufficient amount of time to allow the Escrow Agent serves to make the specified investment. Instructions received after an applicable investment cutoff deadline will be treated as an investment advisor, administrator, shareholder servicing agent, custodian or subcustodian, notwithstanding that (A) being received by the Escrow Agent or an Affiliate of on the next Business Day, and the Escrow Agent charges and collects fees and expenses shall not be liable for any loss arising directly or indirectly, in whole or in part, from such funds for services rendered (provided that such charges, fees and expenses the inability to invest the Escrowed Property on the day the instructions 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)received. The Escrow Agent shall in no event not be liable for any loss resulting incurred by the actions of third parties or by any loss arising by error, failure or delay in making of an investment or reinvestment, and the Escrow Agent shall not be liable for any loss of principal or income in connection therewith, unless such error, failure or delay results from the Escrow Agent's gross negligence or willful misconduct. As and when the Escrowed Property or any change Interest, if any, or any portion thereof is to be released under this Agreement, the Escrow Agent shall cause the Permitted Investments to be converted into cash, and the Escrow Agent shall not be liable for any loss of principal or income in interest rates applicable connection therewith. None of the parties hereto shall be liable for any loss of principal or income due to proceeds the choice of Permitted Investments in which the Escrowed Property is invested pursuant to this section. Interest on proceeds invested or the choice of Permitted Investments that are converted into cash 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 fee4.