Investment of Funds in Accounts. (a) The Company, the Initial Member, the Private Owner or the NGPMN Agent, as applicable, shall at all times direct the Paying Agent to, and, upon receipt of such investment direction, the Paying Agent shall, invest, pending deposit into the Collection Account, the Working Capital Reserve Account, the Defeasance Account, the Initial Member Development Funding Account, the Company Development Account and the Private Owner Pledged Account, as applicable, amounts received and retained in such accounts, as so directed in Permitted Investments. If the Company, the Initial Member, the Private Owner or the NGPMN Agent, as applicable, shall not have given any such investment directions, the Paying Agent shall seek investment directions from such Person. If the Company, the Initial Member, the Private Owner or the NGPMN Agent, as applicable, does not provide the Paying Agent with investment directions pursuant to Sections 3.1, 3.3, 3.4, 3.5, 3.6, 3.9 or 4.1, the balance standing to the credit of the Collection Account, the Working Capital Reserve Account or the Defeasance Account, the Initial Member Development Funding Account, the Company Development Account and the Private Owner Pledge Account, as applicable, will remain uninvested with no liability for interest thereon. It is agreed and understood that the Paying Agent may earn fees associated with Permitted Investments.
(b) Whenever the Paying Agent is directed or authorized in accordance with the terms hereof to make a transfer of funds among the Collection Account, the Working Capital Reserve Account, the Defeasance Account, the Initial Member Development Funding Account, the Company Development Account and the Private Owner Pledged Account (collectively, the “Accounts”), after application of all other available funds, the Paying Agent shall allocate to the Account to which such funds are to be transferred a portion of any Permitted Investment that would otherwise have to be liquidated to accomplish such transfer in an amount corresponding to the amount to be so transferred. Whenever the Paying Agent is directed or authorized in accordance with the terms hereof to make a transfer of funds from the Accounts (unless such transfer is between the Accounts), if, after application of all other available funds, liquidation of a Permitted Investment is necessary to make any such transfer, the Paying Agent is authorized to liquidate such Permitted Investment. If any Permitted Investment so liquidated is then allocated...
Investment of Funds in Accounts. To the extent uninvested amounts are on deposit in the Retention Account on any given day during the Revolving Period, the Administrative Agent shall invest all such amounts in Permitted Investments selected by the Administrative Agent that mature no later than the immediately succeeding Settlement Date. From and after the Facility Termination Date, any investment of such amounts shall be solely at the discretion of the Administrative Agent, subject to the restrictions described above. All proceeds of any such investment shall be deposited upon receipt into the Retention Account.
Investment of Funds in Accounts. All funds from time to time credited to and contained in each of the Construction Disbursement Account (other than those to be disbursed pursuant to the Initial Disbursement Request, which shall be so disbursed on the Issue Date) and the Interest Reserve Account shall be invested only in Cash Equivalents from time to time by written instructions by the Issuers delivered to the Disbursement Agent, pending disbursement of such funds pursuant to this Agreement; provided, however, that the Disbursement Agent shall have concluded that such investments conform with the requirements of the Indenture and each Pledge Agreement and that appropriate steps have been taken with respect to each such investment so as to assure the continuing perfection of the Trustee’s first priority security interest in such investment. For purposes of determining the steps to be taken in order to achieve and maintain such perfection, the Disbursement Agent shall have the right to require the delivery of, and to rely upon, an opinion of counsel to the Issuers or the Disbursement Agent (the reasonable expense of which shall be paid by the Issuers) specifying (A) that the counsel is familiar with the legal requirements applicable to the perfection of security interests in said investments and (B) the steps required to perfect and maintain a first priority security interest in favor of the Trustee in such investments. If no such investment instructions are received by the Disbursement Agent, after the occurrence and during a continuance of a Default or Event of Default, such funds shall be invested in Cash Equivalents selected by the Disbursement Agent in conformity with the requirements of the Indenture and the Pledge Agreement. The Disbursement Agent shall not be liable for any investment, reinvestment or similar losses, fees, taxes or charges or for the availability or liquidity of funds in the Accounts as a result of any investments made or reduced to cash in accordance with this Agreement, and the Disbursement Agent is hereby authorized to direct the Securities Intermediary (as defined in the Pledge Agreement) in writing (i) to purchase Cash Equivalents in accordance herewith and (ii) to reduce to cash any Cash Equivalents (without regard to maturity) in any Account in order to make any application or disbursement required hereunder.
Investment of Funds in Accounts. (a) (i) The Company or the Purchase Money Notes Guarantor, as applicable, shall at all times direct the Paying Agent to, and, upon receipt of such investment direction, the Paying Agent shall, invest, pending deposit into the Collection Account, the Working Capital Reserve Account or the Defeasance Account, as applicable, amounts received and retained in such Accounts, as so directed in Permitted Investments. If the Company or the Purchase Money Notes Guarantor, as applicable, shall not have given any such investment directions, the Paying Agent shall seek investment directions from such Person within three (3) Business Days after transfer of such funds to the Collection Account, the Working Capital Reserve Account, or the Defeasance Account, as applicable. If the Company or the Purchase Money Notes Guarantor, as applicable, does not provide the Paying Agent with investment directions pursuant to Sections 3.1, 3.3, 3.6 or 4.1, the balance standing to the credit of the Collection Account, the Working Capital Reserve Account or the Defeasance Account, as applicable, will remain uninvested with no liability for interest thereon.
Investment of Funds in Accounts. To the extent uninvested amounts are on deposit in the Collateral Account or either Retention Account on any given day during the Revolving Period, the Operating Agent or the Lender Agent, as the case may be, shall invest all such amounts in Permitted Investments selected by such Agent that mature no later than (a) the immediately succeeding Business Day, in the case of the Collateral Account, and (b) the immediately succeeding Settlement Date, in the case of either Retention Account. From and after the Liquidation Date, any investment of such amounts shall be solely at the discretion of the applicable Agent, subject to the restrictions described above.
Investment of Funds in Accounts. (a) (i) The Company or the Purchase Money Notes Guarantor, as applicable, shall at all times direct the Paying Agent to, and, upon receipt of such investment direction, the Paying Agent shall, invest, pending deposit into the Collection Account, the Working Capital Reserve Account or the Defeasance Account, as applicable, amounts received and retained in such Accounts, as so directed in Permitted Investments. If the Company or the Purchase Money Notes Guarantor, as applicable, shall not have given any such investment directions, the Paying Agent shall seek investment directions from such Person. If the Company or the Purchase Money Notes Guarantor, as applicable, does not provide the Paying Agent with investment directions pursuant to Sections 3.1, 3.3, 3.6 or 4.1, the balance standing to the credit of the Collection Account, the Working Capital Reserve Account or the Defeasance Account, as applicable, will remain uninvested with no liability for interest thereon. It is agreed and understood that the Paying Agent may earn fees associated with Permitted Investments.
Investment of Funds in Accounts. Funds deposited in the Accounts ------------------------------- shall be invested and reinvested upon the following terms and conditions:
Investment of Funds in Accounts. The Escrow Agent may conclusively rely upon the District’s or Developer’s written instruction as to both the suitability and legality of the directed investments regarding their respective accounts. If the District or Developer fails to provide written directions concerning investment of moneys held by the Escrow Agent in their respective accounts, the Escrow Agent may invest in a money market fund that qualifies as a legal investment and matures or is subject to redemption prior to the date such funds will be needed. Unless otherwise confirmed or directed in writing, an account statement delivered periodically by the Escrow Agent to the District or Developer for their respective accounts shall confirm that the investment transactions identified therein accurately reflect the investment directions of the District or Developer, unless the District or Developer notifies the Escrow Agent in writing to the contrary within thirty (30) days of the date of such statement. The Escrow Agent may make any and all such investments through its own investment department or that of its affiliates or subsidiaries, and may charge its ordinary and customary fees for such trades, including cash sweep account fees, and it is specifically provided herein that the Escrow Agent may purchase or invest in shares of any investment company that (i) is registered under the Investment Company Act of 1940, as amended (including both corporations and Massachusetts business trusts, and including companies for which the Escrow Agent may provide advisory, administrative, custodial, or other services for compensation), (ii) invests substantially all of its assets in short-term high-quality money-market instruments, limited to obligations issued or guaranteed by the United States, and
Investment of Funds in Accounts. All funds from time to time -------------------------------- credited to the Accounts shall be invested as follows:
Investment of Funds in Accounts. Borrower shall have the right to instruct Lender to invest funds, if any, in the Cash Collateral Account and the Reserve Account, at the risk of and for the benefit of Borrower, in Permitted Investments.
