Common use of Investment of Moneys in the Bond Fund Clause in Contracts

Investment of Moneys in the Bond Fund. Except as otherwise herein provided, any moneys held as a part of the Bond Fund shall be invested or reinvested by the Trustee at the written direction, or the oral direction promptly confirmed in writing, of an Authorized Company Representative as to specific investments, to the extent permitted by law, in Permitted Investments. In the event that no investment direction is received by the Trustee, such moneys shall be invested in Permitted Investments described in subparagraph (b) of the definition thereof. The Trustee may conclusively rely upon such direction as to both the suitability and legality of the directed investment. The investments so purchased shall be held by the Trustee and shall be deemed at all times a part of the Bond Fund and the interest accruing thereon and any profit realized therefrom shall be credited to such fund, subject to the provisions of the Tax Agreement. The Company agrees that to the extent any moneys in the Bond Fund represent moneys held for the payment of the principal of Bonds which have become due at maturity or on a redemption date and the premium, if any, on such Bonds or interest due on Bonds in all cases where Bonds have not been presented for payment and paid or such interest is unclaimed, such moneys shall not be invested. Any such securities may be purchased at the offering or market price thereof at the time of such purchase. Such investments shall mature in such amounts and at such times, or shall be readily marketable prior to their maturities, as the Company may direct. The Trustee may make any and all such investments through its own investment department or that of any of its affiliates. The Trustee shall send statements to the Company on a monthly basis which reflect activity for each account hereunder for the preceding month. Although the Company recognizes that it may obtain a broker confirmation or written statement containing comparable information at no additional cost, the Company hereby agrees that confirmations of investments are not required to be issued by the Trustee for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provisions hereof if no activity occurred in the account for such month.

Investment of Moneys in the Bond Fund. Except as otherwise herein provided, any moneys held as a part of the Bond Fund shall be invested or reinvested by the Trustee at the written direction, or the oral direction promptly confirmed in writing, of an Authorized Company Representative as to specific investments, to the extent permitted by law, in Permitted Investments. The Trustee may conclusively rely upon such direction as to both the suitability and legality of the directed investment. In the event that no investment direction is received by the Trustee, such moneys shall be invested in Permitted Investments described in subparagraph (b) of the definition thereof. The Trustee may conclusively rely upon such direction as to both the suitability and legality of the directed investment. The investments so purchased shall be held by the Trustee and shall be deemed at all times a part of the Bond Fund and the interest accruing thereon and any profit realized therefrom shall be credited to such fund, subject to the provisions of the Tax Agreement. The Company agrees that to the extent any moneys in the Bond Fund represent moneys held for the payment of the principal of Bonds which have become due at maturity or on a redemption date and the premium, if any, on such Bonds or interest due on Bonds in all cases where Bonds have not been presented for payment and paid or such interest is unclaimed, such moneys shall not be invested. Any such securities may be purchased at the offering or market price thereof at the time of such purchase. Such investments shall mature in such amounts and at such times, or shall be readily marketable prior to their maturities, as the Company may direct. The Trustee may make any and all such investments through its own investment department or that of any of its affiliates. The Trustee shall send statements to the Company on a monthly basis which reflect activity for each account hereunder for the preceding month. Although the Company recognizes that it may obtain a broker confirmation or written statement containing comparable information at no additional cost, the Company hereby agrees that confirmations of investments are not required to be issued by the Trustee for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provisions hereof if no activity occurred in the account for such month.