Common use of Investment of Owner’s Funds Clause in Contracts

Investment of Owner’s Funds. If at any time there are in the bank account or accounts established pursuant to Section 8.1 above, funds of Owner, from whatever sources, temporarily exceeding the immediate cash needs of the Development Work, Developer shall promptly advise Owner of the existence of such excess funds, and Developer may (and at the direction of Owner shall) invest such excess funds in such savings accounts, certificates of deposit, United States Treasury obligations, commercial paper, money market accounts, repos, and the like, as Owner shall direct, provided that the form of any such investment shall be consistent with Developer’s need to be able to liquidate any such investment to meet the cash needs of the Development Work from time to time. All interest or other income resulting from such investment shall be the property of Owner and shall be held and disbursed by Developer in accordance with this Article 8.

Investment of Owner’s Funds. If at any time there are in the bank account or accounts established pursuant to Section 8.1 above, funds of Owner, from whatever sources, temporarily exceeding the immediate cash needs of the Development Work, Developer shall promptly advise Owner of the existence of such excess funds, and Developer may (and at the direction of Owner shall) invest such excess funds in such savings accounts, certificates of deposit, United States Treasury obligations, commercial paper, money market accounts, repos, and the likesimilarly secure and highly liquid securities, as Developer may reasonably select or Owner shall direct, provided that the form of any such investment shall be consistent with Developer’s need to be able to liquidate any such investment to meet the cash needs of the Development Work from time to time. Developer shall, on a monthly basis, promptly advise Owner of the existence and amount of such excess funds which Developer has not invested as provided above. All interest or other income resulting from such investment shall be the property of Owner and shall be held and disbursed by Developer in accordance with this Article 8.

Investment of Owner’s Funds. If at any time there are in the bank account or accounts established pursuant to Section 8.1 above, funds of Owner, from whatever sources, temporarily exceeding the immediate cash needs of the Development Work, Developer shall promptly advise Owner of the existence of such excess funds, and Developer may (and at the direction of Owner shall) invest such excess funds in such savings accounts, certificates of deposit, United States Treasury obligations, commercial paper, money market accounts, repos, and the like, as Owner shall direct, provided that the form of any such investment shall be consistent with Developer’s 's need to be able to liquidate any such investment to meet the cash needs of the Development Work from time to time. All interest or other income resulting from such investment shall be the property of Owner and shall be held and disbursed by Developer in accordance with this Article 8.

Investment of Owner’s Funds. If at any time there are in the bank account or accounts established pursuant to Section 8.1 7.1 above, funds of Owner, from whatever sources, temporarily exceeding the immediate cash needs of the Development WorkProject, Developer Manager shall promptly advise Owner of the existence of such excess funds, and Developer Manager may (and at the direction discretion of Owner shall) invest such excess funds in such savings accounts, certificates of deposit, United States Treasury obligations, commercial paper, money market accounts, repos, and the like, as Owner shall direct, provided that the form of any such investment shall be consistent with DeveloperManager’s need to be able to liquidate any such investment to meet the cash needs of the Development Work Project from time to time. All interest or other income resulting from such investment shall be the property of Owner and shall be held and disbursed by Developer Manager in accordance with this Article 87.