Investment of the Escrow Funds. The Escrow Account shall not bear interest and no other investment of the Escrow Funds shall be made while held by the Escrow Agent.
Investment of the Escrow Funds. Escrow Agent shall invest and reinvest the Escrow Funds in short-term U.S. government notes maturing within thirty (30) calendar days (“Days”), as determined by the Escrow Agent. It is understood and agreed that the Escrow Agent or its affiliates are permitted to receive additional compensation that could be deemed to be in the Escrow Agent’s economic self-interest for (i) serving as investment advisor, administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain of the investments; (ii) using affiliates to effect transactions in certain investments; and (iii) effecting transactions in investments.
Investment of the Escrow Funds. (a) The Escrow Agent shall invest and reinvest the Escrow Funds in the JPMorgan Prime #830 Money Market Fund, unless otherwise instructed in writing by the Purchaser and the Stockholder. Such written instructions, if any, referred to in the foregoing sentence shall specify the type and identity of the investments to be purchased and/or sold and shall also include the name of the broker-dealer, if any, which the Purchaser and the Stockholder direct the Escrow Agent to use in respect of such investment, any particular settlement procedures required, if any (which settlement procedures shall be consistent with industry standards and practices), and such other information as the Escrow Agent may require. The Escrow Agent shall not be liable for failure to invest or reinvest funds absent sufficient written direction. Unless the Escrow Agent is otherwise directed in such written instructions, the Escrow Agent may use a broker-dealer of its own selection, including a broker-dealer owned by or affiliated with the Escrow Agent or any of its affiliates. The Escrow Agent or any of its affiliates may receive compensation with respect to any investment directed hereunder. It is expressly agreed and understood by the parties hereto that the Escrow Agent shall not in any way whatsoever be liable for losses on any investments, including, but not limited to, losses from market risks due to premature liquidation or resulting from other actions taken pursuant to this Escrow Agreement.
(b) Receipt, investment and reinvestment of the Escrow Funds shall be confirmed by the Escrow Agent as soon as practicable by account statement, and any discrepancies in any such account statement shall be noted by the Purchaser and the Stockholder to the Escrow Agent within 30 calendar days after receipt thereof. Failure to inform the Escrow Agent in writing of any discrepancies in any such account statement within said 30-day period shall conclusively be deemed confirmation of such account statement in its entirety. For purposes of this paragraph, each account statement shall be deemed to have been received by the party to whom directed on the earlier to occur of (i) actual receipt thereof and (ii) three "Business Days" (hereinafter defined) after the deposit thereof in the United States Mail, postage prepaid. The term "Business Day" shall mean any day of the year, excluding Saturday, Sunday and any other day on which national banks are required or authorized to close in Houston, Texas.
Investment of the Escrow Funds. The Escrow Account shall not bear interest and no investments, other than those that comply with SEC Rule 15(c)2-4, shall be made while the Escrow Funds are held in escrow.
Investment of the Escrow Funds. (a) The Escrow Agent shall hold the Escrow Funds in an interest bearing account or in a Government Money Market fund registered under the Investment Act of 1940, as designated in writing by Owner and Contractor.
(b) For purposes of this Escrow Agreement, “Earnings” means, with respect to the Escrow Funds or any portion thereof on any particular date, the interest and any other income earned on such amount from the date hereof through such date in accordance with the terms hereof.
Investment of the Escrow Funds. (a) During the term of this Agreement, the Escrow Funds in the Escrow Account shall be held in one or more demand deposit accounts and invested and reinvested in an interest bearing demand deposit account at JPMorgan Chase Bank, N.A. or a successor investment offered by Escrow Agent, unless otherwise jointly instructed in writing by the Parties . An interest bearing demand deposit account has rates of interest or compensation that may vary from time to time as determined by the Escrow Agent. Instructions to make any other investment (“Alternative Investment”) must be in writing jointly executed by an Authorized Representative (as defined in Section 24(a) below) of each of the Parties and shall specify the type and identity of the investments to be purchased and/or sold. If applicable, Escrow Agent is hereby authorized to execute purchases and sales of investments through the facilities of its own trading or capital markets operations or those of any affiliated entity, as directed by each of the Parties. Escrow Agent or any of its affiliates may receive reasonable compensation with respect to any Alternative Investment directed hereunder, including charging any applicable reasonable and customary agency fee or transaction fee in connection with each transaction. The Parties recognize and agree that Escrow Agent will not provide supervision, recommendations or advice relating to either the investment of moneys held in the Escrow Account or the purchase, sale, retention or other disposition of any investment described herein. Market values, exchange rates and other valuation information (including market value, current value or notional value) of any Alternative Investment furnished in any report or statement may be obtained from third party sources and is furnished for the exclusive use of the Parties. Escrow Agent has no responsibility whatsoever to determine the market or other value of any Alternative Investment and makes no representation or warranty, express or implied, as to the accuracy of any such valuations or that any values necessarily reflect the proceeds that may be received on the sale of an Alternative Investment.
(b) Escrow Agent shall have the power to sell or liquidate the foregoing investments whenever Escrow Agent shall be required to distribute the Escrow Funds pursuant to the terms of this Agreement or as otherwise contemplated in this Agreement. Escrow Agent shall not be liable for failure to invest or reinvest funds or, in the case of...
Investment of the Escrow Funds. (a) The Escrow Agent shall invest the Escrow Funds, to the extent held in cash, in any combination of the following investments at the written direction of Purchaser:
(i) marketable obligations of, or obligations fully and directly guaranteed by, the United States, which obligations have a maturity of not more than 90 days;
(ii) repurchase obligations with a term of not more than ten days for underlying securities of the types described in Section 3(a)(i) entered into with any bank organized under the laws of the United States or any state thereof, the commercial paper of which bank is rated A-2 or better by Standard & Poor’s Ratings Group or Prime-2 or better by Xxxxx’x Investors Service, Inc.;
(iii) money market funds (including tax-free funds) registered under the Investment Company Act of 1940, as amended from time to time (the “1940 Act”), which have the highest rating available from a nationally recognized rating agency (e.g., AAA from Standard & Poors);
(iv) investment grade bonds (including tax free bonds) with maturity dates prior to the Release Date (as defined below); and
(v) such other investments as Purchaser and the Seller Parties may jointly authorize the Escrow Agent to make from time to time.
(b) In the absence of written investment instructions from the Purchaser, the Escrow Agent shall invest the Escrow Funds in the Xxxxx Fargo Advantage Funds Heritage Money Market Fund, which is further described herein on Schedule I hereto. The Purchaser acknowledges that it has read and understands Schedule I. The Escrow Agent shall bear no responsibility for losses resulting from investment or sale of investment of the Escrow Funds. The Purchaser and the Seller Parties acknowledge that the Escrow Agent is not providing investment supervision, recommendations or advice.
Investment of the Escrow Funds. (a) The Escrow Agent shall hold the Escrow Funds subject to the terms and conditions of this Agreement. At the joint written direction of the Company and the Parent, the Escrow Agent shall invest all cash held in escrow in, and only in, Permitted Investments (as defined below).
(b) For purposes of this Agreement, “Permitted Investments” means (i) any obligation issued or guaranteed by the United States of America or any agency or instrumentality thereof, (ii) any obligation (including certificates of deposit and bankers’ acceptances) of a domestic commercial bank that had total assets in excess of $500,000,000 at the date of its last public reporting, (iii) commercial paper rated at least A-1 or P-1 or, if not rated, issued by companies having outstanding debt rated at least AA or Aa, and (iv) any money market mutual fund invested exclusively in some or all of the securities described in the foregoing clauses (i), (ii) and (iii).
Investment of the Escrow Funds. The funds held by the Escrow Agent from time to time pursuant to this Deposit Escrow Agreement, together with all income accrued thereon which has not been distributed pursuant to this Deposit Escrow Agreement, are referred to herein as the “Escrow Funds.”
a. Escrow Agent is authorized and directed to deposit, transfer, and hold and invest any cash in the Escrow Funds and any investment income thereon only as set forth in Exhibit B hereto, or as set forth in any subsequent written instruction signed by all the parties. Parent, Merger Sub and Company each acknowledges that they have read and understand Exhibit B hereto.
b. Escrow Agent is hereby authorized and directed to sell or redeem any such investments as it deems necessary to make any payments or distributions required under this Deposit Escrow Agreement. Escrow Agent shall have no responsibility or liability for any loss which may result from any investment or sale of investment made pursuant to this Deposit Escrow Agreement. Escrow Agent is hereby authorized, in making or disposing of any investment permitted by this Deposit Escrow Agreement, to deal with itself (in its individual capacity) or with any one or more of its affiliates, whether it or any such affiliate is acting as agent of the Escrow Agent or for any third person or dealing as principal for its own account. Parent, Merger Sub and Company each acknowledges that the Escrow Agent is not providing investment supervision, recommendations, or advice.
Investment of the Escrow Funds. At the joint written direction of Parent and the Stockholder Representative, the Escrow Agent will invest the Escrow Funds in one or more of: (i) [•] [Special Account],
