Investment of the Escrow Property. During the term of this Agreement, the Escrow Agent shall invest and reinvest the Escrow Property in the Escrow Agreement Permitted Investments applicable to the Escrow Property, and in each case at the written direction of one of the authorized representatives of the Escrow Company identified on Schedule I hereto (each such representative, an “Authorized Person”). 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. local time in the City of New York on such day of deposit until the next Business Day. Instructions received after 11:00 a.m. local time in the City of New York will be treated as if received on the following Business Day. The Escrow Agent shall have no responsibility for any investment losses resulting from the investment, reinvestment or liquidation of the Escrow Property. Any interest or other income received on such investment and reinvestment of the Escrow Property shall become part of the Escrow Property and any losses incurred on such investment and reinvestment of the Escrow Property shall be debited against the Escrow Property. If a selection is not made and a written direction not given to the Escrow Agent by one of the authorized representatives of the Escrow Company, the Escrow Property shall remain uninvested with no liability for interest therein. It is agreed and understood that the entity serving as Escrow Agent may earn fees associated with the investments outlined above in accordance with the terms of such investments. Notwithstanding the foregoing, the Escrow Agent shall have the power to sell or liquidate the foregoing investments whenever the Escrow Agent shall be required to release all or any portion of the Escrow Property pursuant to Section 5 hereof. In no event shall the Escrow Agent be deemed an investment manager or adviser in respect of any selection of investments hereunder. 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 (1) serving as investment adviser, administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain of the investments, (2) using affiliates to effect transactions in certain investments and (3) effecting transactions in investments.
Investment of the Escrow Property. The Escrow Accounts shall not bear interest and no investment of the Escrow Property shall be made while held by the Escrow Agent.
Investment of the Escrow Property. Prior to the disbursement of funds deposited in the Escrow Account in accordance with the provisions of Section 2 & 3 hereof, the Escrow Agent shall invest all of the funds deposited in the Escrow Account in “Short-Term Investments” (as defined below) in compliance with SEC Rule 15c2-4 and the Escrow Agent is further authorized and agrees to reinvest all earnings and interest derived there from in Short-Term Investments specified below. In the event that instruments of payment are returned to the Escrow Agent for nonpayment, the Escrow Agent is authorized to debit the Escrow Account in accordance with Section 2 hereof. “Short-Term Investments” include obligations of, or obligations guaranteed by, the United States government or bank money-market accounts or certificates of deposit of national or state banks that have deposits insured by the Federal Deposit Insurance Corporation (including certificates of deposit of any bank acting as a depository or custodian for any such funds) which mature on or before the termination of the Offering, unless such instrument cannot be readily sold or otherwise disposed of for cash by the termination of the Offering without any dissipation of the offering proceeds invested. The following securities are not permissible investments:
(a) money market mutual funds;
(b) corporate equity or debt securities;
(c) repurchase agreements;
(d) bankers’ acceptances;
(e) commercial paper; and
(f) municipal securities. The Escrow Agent shall have no obligation to invest or reinvest the Escrow Property if deposited with the Escrow Agent after noon (E.S.T.) on such day of deposit. Instructions received after noon (E.S.T.) will be treated as if received on the following business day. The Escrow Agent shall have no liability whatsoever to any party or other person or entity for any investment losses resulting from the investment, reinvestment or liquidation of the Escrow Property. Any interest or other income received on such investment and reinvestment of the Escrow Property shall become part of the Escrow Property and any losses incurred on such investment and reinvestment of the Escrow Property shall be debited against the Escrow Property. If a written direction is not given to the Escrow Agent, the Escrow Property shall remain uninvested with no liability for interest therein. It is agreed and understood that the Escrow Agent may earn fees associated with the investments outlined above in accordance with the terms of such investments. No...
Investment of the Escrow Property. (a) As soon as practicable after the receipt thereof, Escrow Agent will cause the Escrow Property to be invested in such Permitted Investments as defined below as Advisor or Fund may specify in writing from time to time. During the term of this Agreement, Advisor and Fund will bear and retain the sole responsibility for the selection of the investments of the Escrow Property and all risks from any such investments.
(b) “Permitted Investments” will be one or more of the following:
i. Uninvested cash; or;
ii. an interest bearing deposit account of Escrow Agent.
(c) Any interest or other income received on such investment and reinvestment of the Escrow Property will become part of the Escrow Property and losses incurred on such investment and reinvestment of the Escrow Property will be reflected in the value of the Escrow Property from time to time. In no event will Escrow Agent be deemed an investment manager or adviser in respect of any selection of investments hereunder.
Investment of the Escrow Property. Escrow Agent shall maintain the Escrow Property in short-term United States government securities, including Treasury bills and securities issued or guaranteed by United States government agencies. Upon receipt of a certificate executed by a duly authorized officer of Depositor, Escrow Agent shall invest the Escrow Property in accordance with the instructions set forth on such certificate from time to time. Escrow Agent shall have no liability for any loss arising from or related to any such investment other than in accordance with Article II, Section 4.
Investment of the Escrow Property. Prior to the disbursement of Escrow Property in accordance with the provisions of Section 4 hereof, all Escrow Property shall be deposited with Deutsche Bank and earn interest at an agreed upon interest rate based upon the daily federal funds rate pursuant to the requirements of Rule 15c2-4, while the escrow is handled by Deutsche Bank Trust Company Americas. All investments attributable to Escrow Property shall be made by the Escrow Agent in the name of “Deutsche Bank Trust Company Americas, as Escrow Agent.”
Investment of the Escrow Property. During the term of this Agreement, the Escrow Agent shall invest and reinvest the Escrow Property in any of the following investments, in each case at the written direction of an Authorized Person (as hereinafter defined) of the Seller:
(1) Money Market or Mutual Funds registered under the Investment Act of 1940;
(2) commercial paper (having original maturities of not more than 270 days) of any corporation which on the date of acquisition has been rated by any nationally recognized statistical rating organization in its highest short-term unsecured debt rating category available.
(3) direct obligations of, or obligations fully guaranteed as to principal and interest by, the United States or any agency or instrumentality thereof, provided such obligations are backed by the full faith and credit of the United States; or
Investment of the Escrow Property. As soon as practicable after the receipt thereof, Escrow Agent shall cause the Escrow Property to be invested in such Permitted Investments as defined below as Representative may specify in writing from time to time. During the term of this Agreement, Representative shall bear and retain the sole responsibility for the selection of the investments of the Escrow Property and all risks from any such investments. If Escrow Agent does not receive written instructions from an Authorized Person of Representative requesting that the Escrow Funds be invested in a specific Permitted Investments, Escrow Agent shall so invest the Escrow Property in an interest bearing deposit account of the Escrow Agent such as Union Bank of California’s Money Market Account Trust Unlimited.
Investment of the Escrow Property. During the term of this Agreement, the Escrow Agent shall invest and reinvest the Escrow Property in any of the following investments, in each case at the written direction of an Authorized Person (as hereinafter defined) of the Investor:
(1) Money Market or Mutual Funds registered under the Investment Act of 1940;
(2) direct obligations of, or obligations fully guaranteed as to principal and interest by, the United States or any agency or instrumentality thereof, provided such obligations are backed by the full faith and credit of the United States; or
Investment of the Escrow Property. The Depositors are to select one of the following options:
(a) Escrow Agent shall have no obligation to pay interest on or to invest or reinvest any Escrow Property deposited or received hereunder; or
