Common use of Placement of Escrowed Funds Clause in Contracts

Placement of Escrowed Funds. Until released in accordance with this Agreement, the Escrowed Funds shall be recorded in the segregated internal trust account records of the Subscription Receipt Agent, which account record shall be designated in the name of the Corporation, and the Escrowed Funds shall be deposited in one or more trust accounts to be maintained by the Subscription Receipt Agent in the name of the Subscription Receipt Agent at one or more banks listed in Schedule "C" (each such bank, an "Approved Bank"). The Subscription Receipt Agent shall credit to the Escrowed Funds the amount of Earned Interest, if any, earned by the Subscription Receipt Agent on such deposited monies. Such Earned Interest shall be credited by the Subscription Receipt Agent to the Escrowed Funds within three (3) Business Days of each month-end. Notwithstanding the foregoing, (i) in no event will the Subscription Receipt Agent be obligated to pay or credit any amount on account of interest that exceeds the amount of interest earned from the Approved Bank(s) on the Escrowed Funds, as determined by the Subscription Receipt Agent; and (ii) if an account at any Approved Bank into which the Escrowed Funds or any part thereof has been deposited bears a negative interest rate or there is otherwise any fee or other charge assessed on the account or in respect of the amount of cash on deposit, the cost, as determined by the Subscription Receipt Agent, shall be deducted from the Escrowed Funds. All amounts held by the Subscription Receipt Agent pursuant to this Agreement shall be held by the Subscription Receipt Agent for the benefit of the Investor and the delivery of the Escrowed Funds to the Subscription Receipt Agent shall not give rise to a debtor-creditor or other similar relationship between the Subscription Receipt Agent and the Investor. The amounts held by the Subscription Receipt Agent pursuant to this Agreement are the sole risk of the Investor and, without limiting the generality of the foregoing, the Subscription Receipt Agent shall have no responsibility or liability for any diminution of the Escrowed Funds which may result from any deposit made with an Approved Bank pursuant to this Section 5.2 and Section 5.3 including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default) and any credit or other losses on any deposit liquidated or sold prior to maturity. The parties hereto acknowledge and agree that the Subscription Receipt Agent acts prudently in depositing the Escrowed Funds at any Approved Bank, and that the Subscription Receipt Agent is not required to make any further inquiries in respect of any such bank.

Placement of Escrowed Funds. (a) Until released in accordance with this Agreement, the Escrowed Funds shall be recorded kept segregated in the segregated internal trust account records of the Subscription Receipt Agent, which account record shall be designated in the name of the Corporation, Agent and the Escrowed Funds shall be deposited in one or more interest-bearing trust accounts to be maintained by the Subscription Receipt Agent in the name of the Subscription Receipt Agent at one or more banks listed in Schedule "C" F"” to this Agreement (each such bank, an "Approved Bank"). The Subscription Receipt Agent shall credit to the Escrowed Funds the amount of Earned Interest, if any, earned by the Subscription Receipt Agent on such deposited monies. Such Earned Interest shall be credited by the Subscription Receipt Agent to the Escrowed Funds within three . (3b) Business Days of each month-end. Notwithstanding the foregoing, (i) in no event will the Subscription Receipt Agent be obligated to pay or credit any amount on account of interest that exceeds the amount of interest earned from the Approved Bank(s) on the Escrowed Funds, as determined by the Subscription Receipt Agent; and (ii) if an account at any Approved Bank into which the Escrowed Funds or any part thereof has been deposited bears a negative interest rate or there is otherwise any fee or other charge assessed on the account or in respect of the amount of cash on deposit, the cost, as determined by the Subscription Receipt Agent, shall be deducted from the Escrowed Funds. All amounts held by the Subscription Receipt Agent pursuant to this Agreement shall shall, prior to delivery of a Release Notice or a Termination Event, as applicable, be held by the Subscription Receipt Agent for the benefit of the Investor Subscription Receiptholders and the delivery of the Initial Escrowed Funds Proceeds to the Subscription Receipt Agent shall not give rise to a debtor-creditor or other similar relationship between the Subscription Receipt Agent and the InvestorSubscription Receiptholders. The amounts held by the Subscription Receipt Agent pursuant to this Agreement are the sole risk of the Investor Corporation and Subscription Receiptholders, as applicable, and, without limiting the generality of the foregoing, the Subscription Receipt Agent shall have no responsibility or liability for any diminution of the Escrowed Funds which may result from any deposit made with an Approved Bank pursuant to this Section 5.2 and Section 5.3 5.2, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default) and any credit or other losses on any deposit liquidated or sold prior to maturity. The parties hereto acknowledge Corporation acknowledges and agree agrees that the Subscription Receipt Agent acts prudently in depositing the Initial Escrowed Funds Proceeds at any Approved Bank, and that the Subscription Receipt Agent is not required to make any further inquiries in respect of any such bank. (c) At any time and from time to time, the Corporation shall be entitled to direct the Subscription Receipt Agent by written notice (a) not to deposit any new amounts in any Approved Bank specified in the notice and/or (b) to withdraw all or any of the Escrowed Funds that may then be deposited with any Approved Bank specified in the notice and re-deposit such amount with one or more of such other Approved Banks as specified in the notice. With respect to any withdrawal notice, the Subscription Receipt Agent will endeavor to withdraw such amount specified in the notice as soon as reasonably practical and the specified amount remains at the sole risk of the Subscription Receiptholders and the Corporation, as applicable, prior to and after such withdrawal. (d) For tax reporting purposes, all interest or other taxable income earned from the investment of the Escrowed Funds in any tax year and prior to the delivery of a Release Notice or Termination Date, as applicable, shall be allocated pro rata amongst the Subscription Receiptholders. Following delivery of a Release Notice, all interest or other taxable income earned from the investment of the Escrowed Funds shall be allocated to the Corporation. Tax reporting forms, as required, shall be issued to such Subscription Receiptholders or the Corporation, as applicable, in accordance with the foregoing allocations for each taxation year in which the Escrowed Funds are held by the Subscription Receipt Agent. The Subscription Receiptholders and the Corporation agree to provide the Subscription Receipt Agent with their certified tax identification numbers and other forms, documents and information that the Subscription Receipt Agent may request in order to fulfill any tax reporting function.

Placement of Escrowed Funds. (1) Until released in accordance with this Agreement, the Escrowed Funds shall be recorded kept segregated in the segregated internal trust account records of the Subscription Receipt Agent, which account record shall be designated in the name of the Corporation, Agent and the Escrowed Funds shall be deposited in one or more interest-bearing trust accounts to be maintained by the Subscription Receipt Agent in the name of the Subscription Receipt Agent at one or more banks listed in Schedule "C" “D” to this Agreement (each such bank, an "“ Approved Bank"”). The Subscription Receipt Agent shall credit pay, in accordance with the provisions of this Agreement, to the Escrowed Funds Company, the amount Agents or the Receiptholders interest at an annual rate which is equal to 2.25% percent less than the prime rate of Earned Interest, if any, earned interest announced from time to time by the Subscription Receipt Agent The Bank of Nova Scotia on such deposited moniesCanadian dollar loans made to its most credit worthy customers in Canada. Such Earned Interest payment obligation shall be credited by the Subscription Receipt Agent calculated daily and paid to the Escrowed Funds account(s) within three (3) Business Days of each month-end. Notwithstanding the foregoing, (i) in no event will the Subscription The Receipt Agent be obligated may receive investment earnings in excess of or less than the interest payable to pay the Company pursuant to this Section, such earnings being for the Receipt Agent’s benefit or credit any amount on account of interest that exceeds the amount of interest earned from the Approved Bank(s) on the Escrowed Fundsat its risk, as determined by the Subscription Receipt Agent; and applicable. (ii2) if an account at any Approved Bank into which the Escrowed Funds or any part thereof has been deposited bears a negative interest rate or there is otherwise any fee or other charge assessed on the account or in respect of the amount of cash on deposit, the cost, as determined by the Subscription Receipt Agent, shall be deducted from the Escrowed Funds. All amounts held by the Subscription Receipt Agent pursuant to this Agreement shall be held by the Subscription Receipt Agent for the benefit of the Investor Company and the delivery of the Escrowed Funds to the Subscription Receipt Agent shall not give rise to a debtor-creditor or other similar relationship between the Subscription Receipt Agent and the Investorrelationship. The amounts held by the Subscription Receipt Agent pursuant to this Agreement are at the sole risk of the Investor Company and, without limiting the generality of the foregoing, the Subscription Receipt Agent shall have no responsibility or liability for any diminution of the Escrowed Funds which may result from any deposit made with an Approved Bank pursuant to this Section 5.2 and Section 5.3 4.1, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default) and any credit or other losses on any deposit liquidated or sold prior to maturity. The parties hereto acknowledge and agree that the Subscription Receipt Agent acts will have acted prudently in depositing the Escrowed Funds at any Approved Bank, and that the Subscription Receipt Agent is not required to make any further inquiries in respect of any such bankApproved Bank . (3) At any time and from time to time, the Company shall be entitled to direct the Receipt Agent by written request of the Company (a) not to deposit any new amounts in any Approved Bank specified in the notice and/or (b) to withdraw all or any of the Escrowed Funds that may then be deposited with any Approved Bank specified in the notice and re-deposit such amount with one or more of such other Approved Banks as specified in the notice. With respect to any withdrawal notice, the Receipt Agent will endeavor to withdraw such amount specified in the notice as soon as reasonably practicable and the Company acknowledges and agrees that such specified amount remains at the sole risk of the Company prior to and after such withdrawal.