Investment of Escrow Funds. The Escrow Agent shall deposit the Escrow Funds in a non-interest bearing money market account. If Escrow Agent has not received a Joint Written Direction at any time that an investment decision must be made, Escrow Agent may retain the Escrow Fund, or such portion thereof, as to which no Joint Written Direction has been received, in a non-interest bearing money market account.
Investment of Escrow Funds. Escrow Agent shall deposit the Escrow Funds in a non-interest bearing money market account. If Escrow Agent has not received a Joint Written Direction at any time that an investment decision must be made, Escrow Agent shall invest the Escrow Funds, or such portion thereof, as to which no Joint Written Direction has been received, in investments described above. The foregoing investments shall be made by Escrow Agent. Notwithstanding anything to the contrary contained, Escrow Agent may, without notice to the parties, sell or liquidate any of the foregoing investments at any time if the proceeds thereof are required for any release of funds permitted or required hereunder, and Escrow Agent shall not be liable or responsible for any loss, cost or penalty resulting from any such sale or liquidation. With respect to any funds received by Escrow Agent for deposit into the Escrow Funds or any Joint Written Direction received by Escrow Agent with respect to investment of any funds in the Escrow Funds after ten o'clock, a.m., New Jersey time, Escrow Agent shall not be required to invest such funds or to effect such investment instruction until the next day upon which banks in New Jersey are open for business.
Investment of Escrow Funds. The Escrow Agent shall deposit the Escrow Funds in a non-interest bearing money market account. If Escrow Agent has not received a Joint Written Direction at any time that an investment decision must be made, Escrow Agent shall invest the Escrow Fund, or such portion thereof, as to which no Joint Written Direction has been received, in investments described above. The foregoing investments shall be made by the Escrow Agent. Notwithstanding anything to the contrary contained, Escrow Agent may, without notice to the parties, sell or liquidate any of the foregoing investments at any time if the proceeds thereof are required for any release of funds permitted or required hereunder, and Escrow Agent shall not be liable or responsible for any loss, cost or penalty resulting from any such sale or liquidation.
Investment of Escrow Funds. (i) The Escrow Agent shall promptly invest and reinvest each of the Buyer Escrow Fund and the Company Escrow Fund, including all proceeds and income derived (directly or indirectly) therefrom, in (A) an interest-bearing account with an institution the deposits in which are insured by an agency of the United States, or (B) upon joint written instructions of Buyer and Company, securities issued by the United States or any department or agency thereof (collectively, "PERMITTED INVESTMENTS"); PROVIDED, HOWEVER, that no investment or reinvestment may be made that would subject the Buyer Escrow Fund or the Company Escrow Fund to an early withdrawal or termination penalty.
(ii) The parties recognize and agree that the Escrow Agent will not provide supervision, recommendations or advice relative to either the investment of the Buyer Escrow Fund or the Company Escrow Fund or the purchase, sale, retention or other disposition of any Permitted Investments. The Escrow Agent is hereby authorized to execute purchases and sales of Permitted Investments through its own trading or capital markets operations. The Escrow Agent shall send statements to each of the parties periodically reflecting activity for the escrow accounts in respect of each of the Company Escrow Fund and the Buyer Escrow Fund for the preceding month. Although the parties acknowledge that they may obtain a broker confirmation or written statement containing comparable information, each hereby agrees that confirmations of Permitted Investments are not required to be issued by the Escrow Agent for each period in which a statement is provided; PROVIDED, HOWEVER, that no confirmation statement need be rendered for such escrow accounts if no activity occurred for such period.
(iii) Interest and other earnings on each of the Buyer Escrow Fund and the Company Escrow Fund, as applicable, shall be added to the Buyer Escrow Fund or the Company Escrow Fund, as applicable. Any loss or expense incurred from an investment will be borne by the Buyer Escrow Fund or Company Escrow Fund for which the investment was made.
Investment of Escrow Funds. The Escrow Funds shall be credited by Escrow Agent and recorded in the Escrow Account. The Escrow Agent shall be permitted, and is hereby authorized to deposit, transfer, hold and invest all funds received under this Agreement, including principal and interest, in the Gxxxxxx Sxxxx Financial Square Government Fund (CUSIP #30000X000) (the “Fund). Any interest received by Escrow Agent with respect to the Escrow Funds shall be paid pursuant to the terms of this Agreement.
Investment of Escrow Funds. Escrow Agent shall deposit the Escrow Funds in a non-interest bearing money market account.
Investment of Escrow Funds. The Escrow Funds shall be credited by Escrow Agent and recorded in the Escrow Account. In accordance with Rule 15c2-4 of the Securities Regulations, the Escrow Agent shall be permitted, and is hereby authorized to deposit transfer, hold and invest all funds received under this Agreement, including principal and interest, in savings accounts, bank money market accounts, short term certificates of deposit or short term securities issued or guaranteed by the U.S. Government. Any interest received by Escrow Agent with respect to the Escrow Funds shall be paid pursuant to the terms of this Agreement.
Investment of Escrow Funds. The Escrow Agent shall deposit the Escrow Funds in a non-interest bearing money market account. If Escrow Agent has not received a Joint Written Direction at any time that an investment decision must be made, Escrow Agent shall invest the Escrow Fund, or such portion thereof, as to which no Joint Written Direction has been received, in investments described above. The foregoing investments shall be made by the Escrow Agent. Notwithstanding anything to the contrary contained, Escrow Agent may, without notice to the parties, sell or liquidate any of the foregoing investments at any time if the proceeds thereof are required for any release of funds permitted or required hereunder, and Escrow Agent shall not be liable or responsible for any loss, cost or penalty resulting from any such sale or liquidation. With respect to any funds received by Escrow Agent for deposit into the Escrow Funds after ten o'clock, a.m., New Jersey time, Escrow Agent shall not be required to invest such funds or to effect such investment instruction until the next day upon which banks in New Jersey are open for business.
Investment of Escrow Funds. Escrow Agent shall deposit the Escrow Funds into a segregated escrow account which shall be used solely in connection with this transaction (the “Escrow Account”). If Escrow Agent has not received a Joint Written Direction at any time that an investment decision must be made, Escrow Agent shall maintain the Escrow Funds, or such portion thereof, as to which no Joint Written Direction has been received, in the Escrow Account.
Investment of Escrow Funds. The Escrow Agent shall invest all funds held in the Escrow Account (including earnings, if any, thereon) in United States government securities or securities guaranteed by the United States, certificates of deposit of banks located in the United States or any other investment, provided, in each case, that such investment is permitted by Rule 15c2-4, promulgated by the Securities and Exchange Commission under the Exchange Act ("Rule 15c2-4"). Such investments shall be made in a manner consistent with the requirement that the Subscription Proceeds be available for delivery by the Escrow Agent at the times described herein. The parties hereto recognize that there may be a forfeiture of interest in the event of early withdrawal from an interest-bearing account of investment.
