Investment of Escrowed Funds. (a) Until released in accordance with this Agreement, the Escrowed Funds shall be kept segregated in the records of the Subscription Receipt Agent and shall be deposited in one or more segregated interest-bearing bank accounts to be maintained by the Subscription Receipt Agent in the name of the Subscription Receipt Agent at one or more Schedule I Canadian chartered banks, including the banks set forth in Section 7.2(c) (each such bank, an “Approved Bank”). Interest will be credited by the fifth Business Day of the following month.
(b) 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 Subscription Receiptholders and the delivery of the Escrowed 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 Subscription Receiptholders. The amounts held by the Subscription Receipt Agent pursuant to this Agreement are the sole risk of the Subscription Receiptholders 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 7.2, 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 deposits liquidated or sold prior to maturity. The Company and the Lead Underwriter acknowledge and agree that the Subscription Receipt Agent acts prudently in depositing the Escrowed 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) The Approved Banks include the Bank of Montreal and The Toronto-Dominion Bank.
Investment of Escrowed Funds. Upon collection of each check by the Escrow Agent, the Escrow Agent shall invest the funds in deposit accounts or certificates of deposit which are fully insured by the Federal Deposit Insurance Corporation or another agency of the United States government, short-term securities issued or fully guaranteed by the United States government, federal funds, or such other investments as the Escrow Agent and the Company shall agree. The Company shall provide the Escrow Agent with instructions from time to time concerning in which of the specific investment instruments described above the Escrowed Funds shall be invested, and the Escrow Agent shall adhere to such instructions. Unless and until otherwise instructed by the Company, the Escrow Agent shall by means of a "Sweep" or other automatic investment program invest the Escrowed Funds in blocks of $1,000 in federal funds. Interest and other earnings shall start accruing on such funds as soon as such funds would be deemed to be available for access under applicable banking laws and pursuant to the Escrow Agent's own banking policies.
Investment of Escrowed Funds. The Escrow Agent, immediately upon receipt of each check remitted to it, shall deposit such check in interest-bearing savings accounts, in short-term certificates of deposit issued by a bank, or in other short-term securities directly or indirectly issued or guaranteed by the United States government, all as directed by the Company. Interest and dividends earned on such investments shall be similarly reinvested.
Investment of Escrowed Funds. The Escrow Agent is herein directed and instructed to initially invest and reinvest the Escrowed Funds in the Wachovia Bank Commercial High Performance Money Market Account. The parties hereto acknowledge that they have discussed the investment and are in agreement as to the selected investment. The Company may provide instructions changing the investment of the Escrowed Funds (subject to applicable minimum investment requirements); provided, however, that no investment or reinvestment may be made except in the following:
(a) direct obligations of the United States of America or obligations the principal of and the interest on which are unconditionally guaranteed by the United States of America;
(b) money market accounts of any bank, trust company, or national banking association (including the Escrow Agent and its affiliates); or
(c) savings accounts of any bank, trust company or national banking association (including the Escrow Agent and its affiliates). If the Escrow Agent has not received written instructions from the Company at any time that an investment decision must be made, the Escrow Agent shall invest the Escrowed Funds, or such portion thereof as to which no written instructions have been received, in investments described in clause (b) above. Each of the foregoing investments shall be made in the name of Escrow Agent. No investment shall be made in any instrument or security that has a maturity of greater than six (6) months. Notwithstanding anything to the contrary contained herein, the Escrow Agent may, without notice to the parties hereto, sell or liquidate any of the foregoing investments at any time if the proceeds thereof are required for any disbursement of Escrowed Funds permitted or required hereunder. All investment earnings shall become part of the Escrowed Funds and investment losses shall be charged against the Escrowed Funds. The Escrow Agent shall not be liable or responsible for loss in the value of any investment made pursuant to this Escrow Agreement, or for any loss, cost or penalty resulting from any sale or liquidation of the Escrowed Funds. With respect to any Escrowed Funds received by the Escrow Agent after ten o’clock, a.m., Charlotte, North Carolina, time, the Escrow Agent shall not be required to invest such funds or to effect any investment instruction until the next day upon which banks in Charlotte, North Carolina are open for business.
Investment of Escrowed Funds. Upon collection of each check by the Escrow Agent, the Escrow Agent shall invest the funds in deposit accounts or certificates of deposit which are fully insured by the Federal Deposit Insurance Corporation or another agency of the United States government, short-term securities issued or fully guaranteed by the United States government, or such other investments as the Escrow Agent and the Company shall agree. The Company shall provide the Escrow Agent with instructions from time to time concerning in which of the specific investment instruments described above the Escrowed Funds shall be invested, and the Escrow Agent shall adhere to such instructions. Interest and other earnings shall start accruing on such funds as soon as such funds would be deemed to be available for access under applicable banking laws and pursuant to the Escrow Agent's own banking policies.
Investment of Escrowed Funds. The Escrow Agent, immediately upon receipt of each check remitted to it, shall deposit such check in interest-bearing savings accounts, in short-term certificates of deposit issued by a bank, or in other short-term securities directly or indirectly issued or guaranteed by the United States government, all as directed by the Company. Interest and dividends earned on such investments shall be similarly reinvested. Following the distribution of Escrowed Funds to the Company pursuant to Paragraph 5 below, any funds remaining in the Escrow Account shall be invested in bank money market funds or other similar instruments as directed by the Company.
Investment of Escrowed Funds. Escrow Holder shall invest and reinvest any funds deposited by Buyer in the Escrow only in bonds, notes, Treasury bills or other securities having maturities of thirty (30) days or less and constituting direct obligations of, or fully guaranteed by, the United States of America (and provided, further, that such direct obligations or guarantees, as the case may be, are entitled to the full faith and credit of the United States of America) or such other investments as Buyer may direct and Seller may approve, until Escrow Holder is required to deliver or use such funds or any interest earned thereon in accordance with the provisions of this Agreement. All interest accruing on the Deposit shall be paid to the party ultimately entitled to the Deposit. All risk of loss on funds held in Escrow shall be borne by Buyer or Escrow Holder.
Investment of Escrowed Funds. The Escrow Agent, upon receipt of each Payment remitted to it by the Transfer Agent, shall deposit such Payment into the Escrow Account for further investment as directed by the Company and as indicated in Attachment I hereto.
Investment of Escrowed Funds. Escrow Agent shall invest the Escrowed Funds, from time to time, in 30-day United States Treasury obligations or certificates of deposit having a maturity not to exceed 30 days, any governmental mutual funds, or such other investments jointly designated in writing by Buyer and Seller. The proceeds of all investments made hereunder shall be distributed in accordance with this Agreement. Escrow Agent shall deliver monthly statements to Buyer and Seller in accordance with Escrow Agent's regular practice; the parties hereby agree that, except for the foregoing, Escrow Agent shall have no obligations to monitor, or advise the parties with respect to, such investments. All interest or other income earned on the Escrow Funds shall be paid to Buyer on a monthly basis.
Investment of Escrowed Funds. Pending release from escrow, the Escrowed Funds shall be invested by the Escrow Agent in interest bearing short-term United States government securities or other short-term federally insured money market investments, which are readily liquid. All interest accrued on the Escrowed Funds or interest earned on the Escrowed Funds shall be retained by the Escrow Agent as part of the Escrowed Funds and released in accordance with the provisions of this Escrow Agreement. It is acknowledged and agreed that the Escrowed Funds, including any interest or earnings thereon, are not assets or deposit liabilities of the Escrow Agent or the Company, but constitute funds submitted to the Escrow Agent by the Subscribers for safekeeping, pending disbursement in accordance with the provisions of this Escrow Agreement.
