Investment and Liquidation of the Escrow Fund. The Secretary may invest the Escrow Fund in obligations of the United States with such maturities that the Escrow Fund will be available as required for the purposes hereof. The Secretary shall deposit the Escrow Fund into an account with the Treasury Department and upon agreement with the Shipowner, shall deliver to the Treasury Department instructions for the investment, reinvestment and liquidation of the Escrow Fund. The Secretary shall have no liability to the Shipowner for acting in accordance with such instructions.
Appears in 7 contracts
Samples: Security Agreement (Ambassadors International Inc), Security Agreement (Ensco International Inc), Security Agreement (American Classic Voyages Co)
Investment and Liquidation of the Escrow Fund. The Secretary may invest the Escrow Fund in obligations of the United States with such maturities that the Escrow Fund will be available as required for the purposes hereof. The Secretary shall deposit the Escrow Fund into an account with the Treasury Department and and, upon agreement with the Shipowner, shall deliver to the Treasury Department instructions for the investment, reinvestment and liquidation of the Escrow Fund. The Secretary shall have no liability to the Shipowner for acting in accordance with such instructions.
Appears in 3 contracts
Samples: Security Agreement (Pride International Inc), Security Agreement (Chiles Offshore Inc/New/), Security Agreement (Pride International Inc)
Investment and Liquidation of the Escrow Fund. The Secretary Administrator may invest the Escrow Fund in obligations of the United States with such maturities that the Escrow Fund will be available as required for the purposes hereof. The Secretary Administrator shall deposit the Escrow Fund into an account with the Treasury Department and upon agreement with the Shipowner, shall deliver to the Treasury Department instructions for the investment, reinvestment and liquidation of the Escrow Fund. The Secretary Administrator shall have no liability to the Shipowner for acting in accordance with such instructions.
Appears in 1 contract
Samples: www.maritime.dot.gov
