Common use of Investment of Escrow Account Clause in Contracts

Investment of Escrow Account. 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 a Repurchase Agreement at Garnett State Savings Bank, to yield a variable interest rate equal to the Federal Reserve Discount rate for the Kansas City Region minus 1/4%, variable daily as the Federal Reserve Discount rate changes. Escrow Agent shall pledge bank investments guaranteed by the U.S. Government or its agencies to secure the Repurchase Agreement. Any interest received by Escrow Agent with respect to the Escrow Funds shall be paid to EKAE on the termination of the escrow.

Investment of Escrow Account. 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 a Repurchase Agreement at Garnett State Home Federal Savings Bank, to yield a variable interest rate equal to the Federal Reserve Discount rate for the Kansas City Region minus 1/4%, variable daily as the Federal Reserve Discount rate changes. Escrow Agent shall pledge bank investments guaranteed by the U.S. Government or its agencies to secure the Repurchase Agreement. Any interest received by Escrow Agent with respect to the Escrow Funds shall be paid to EKAE on the termination of the escrow.

Investment of Escrow Account. 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 a Repurchase Agreement at Garnett State Savings The Mission Bank, to yield a variable rate of interest rate equal to the Federal Reserve Discount rate Funds Target Rate for the Kansas City Region minus 1/4%, 1.75% variable daily as the Federal Reserve Discount rate Funds Target Rate changes. Escrow Agent shall pledge bank investments guaranteed by the U.S. Government or its agencies to secure the Repurchase Agreement. Any interest received by Escrow Agent with respect to the Escrow Funds shall be paid to EKAE on the termination of the escrow.