Permitted Account Investments. All amounts held in or credited to the Securities Account maintained hereunder shall be invested in investments described on Schedule I attached hereto (“Permitted Account Investments”) from time to time by the Securities Intermediary solely at the direction, expense and risk of the Pledgor. Securities Intermediary shall have no obligation to ascertain whether any such investment conforms to the investments on Schedule I.
Permitted Account Investments. (a) Funds held in the Cash Management Collection Account from time to time shall be invested only in Permitted Cash Management Investments in accordance with written directions of Lender given to the Depository Bank from time to time. The Lender shall select investments that will mature in such amounts and not later than such times as may be necessary to provide funds when needed to permit payments to be made from such funds as provided in this Agreement. The Lender’s right to direct the manner of investment includes the right (i) to direct the Depository Bank to sell any Permitted Cash Management Investment or hold it until maturity and (ii) upon any sale or maturity of any Permitted Cash Management Investment, to direct Depository Bank to reinvest the proceeds thereof, plus any interest received by Depository Bank thereon, in Permitted Cash Management Investments or to hold such proceeds and interest for application pursuant to the terms of this Agreement. Except as otherwise provided herein, net interest or gain received, if any, from such Permitted Cash Management Investments shall be deposited into the Cash Management Collection Account. Any loss shall be charged to the Cash Management Collection Account. The Depository Bank shall have no responsibility or liability for any loss which may result from any investment made pursuant to this Agreement, or for any loss resulting from the sale of any such investment or from the selection of such investment (including whether any investment made qualified under the definition of “Permitted Cash Management Investment”).
Permitted Account Investments. (a) Unless otherwise instructed in writing by the Borrower and subject to Section 3.8, all Cash deposited in the Depositary Accounts under this Agreement shall, at the Borrower’s written request and direction, be invested by the Depositary in Permitted Account Investments as specifically directed in writing by the Borrower. Such investments will mature in such amounts and not later than such times as may be necessary to provide funds when needed to make payments from such funds as provided in this Agreement. All net interest or gain received, if any, from Permitted Account Investments made with Cash on deposit (i) in the Debt Service Reserve Account shall be deposited into the Debt Service Reserve Account, (ii) in the Construction Equity Account shall be deposited into the Construction Equity Account and (iii) in the Construction Disbursement Account shall be deposited into the Construction Disbursement Account. Any loss shall be charged to the applicable Depositary Account. The Depositary shall have no responsibility or liability for any loss which may result from any investment made pursuant to this Agreement, or for any loss resulting from the sale of any such investment (including whether any investment made qualified under the definition of “Permitted Account Investments”).
Permitted Account Investments. (a) Unless otherwise instructed in writing by Xxxxxxxx and subject to Section 3.17, all Cash deposited in the Depositary Accounts shall be invested by Depositary Agent in Cash or Cash Equivalents as specifically directed by Xxxxxxxx (or, following the occurrence and during the continuation of a Trigger Event, Collateral Agent (acting at the written instruction of the Administrative Agent)). Borrower (or, following the occurrence and during the continuation of a Trigger Event, Collateral Agent (acting at the written instruction of the Administrative Agent)) shall select Cash or Cash Equivalents that will mature in such amounts and not later than such times as may be necessary to provide funds when needed to make payments from such funds as provided in this Agreement. Borrower’s (or, following the occurrence and during the continuation of a Trigger Event, Collateral Agent’s) right to direct the manner of investment includes the right (i) to direct Depositary Agent to sell any Cash Equivalents or hold it until maturity and, (ii) upon any sale or maturity of any Cash Equivalent, to direct Depositary Agent to reinvest the proceeds thereof, plus any interest received by Depositary Agent thereon, in Cash Equivalents or to hold such proceeds and interest for application pursuant to the terms of this Agreement. Except as otherwise provided herein, net interest or gain received, if any, from such Cash Equivalents shall be deposited into the applicable Depositary Account. Absent willful misconduct or gross negligence of Depositary Agent, as determined in a final non-appealable judgment of a court of competent jurisdiction, Borrower shall bear all risk of loss of capital from investments in Cash Equivalents, which loss shall be charged to the applicable Depositary Account, and, subject to Section 4.1, Depositary Agent shall have no responsibility or liability for any loss which may result from any investment made pursuant to this Agreement, or for any loss resulting from the sale of any such investment or from the selection of such investment (including whether any investment made qualified under the definition of “Cash Equivalents”). It is agreed and understood that the entity serving as Depositary Agent may earn fees associated with the investments outlined above in accordance with the terms of such investments. In no event shall Depositary Agent be deemed an investment manager or adviser in respect of any selection of investments hereunder. It is understood and agr...
