Common use of Duties of Escrow Agent Clause in Contracts

Duties of Escrow Agent. The Escrow Agent shall have the following general duties: (a) to promptly deliver the Subscription Agreement to MD; (b) to deposit and safely maintain the Escrow Funds in the Account, guarding at all times against the commingling thereof with any funds of MD or its affiliates during the term of this Escrow Agreement; (c) at the direction of MD, to invest the Escrow Funds in investments that are permissible under rule 15c2-4 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including, without limitation (if permissible), time deposits, short-term bank certificates of deposit, short-term governmental obligations and bank money market accounts to be held by Escrow Agent; (d) to prepare and maintain true and complete records with respect to the Escrow Funds, including the name of each subscriber and the portion of the Escrow Funds from time to time attributable to him; and (e) to disburse the Escrow Funds in accordance with the terms of this Escrow Agreement.

Duties of Escrow Agent. The Escrow Agent shall have the following general duties: duties (a) to promptly deliver the Subscription Agreement to MD; (b) to deposit and safely maintain the Escrow Funds in the Account, guarding at all times against the commingling thereof with any funds of MD or its affiliates during the term of this Escrow Agreement; (c) at the direction of MD, to invest the Escrow Funds in investments that are permissible under rule 15c2-4 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including, without limitation (if permissible), time deposits, short-term bank certificates of deposit, short-term governmental obligations and obligations, U.S. treasury bills, bank money market accounts to be held by Escrow Agent, and similar investments; (d) to prepare and maintain true and complete records with respect to the Escrow Funds, including the name of each subscriber and the portion of the Escrow Funds from time to time attributable to him; and (e) to disburse the Escrow Funds in accordance with the terms of this Escrow Agreement.

Duties of Escrow Agent. The Escrow Agent shall have the following general duties: duties (a) to promptly deliver the Subscription Agreement to MD; (b) to deposit and safely maintain the Escrow Funds in the Account, guarding at all times against the commingling thereof with any funds of MD or its affiliates during the term of this Escrow Agreement; (c) at the direction of MD, to invest the Escrow Funds in investments that are permissible under rule 15c2-4 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including, without limitation (if permissible), time deposits, short-term bank certificates of deposit, short-term governmental obligations and bank money market accounts to be held by Escrow Agent; (d) to prepare and maintain true and complete records with respect to the Escrow Funds, including the name of each subscriber and the portion of the Escrow Funds from time to time attributable to him; and (e) to disburse the Escrow Funds in accordance with the terms of this Escrow Agreement.

Duties of Escrow Agent. The Escrow Agent shall have the following general duties: duties (a) to promptly deliver the Subscription Agreement to MD; (b) to deposit and safely maintain the Escrow Funds in the Account, guarding at all times against the commingling thereof with any funds of MD or its affiliates during the term of this Escrow Agreement; (c) at the direction of MD, to invest the Escrow Funds in investments that are permissible under rule 15c2-4 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including, without limitation (if permissible), time deposits, short-term bank certificates of deposit, short-term governmental obligations and obligations, U.S. treasury bills, bank money market accounts to be held by Escrow Agent, mutual funds whose investment portfolios comprise solely of permitted investments and similar investments; (d) to prepare and maintain true and complete records with respect to the Escrow Funds, including the name of each subscriber and the portion of the Escrow Funds from time to time attributable to him; and (e) to disburse the Escrow Funds in accordance with the terms of this Escrow Agreement.