Investment of the Escrow Fund. The Trustee/Escrow Agent shall purchase the Initial Government Securities as provided in Section 2 hereof and shall hold such Initial Government Securities, the beginning cash balance and any earnings received thereon and any reinvestment thereof created by this Escrow Agreement and disburse such amounts as provided herein. The Trustee/Escrow Agent shall collect amounts due and shall sell or otherwise redeem or liquidate investments in the Escrow Fund as needed to make the payments and transfers required by this Escrow Agreement and may substitute different Government Securities, as defined and subject to the terms and limitations of Section 7 hereof, for the Initial Government Securities but otherwise shall have no power or duty to sell, transfer, request the redemption of or otherwise dispose of the Initial Government Securities.
Investment of the Escrow Fund. At the written direction of the Indemnifying Sellers, the Escrow Agent will invest the Escrow Fund in one or more of: (a) direct obligations of the United States of America, (b) obligations for which the full faith and credit of the United States of America is pledged to provide for the payment of principal and interest, and/or (c) money market funds authorized to invest only in short-term securities issued or guaranteed as to principal and interest by the U.S. Government (collectively, the “Permitted Investments”). The Escrow Agent is hereby authorized to execute the purchase and sale of Permitted Investments through the facilities of its own trading or capital markets operations. In the event that the Escrow Agent does not receive investment instructions to invest the Escrow Fund, the Escrow Agent shall invest the Escrow Fund in a Fidelity Institutional Money Market Treasury Only - Class I account. The Escrow Agent can liquidate any investment in order to comply with disbursement instructions without any liability for any resulting loss. Any loss incurred from an investment will be borne by the Escrow Fund.
Investment of the Escrow Fund. The Escrow Agent shall invest and reinvest all cash funds held from time to time in the Escrow Fund in any one or more of the following kinds of investments: (i) bonds or other obligations of, or guaranteed by, the government of the United States of America having maturities of not greater than thirty (30) days (and, in any event, not maturing after the Release Date); (ii) commercial paper rated, at the time of the Escrow Agent's investment therein or contractual commitment providing for such investment, at least P-1 by Moodx'x Xxxestors Service, Inc. and A-1 by Standard & Poor's Corporation and having maturities of not greater than thirty (30) days (and, in any event, not maturing after the Release Date); (iii) corporate obligations rated, at the time of the Escrow Agent's investment therein or contractual commitment providing for such investment, among the two highest ratings by any nationally recognized statistical ratings organization and having maturities of not greater than 180 days; (iv) demand or time deposits in, certificates of deposit of, or bankers' acceptances issued by, a depository institution or trust company incorporated under the laws of the United States of America or any State thereof if, in any such case, the depository institution or, trust company has combined capital and surplus of not less than One Hundred Million Dollars ($100 million) (any such institution being herein called a "Permitted Bank"), having maturities of not greater than thirty (30) days (and, in any event, not maturing after the Release Date); or (v) a Money Market Account at the Escrow Agent, fully insured up to the maximum extent permitted by law by the Federal Deposit Insurance Corporation.
Investment of the Escrow Fund. (a) The District and the Escrow Bank each shall take all remaining action, if any, necessary to have the Investment Securities issued and registered in the name of the Escrow Bank for the account of the Escrow Fund. Except as otherwise provided in this Section, the Escrow Bank shall not reinvest any cash portion of the Escrow Fund and shall hold such cash portion uninvested.
Investment of the Escrow Fund. Any cash that may from time to time be part of the Subaccounts, and all interest earned thereon shall be invested by the Escrow Agent at the written direction of each Indemnitor, provided, however that no investment or reinvestment may be made except in the following:
Investment of the Escrow Fund. Escrow Agent shall manage the Escrow Fund under the terms of this Agreement and shall from time to time invest and reinvest the funds held in the Escrow Fund, as and when instructed by Purchaser in writing, in any one or more of the following:
Investment of the Escrow Fund. Until such time as all of the Escrow Fund shall have been delivered by the Escrow Agent pursuant to this Agreement, the Escrow Agent shall from time to time invest the cash portion of the Escrow Fund, if any, held by the Escrow Agent in short-term U.S. Government securities, securities issued or guaranteed by the U.S. Government, repurchase agreements secured by such securities or certificates of deposit or time or demand deposits or money market accounts in commercial banks having a net worth of $50,000,000 or more (unless all amounts held in such banks are insured, in which case a bank with a lower net worth may be used). No investment of cash held in the Escrow Fund shall have a maturity date of greater than thirty days without the prior written consent of Seller, Purchaser and Inmark. The Escrow Agent shall present for redemption any obligation so purchased or sell any such obligation, in every case upon the written direction of Purchaser and Inmark or as may be necessary in order to fulfill the provisions of this Agreement. Any interest or other earnings on Stock Proceeds shall be deemed a part of the Escrow Stock and any interest or other earnings on Note Proceeds shall be deemed a part of the Escrow Note. Seller shall include such earnings in its taxable income and shall pay all taxes arising therefrom. Seller represents and warrants to the Escrow Agent that its Internal Revenue Service Employer Identification Number is 31-0000000. Xxe Escrow Agent shall not have any liability to any party for any loss suffered as the result of any investment made in accordance with this Section 12.
Investment of the Escrow Fund. (a) The Escrow Fund shall be invested, at the written direction of Seller in any of the following (collectively, the "Permitted Investments"): (i) United States Treasury Bills maturing within ninety-one (91) days of the date of purchase; (ii) demand deposit accounts, money market deposit accounts and certificates of deposit with a term not greater than ninety (90) days with a United States depository having a reported capital and surplus of not less than $50 million; (iii) commercial paper which is rated on the date of purchase in one of the two highest rating categories by both Standard & Poor's Ratings Group and Xxxxx'x Investors Service, Inc. (together, the "Rating Agencies") and matures not more than ninety (90) days from the date of purchase; and (iv) investment agreements, guaranteed investment contracts, repurchase agreements and similar investment instruments, the issuer or guarantor of which is rated in one of the two highest rating categories by both of the Rating Agencies, which instruments have a term not greater than ninety (90) days. In the absence of any direction for investing the Escrow Fund, the Escrow Agent shall invest the Escrow Fund in One Group Treasury Only Money Market Fund.
Investment of the Escrow Fund. (a) The Escrow Agent shall on the date hereof invest amounts on deposit in the Escrow Fund in the Investment Securities listed on Schedule II attached hereto and made a part hereof (the “Initial Investments”). If amounts of investment income on or repayments of principal of the Investment Securities deposited in the Escrow Fund are received by the Escrow Agent in excess amounts on or prior to the date on which such receipts are to be applied pursuant to Section 5 hereof to the refunding of the Refunded Bonds, the Escrow Agent shall, upon the written request of the Authority, invest such receipts until the next principal or interest payment of the Refunded Bonds, in noncallable, nonprepayable direct obligations of the United States of America (including obligations issued or held in book-entry form on the books of the Department of the Treasury of the United States of America or any Federal Reserve Bank). Any receipts on investments made pursuant to this Section 3 in excess of the cost of such investments which are not needed for the refunding of the Refunded Bonds as shown in the verification report of [Verification Agent] dated ________, 2005, or a more recent report required to be delivered pursuant to Section 4 hereof (the “Verification Report”), shall be immediately remitted to the Authority free from the trust created by the Escrow Agreement.
Investment of the Escrow Fund. (a) Except as Purchaser and the Stockholder Representative may from time to time jointly instruct the Escrow Agent in writing, the Escrow Fund shall be invested from time to time, to the extent possible, in the Wxxxx Fargo Advantage Government Money Market Fund #743, until disbursement of the entire Escrow Fund. The Escrow Agent is authorized to liquidate in accordance with its customary procedures any portion of the Escrow Fund consisting of investments to provide for payments required to be made under this Agreement.
