Investment of Escrowed Funds. Upon collection of each check by the Escrow Agent, the Escrow Agent shall invest the funds in deposit accounts or certificates of deposit which are fully insured by the Federal Deposit Insurance Corporation or another agency of the United States government, short-term securities issued or fully guaranteed by the United States government, federal funds, or such other investments as the Escrow Agent and the Company shall agree. The Company shall provide the Escrow Agent with instructions from time to time concerning in which of the specific investment instruments described above the Escrowed Funds shall be invested, and the Escrow Agent shall adhere to such instructions. Unless and until otherwise instructed by the Company, the Escrow Agent shall by means of a "Sweep" or other automatic investment program invest the Escrowed Funds in blocks of $1,000 in federal funds. Interest and other earnings shall start accruing on such funds as soon as such funds would be deemed to be available for access under applicable banking laws and pursuant to the Escrow Agent's own banking policies.
Investment of Escrowed Funds. The Escrow Agent, immediately upon receipt of each check remitted to it, shall deposit such check in interest-bearing savings accounts, in short-term certificates of deposit issued by a bank, or in other short-term securities directly or indirectly issued or guaranteed by the United States government, all as directed by the Company. Interest and dividends earned on such investments shall be similarly reinvested.
Investment of Escrowed Funds. The Escrow Agent, immediately upon receipt of each check remitted to it, shall deposit such check in interest-bearing savings accounts, in short-term certificates of deposit issued by a bank, or in other short-term securities directly or indirectly issued or guaranteed by the United States government, all as directed by the Company. Interest and dividends earned on such investments shall be similarly reinvested. Following the distribution of Escrowed Funds to the Company pursuant to Paragraph 5 below, any funds remaining in the Escrow Account shall be invested in bank money market funds or other similar instruments as directed by the Company.
Investment of Escrowed Funds. Upon collection of each check by the Escrow Agent, the Escrow Agent shall invest the funds in deposit accounts or certificates of deposit which are fully insured by the Federal Deposit Insurance Corporation or another agency of the United States government, short-term securities issued or fully guaranteed by the United States government, or such other investments as the Escrow Agent and the Company shall agree. The Company shall provide the Escrow Agent with instructions from time to time concerning in which of the specific investment instruments described above the Escrowed Funds shall be invested, and the Escrow Agent shall adhere to such instructions. Interest and other earnings shall start accruing on such funds as soon as such funds would be deemed to be available for access under applicable banking laws and pursuant to the Escrow Agent's own banking policies.
Investment of Escrowed Funds. The Escrow Agent, upon receipt of each Payment remitted to it by the Transfer Agent, shall deposit such Payment into the Escrow Account for further investment as directed by the Company and as indicated in Attachment I hereto.
Investment of Escrowed Funds. Escrow Holder shall invest and reinvest any funds deposited by Buyer in the Escrow only in bonds, notes, Treasury bills or other securities having maturities of thirty (30) days or less and constituting direct obligations of, or fully guaranteed by, the United States of America (and provided, further, that such direct obligations or guarantees, as the case may be, are entitled to the full faith and credit of the United States of America) or such other investments as Buyer may direct and Seller may approve, until Escrow Holder is required to deliver or use such funds or any interest earned thereon in accordance with the provisions of this Agreement. All interest accruing on the Deposit shall be paid to the party ultimately entitled to the Deposit. All risk of loss on funds held in Escrow shall be borne by Buyer or Escrow Holder.
Investment of Escrowed Funds. Escrow Agent shall invest the Escrowed Funds, from time to time, in 30-day United States Treasury obligations or certificates of deposit having a maturity not to exceed 30 days, any governmental mutual funds, or such other investments jointly designated in writing by Buyer and Seller. The proceeds of all investments made hereunder shall be distributed in accordance with this Agreement. Escrow Agent shall deliver monthly statements to Buyer and Seller in accordance with Escrow Agent's regular practice; the parties hereby agree that, except for the foregoing, Escrow Agent shall have no obligations to monitor, or advise the parties with respect to, such investments. All interest or other income earned on the Escrow Funds shall be paid to Buyer on a monthly basis.
Investment of Escrowed Funds. During the term of this Escrow Agreement, the Escrowed Funds shall be invested as instructed in writing by an Authorized Representative (as defined below) of GGCP in United States Treasury Securities having a weighted average remaining maturity of two years or less (“Permitted Investments”) as available under then-current market conditions and prices, and any income from such investments will become part of the Escrowed Funds. In the event that United States Treasury Securities are unavailable or circumstances prevent GGCP from providing written instructions to the Escrow Agent, the Escrow Agent shall invest the Escrowed Funds in an interest bearing demand deposit account at JPMorgan Chase Bank, N.A. (“Cash Deposit Account”). Interest bearing demand deposit accounts have rates of compensation that may vary from time to time as determined by the Escrow Agent based upon numerous factors including market conditions. Written investment instructions, if any, shall specify the type and identity of the investments to be purchased and/or sold. The Escrow Agent is hereby authorized to execute purchases and sales of investments through the facilities of its own trading or capital markets operations or those of any affiliated entity. The Escrow Agent or any of its affiliates may receive compensation with respect to any investment directed hereunder including without limitation charging an agency fee in connection with each transaction. The Escrowed Funds shall not be invested in any investment other than the Permitted Investments or the Cash Deposit Account without the prior written consent of each Party. Promptly after the end of each calendar month during the term of this Escrow Agreement, the Escrow Agent shall mail to the Parties a statement setting forth in reasonable detail a breakdown of the cash and Permitted Investments comprising the Escrowed Funds (the “Monthly Statement”). If at any time during the term of this Escrow Agreement, the fair market value of the Escrowed Funds (with any cash in US dollars being valued at the face amount thereof and any United States Treasury Securities valued as quoted by Xxxxxxxxx.xxx, or any successor thereto, at 4:00 p.m. on the Business Day prior to the valuation date) is less than the sum of (i) the Unpaid Principal Amount and (ii) six months of interest on the Unpaid Amount at the rate of 4.5% per annum (the “Floor Amount”), then GGCP shall deposit or cause to be deposited in the Escrow Account cash or United States Trea...
Investment of Escrowed Funds. Pending release from escrow, the Escrowed Funds shall be invested by the Escrow Agent in interest bearing short-term United States government securities or other short-term federally insured money market investments, which are readily liquid. All interest accrued on the Escrowed Funds or interest earned on the Escrowed Funds shall be retained by the Escrow Agent as part of the Escrowed Funds and released in accordance with the provisions of this Escrow Agreement. It is acknowledged and agreed that the Escrowed Funds, including any interest or earnings thereon, are not assets or deposit liabilities of the Escrow Agent or the Company, but constitute funds submitted to the Escrow Agent by the Subscribers for safekeeping, pending disbursement in accordance with the provisions of this Escrow Agreement.
Investment of Escrowed Funds. The Escrow Agent, immediately upon receipt of each Payment remitted to it, shall deposit such Payment in a bank account (including, but not limited to, interest-bearing savings accounts and bank money market accounts), in short-term certificates of deposit issued by a bank, in short-term securities directly or indirectly issued or guaranteed by the United States Government, or in other short-term, highly liquid investments with appropriate safety of principal, all as directed by the Company. Interest and dividends earned on such investments shall be similarly reinvested. Following the distribution of Escrowed Funds to the Company pursuant to Paragraph 5 below, any funds remaining in the Escrow Account shall be invested in bank money market funds or similar instruments as directed by the Company.
