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Agent from time to time, less any property distributed and/or disbursed in accordance with this <br />Agreement, from time to time are collectively referred to hereinafter as the "Escrow Property". <br />Escrow Agent shall have no duty to solicit delivery of the Escrow Funds. For purposes of this <br />Agreement "Business Day" shall mean any day Grandpoint Bank is open for business at the <br />address set forth herein, excluding Saturdays and Sundays. <br />Section 5. Investment of the Escrow Property. <br />(a) As soon as practicable after the receipt thereof, Escrow Agent shall cause the <br />Escrow Property to be invested in such Permitted Investments as defined below as CITY may <br />specify in writing from time to time. During the term of this Agreement, CITY shall bear and <br />retain the sole responsibility for the selection of the investments of the Escrow Property and all <br />risks from any such investments. <br />(b) "Permitted Investments" shall be one or more of the following: <br />Money market or mutual funds registered under the Investment Company <br />Act of 1940 1 including any fund for which Escrow Agent or an affiliate of <br />Escrow Agent serves as an investment advisor, administrator, shareholder <br />servicing agent, custodian or sub-custodian, notwithstanding that (A) <br />Escrow Agent or an affiliate of Escrow Agent charges and collects fees <br />and expenses from such funds for services rendered (provided that such <br />charges, fees and expenses are on terms consistent with terms negotiated <br />at arm's length) and (B) Escrow Agent charges and collects fees and <br />expenses for services rendered, pursuant to this Agreement; <br />ii. Direct obligations of, or obligations fully guaranteed as to principal and <br />interest by, the United States or any agency or instrumentality thereof, <br />provided such obligations are backed by the full faith and credit of the <br />United States; or <br />An interest bearing deposit account of Escrow Agent. <br />(c) In the absence of written instructions, Escrow Agent will invest the Escrow <br />Property in the Money Market Account as set forth in Section 5(b)(i), above. Escrow Agent <br />shall have no obligation to invest the Escrow Property if deposited with Escrow Agent after <br />10:30 a.m. Pacific Time /1:30 p.m. Eastern Time on the day of deposit. Instructions received <br />after 10:30 a.m. Pacific Time 1:30 p.m. Eastern Time will be treated as if received on the <br />following Business Day. Escrow Agent shall have no responsibility for any investment losses <br />resulting from the investment, reinvestment or liquidation of the Escrow Property. Any interest <br />or other income received on such investment and reinvestment of the Escrow Property shall <br />become part of the Escrow Property and losses incurred on such investment and reinvestment of <br />the Escrow Property shall be reflected in the value of the Escrow Property from time to time. <br />' City hereby acknowledges that it has received and read the Prospectus for the selected investment of the Escrow <br />Property and understands that investments in the Money Market or Mutual Fund are not insured by the Federal <br />Deposit Insurance Corporation and are not obligations of or guaranteed by Escrow Agent. <br />3