Investment of the Exchange Fund. The Exchange Agent shall invest any cash included in the Exchange Fund as reasonably directed by Sovereign; provided that, such investments shall be in obligations of or guaranteed by the United States of America and backed by a full faith and credit of the United States of America or in commercial paper obligations rated P-1 and A-1 or better by Xxxxx'x Investors Service, Inc. and Standard & Poor's Corporation, respectively. Any interest and other income resulting from such investments shall be payable to Sovereign.
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Samples: Merger Agreement (Main Street Bancorp Inc), Merger Agreement (Sovereign Bancorp Inc), Merger Agreement (First Essex Bancorp Inc)
Investment of the Exchange Fund. The Exchange Agent shall invest any cash included in the Exchange Fund as reasonably directed by SovereignHoldCo; provided that, such investments shall be in obligations of or guaranteed by the United States of America and backed by a the full faith and credit of the United States of America or in commercial paper obligations rated P-1 and A-1 or better by Xxxxx'x Investors Service, Inc. and Standard & Poor's Corporation, respectively. Any interest and other income resulting from such investments shall be payable to SovereignHoldCo.
Appears in 2 contracts
Samples: Merger Agreement (Potomac Electric Power Co), Merger Agreement (Conectiv)
Investment of the Exchange Fund. The Exchange Agent shall invest any cash included in the Exchange Fund as reasonably directed by Sovereign; provided that, such investments shall be in obligations of or guaranteed by the United States of America and backed by a full faith and credit of the United States of America or in commercial paper obligations rated P-1 and A-1 or better by Xxxxx'x Moody's Investors Service, Inc. and Standard & Poor's Poxx'x Corporation, respectively. Any interest and other income resulting from such investments shall be payable to Sovereign.
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Investment of the Exchange Fund. The Exchange Agent shall invest any cash included in the Exchange Fund as reasonably directed by Sovereign; provided that, such investments shall be in obligations of or guaranteed by the United States of America and backed by a full faith and credit of the United States of America or in commercial paper obligations rated P-1 and A-1 or better by Xxxxx'x Mxxxx’x Investors Service, Inc. and Standard & Poor's ’s Corporation, respectively. Any interest and other income resulting from such investments shall be payable to Sovereign.
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Samples: Agreement and Plan of Merger (Sovereign Bancorp Inc)
Investment of the Exchange Fund. The Exchange Agent shall invest any cash included in the Exchange Fund as reasonably directed by SovereignOrrstown; provided that, that such investments shall be in obligations of or guaranteed by the United States of America and backed by a full faith and credit of the United States of America or in commercial paper obligations rated P-1 and A-1 or better by Xxxxx'x Xxxxx’x Investors Service, Inc. and Standard & Poor's ’s Corporation, respectively. Any interest and other income resulting from such investments shall be payable to SovereignOrrstown.
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