Investment Securities and Commodities. (a) Each of South State and its Subsidiaries has good title to all securities and commodities owned by it (except those sold under repurchase agreements) that are material to South State’s business on a consolidated basis, free and clear of any Lien, except to the extent such securities or commodities are pledged in the ordinary course of business consistent with past practice to secure obligations of South State or its Subsidiaries. Such securities and commodities are valued on the books of South State in accordance with GAAP in all material respects.
Appears in 3 contracts
Samples: Agreement and Plan of Merger (CenterState Bank Corp), Agreement and Plan of Merger (SOUTH STATE Corp), Agreement and Plan of Merger (CenterState Bank Corp)
Investment Securities and Commodities. (a) Each of South State and its Subsidiaries has good title in all material respects to all securities and commodities owned by it (except those sold under repurchase agreements) that which are material to South State’s business on a consolidated basis, free and clear of any Lien, except to the extent such securities or commodities are pledged in the ordinary course of business consistent with past practice to secure obligations of South State or its Subsidiaries. Such securities and commodities are valued on the books of South State in accordance with GAAP in all material respects.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (SOUTH STATE Corp), Agreement and Plan of Merger (Atlantic Capital Bancshares, Inc.)
Investment Securities and Commodities. (a) Each of South State and its Subsidiaries has good title to all securities and commodities owned by it (except those sold under repurchase agreements) that are material to South State’s business on a consolidated basisagreements or held in any fiduciary capacity), free and clear of any Lien, except to the extent such securities or commodities are pledged in the ordinary course of business consistent with past practice to secure obligations of South State or its Subsidiaries. Such securities and commodities are valued on the books of South State in accordance with GAAP in all material respects.
Appears in 1 contract
Samples: Agreement and Plan of Merger (First Citizens Bancshares Inc /De/)
