Common use of Allowance for Possible Loan Losses Clause in Contracts

Allowance for Possible Loan Losses. (a) The allowance for possible loan losses shown on the RCSB Financial Statements as of November 30, 1996 (and as shown on any financial statements to be delivered by RCSB to COFI pursuant to Section 5.7 hereof), to the best knowledge of RCSB and Target Bank, as of such date was (and will be as of such subsequent financial statement dates) adequate in all respects to provide for possible or specific losses, net of recoveries relating to loans previously charged off, on loans outstanding, and contained (or will contain) an additional amount of unallocated reserves for unanticipated future losses at a level considered adequate under the standards applied by applicable federal regulatory authorities and based upon generally accepted practices applicable to Target Bank and the other RCSB Subsidiaries. To the best knowledge of RCSB and Target Bank, the aggregate principal amount of loans contained (or that will be contained) in the loan portfolio of RCSB and the RCSB Subsidiaries as of November 30, 1996 (and as of the dates of any financial statements to be delivered by RCSB to COFI pursuant to Section 5.7 hereof), in excess of such reserve, was (and will be) fully collectible.

Allowance for Possible Loan Losses. (a) The allowance for possible loan losses shown on the RCSB COFI Financial Statements as of November 30December 31, 1996 1996, (and as shown on any financial statements to be delivered by COFI to RCSB to COFI pursuant to Section 5.7 hereof), to the best knowledge of RCSB COFI and Target Charter One Bank, as of such date was (and will be as of such subsequent financial statement dates) adequate in all respects to provide for possible or specific losses, net of recoveries relating to loans previously charged off, on loans outstanding, and contained (or will contain) an additional amount of unallocated reserves for unanticipated future losses at a level considered adequate under the standards applied by applicable federal regulatory authorities and based upon generally accepted practices accounting principles applicable to Target Bank and the other RCSB SubsidiariesCharter One Bank. To the best knowledge of RCSB COFI and Target Charter One Bank, the aggregate principal amount of loans contained (or that will be contained) in the loan portfolio of RCSB COFI and the RCSB COFI Subsidiaries as of November 30December 31, 1996 (and as of the dates of any financial statements to be delivered by COFI to RCSB to COFI pursuant to Section 5.7 hereof), in excess of such reserve, was (and will be) fully collectible.

Allowance for Possible Loan Losses. (a) The allowance for possible loan losses shown on the RCSB COFI Financial Statements as of November 30December 31, 1996 1996, (and as shown on any financial statements to be delivered by RCSB COFI to COFI pursuant Havexxxxxx xxxsuant to Section 5.7 hereof), to the best knowledge of RCSB COFI and Target Charter One Bank, as of such date was (and will be as of such subsequent financial statement dates) adequate in all respects to provide for possible or specific losses, net of recoveries relating to loans previously charged off, on loans outstanding, and contained (or will contain) an additional amount of unallocated reserves for unanticipated future losses at a level considered adequate under the standards applied by applicable federal regulatory authorities and based upon generally accepted practices accounting principles applicable to Target Bank and the other RCSB SubsidiariesCharter One Bank. To the best knowledge of RCSB COFI and Target Charter One Bank, the aggregate principal amount of loans contained (or that will be contained) in the loan portfolio of RCSB COFI and the RCSB COFI Subsidiaries as of November 30December 31, 1996 (and as of the dates of any financial statements to be delivered by RCSB COFI to COFI pursuant Havexxxxxx xxxsuant to Section 5.7 hereof), in excess of such reserve, was (and will be) fully collectible.

Allowance for Possible Loan Losses. (a) The allowance ---------------------------------- for possible loan losses shown on the RCSB COFI Financial Statements as of November 30December 31, 1996 1996, (and as shown on any financial statements to be delivered by RCSB COFI to COFI Xxxxxxxxxx pursuant to Section 5.7 hereof), to the best knowledge of RCSB COFI and Target Charter One Bank, as of such date was (and will be as of such subsequent financial statement dates) adequate in all respects to provide for possible or specific losses, net of recoveries relating to loans previously charged off, on loans outstanding, and contained (or will contain) an additional amount of unallocated reserves for unanticipated future losses at a level considered adequate under the standards applied by applicable federal regulatory authorities and based upon generally accepted practices accounting principles applicable to Target Bank and the other RCSB SubsidiariesCharter One Bank. To the best knowledge of RCSB COFI and Target Charter One Bank, the aggregate principal amount of loans contained (or that will be contained) in the loan portfolio of RCSB COFI and the RCSB COFI Subsidiaries as of November 30December 31, 1996 (and as of the dates of any financial statements to be delivered by RCSB COFI to COFI Xxxxxxxxxx pursuant to Section 5.7 hereof), in excess of such reserve, was (and will be) fully collectible.