Common use of COMPLIANCE WITH LAWS; ABSENCE OF DEFAULTS Clause in Contracts

COMPLIANCE WITH LAWS; ABSENCE OF DEFAULTS. (a) Neither CFC nor CFB is in default under, or in violation of, any provision of its Articles of Incorporation or Bylaws. Neither CFC nor CFB is in default under, or in violation of, any agreement to which either CFC or CFB is a party. (b) Except as disclosed in Schedule 4.6, neither CFC nor CFB is in violation of any applicable law, rule or regulation. Neither CFC nor CFB has received any notification or communication from, or consented to or entered into any memorandum, agreement or order with, any Regulatory Authority (i) asserting that CFC or CFB is not in compliance with any of the statutes, regulations, rules or ordinances which such Regulatory Authority has promulgated or enforces, or the internal policies and procedures of CFC or CFB, as applicable, (ii) threatening to revoke any Authorization, (iii) requiring or threatening to require CFC or CFB, or indicating that CFC or CFB may be required, to enter into a cease and desist order, agreement or memorandum of understanding or any other agreement restricting or limiting or purporting to restrict or limit in any manner the operations of CFC or CFB, or (iv) directing, restricting or limiting, or threatening to direct, restrict or limit in any manner the operations of CFC or CFB (any such notification, communication, memorandum, agreement or order described in this sentence herein referred to as a "Regulatory Agreement"). (c) Each of CFC and CFB: (i) is not required to give prior notice to any federal banking or thrift agency of the proposed addition of an individual to its Board of Directors or the employment of an individual as a senior executive; (ii) at September 30, 1999, was capitalized as set forth in its Quarterly Report on Form 10-Q for the quarter ended September 30, 1999; and (iii) is in compliance in all material respects with all fair lending laws or other laws relating to discrimination, including, without limitation, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Housing Act, the Community Reinvestment Act and the Home Mortgage Disclosure Act and similar federal and state laws and regulations.

COMPLIANCE WITH LAWS; ABSENCE OF DEFAULTS. (a) Neither CFC FSFC nor CFB FFA is in default under, or in violation of, any provision of its Articles Certificate of Incorporation Incorporation, Federal Stock Charter or Bylaws. Neither CFC FSFC nor CFB FFA is in default under, or in violation of, any agreement to which either CFC FSFC or CFB FFA is a party. (b) Except as disclosed in Schedule 4.63.6, neither CFC FSFC nor CFB FFA is in violation of any applicable law, rule or regulation. Neither CFC FSFC nor CFB FFA has received any notification or communication from, or consented to or entered into any memorandum, agreement or order with, any Regulatory Authority (i) asserting that CFC FSFC or CFB FFA is not in compliance with any of the statutes, regulations, rules or ordinances which such Regulatory Authority has promulgated or enforces, or the internal policies and procedures of CFC FSFC or CFBFFA, as applicable, (ii) threatening to revoke any Authorization, (iii) requiring or threatening to require CFC FSFC or CFBFFA, or indicating that CFC FSFC or CFB FFA may be required, to enter into a cease and desist order, agreement or memorandum of understanding or any other agreement restricting or limiting or purporting to restrict or limit in any manner the operations of CFC FSFC or CFBFFA, or (iv) directing, restricting or limiting, or threatening to direct, restrict or limit in any manner the operations of CFC FSFC or CFB FFA (any such notification, communication, memorandum, agreement or order described in this sentence herein referred to as a "Regulatory Agreement"). (c) Each of CFC FSFC and CFBFFA: (i) is not required to give prior notice to any federal banking or agency regulating thrift agency institutions of the proposed addition of an individual to its Board of Directors or the employment of an individual as a senior executive; (ii) at September 30, 1999, was capitalized is "well capitalized" as set forth defined in its Quarterly Report on Form 10-Q for the quarter ended September 30, 199912 CFR 564.4 and is not in "troubled condition" as defined in 12 CFR 574.9; and (iii) is in compliance in all material respects with all fair lending laws or other laws relating to discrimination, including, without limitation, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Housing Act, the Community Reinvestment Act and the Home Mortgage Disclosure Act and similar federal and state laws and regulations.Reporting

COMPLIANCE WITH LAWS; ABSENCE OF DEFAULTS. (a) Neither CFC nor CFB Citrus is not in default under, or in violation of, any provision of its Articles of Incorporation or Bylaws. Neither CFC nor CFB Citrus is not in default under, or in violation of, any material agreement to which either CFC or CFB Citrus is a party. (b) Except as disclosed in on Schedule 4.63.6, neither CFC nor CFB Citrus is not in violation of any applicable law, rule or regulation. Neither CFC nor CFB Citrus has not received any notification or communication from, or consented to or entered into any memorandum, agreement or order with, any Regulatory Authority (i) asserting that CFC or CFB Citrus is not in compliance with any of the statutes, regulations, rules or ordinances which such Regulatory Authority has promulgated or enforces, or the internal policies and procedures of CFC or CFBCitrus, as applicable, (ii) threatening to revoke any Authorization, (iii) requiring or threatening to require CFC or CFBCitrus, or indicating that CFC or CFB Citrus may be required, to enter into a cease and desist order, agreement or memorandum of understanding or any other agreement restricting or limiting or purporting to restrict or limit in any manner the operations of CFC or CFBCitrus, or (iv) directing, restricting or limiting, or threatening to direct, restrict or limit in any manner the operations of CFC or CFB Citrus (any such notification, communication, memorandum, agreement or order described in this sentence herein referred to as a "Regulatory Agreement"). (c) Each of CFC Citrus is "well capitalized" as defined in applicable FDIC regulations and CFB: (i) is not required to give prior notice to any federal banking or thrift agency of the proposed addition of an individual to its Board of Directors or the employment of an individual in "troubled condition" as a senior executive; (ii) at September 30defined therein, 1999, was capitalized as set forth in its Quarterly Report on Form 10-Q for the quarter ended September 30, 1999; and (iii) is in compliance in all material respects with all fair lending laws or other laws relating to discrimination, including, without limitation, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Housing Act, the Community Reinvestment Act and the Home Mortgage Disclosure Act and similar federal Federal and state laws and regulations. (d) Citrus is not aware of any reason why the Regulatory Approvals will not be obtained within the time period set forth in Section 2.2. 3.

COMPLIANCE WITH LAWS; ABSENCE OF DEFAULTS. (a) Neither CFC nor CFB is in default under, or in violation of, any provision of its Articles of Incorporation or Bylaws. Neither CFC nor CFB is in default under, or in violation of, any agreement to which either CFC or CFB is a party. . (b) Except as disclosed in Schedule 4.6, neither CFC nor CFB is in violation of any applicable law, rule or regulation. Neither CFC nor CFB has received any notification or communication from, or consented to or entered into any memorandum, agreement or order with, any Regulatory Authority (i) asserting that CFC or CFB is not in compliance with any of the statutes, regulations, rules or ordinances which such Regulatory Authority has promulgated or enforces, or the internal policies and procedures of CFC or CFB, as applicable, (ii) threatening to revoke any Authorization, (iii) requiring or threatening to require CFC or CFB, or indicating that CFC or CFB may be required, to enter into a cease and desist order, agreement or memorandum of understanding or any other agreement restricting or limiting or purporting to restrict or limit in any manner the operations of CFC or CFB, or (iv) directing, restricting or limiting, or threatening to direct, restrict or limit in any manner the operations of CFC or CFB (any such notification, communication, memorandum, agreement or order described in this sentence herein referred to as a "Regulatory Agreement"). (c) Each of CFC and CFB: (i) is not required to give prior notice to any federal banking or thrift agency of the proposed addition of an individual to its Board of Directors or the employment of an individual as a senior executive; (ii) at September 30, 1999, was capitalized as set forth in its Quarterly Report on Form 10-Q for the quarter ended September 30, 1999; and (iii) is in compliance in all material respects with all fair lending laws or other laws relating to discrimination, including, without limitation, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Housing Act, the Community Reinvestment Act and the Home Mortgage Disclosure Act and similar federal and state laws and regulations.