Common use of Derivative Instruments Clause in Contracts

Derivative Instruments. All material derivative instruments, including, swaps, caps, floors and option agreements, whether entered into for the Company’s own account, or for the account of the Bank or one or more of the Subsidiaries, were entered into (1) only in the ordinary and usual course of business and consistent with past practice, (2) in accordance with commercially reasonable banking practices and in all material respects with all applicable laws, rules, regulations and regulatory policies and (3) with counterparties believed to be financially responsible at the time; and each of them constitutes the valid and legally binding obligation of the Company, the Bank or one of the Subsidiaries, enforceable in accordance with its terms. None of the Company, the Bank or the Subsidiaries, or, to the Knowledge of the Company, any other party thereto, is in breach of any of its material obligations under any such agreement or arrangement.

Derivative Instruments. All material derivative instruments, including, including swaps, caps, floors and option agreements, whether entered into for the Company’s own account, or for the account of the Bank or one or more of the its Subsidiaries, were entered into (1a) only in the ordinary and usual course of business and consistent with past practice, (2b) in accordance with commercially reasonable banking practices and in all material respects with all applicable laws, rules, regulations and regulatory policies Laws and (3c) with counterparties believed to be financially responsible at the time; and each of them constitutes the valid and legally binding obligation of the Company, the Bank Company or one of the its Subsidiaries, enforceable in accordance with its terms. None of the Company, the Bank Company or the Subsidiaries, its Subsidiaries or, to the Knowledge of the Company, any other party thereto, thereto is in breach of any of its material obligations under any such agreement or arrangement.