Common use of Derivatives Clause in Contracts

Derivatives. Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect on Purchaser, all Derivative Contracts, whether entered into for its own account, or for the account of one or more of its Subsidiaries or their respective customers, were entered into (i) in accordance with prudent business practices and all applicable laws, rules, regulations and regulatory policies and (ii) with counterparties believed to be financially responsible at the time; and each Derivative Contract constitutes the valid and legally binding obligation of it or one of its Subsidiaries, as the case may be, enforceable in accordance with its terms (subject to the Bankruptcy and Equity Exception), and are in full force and effect. Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect on Purchaser, neither Purchaser nor its Subsidiaries, nor to the Knowledge of Purchaser any other party thereto, is in breach of any of its obligations under any Derivative Contract. The financial position of it and its Subsidiaries on a consolidated basis under or with respect to each such Derivative Contracts has been reflected in its books and records and the books and records of such Subsidiaries, in each case in accordance with GAAP consistently applied.

Appears in 4 contracts

Samples: Merger Agreement (West Coast Bancorp /New/Or/), Merger Agreement (Columbia Banking System Inc), Merger Agreement (Hilltop Holdings Inc.)

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Derivatives. Except as would not reasonably be expectedas, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect on Purchaserthe Company, all swaps, caps, floors, option agreements, futures and forward contracts and other similar derivative transactions (each, a “Derivative ContractsContract”), whether entered into for the Company’s and its Subsidiaries’ own accountaccounts, or for the account of one or more of its Subsidiaries or their respective customers, were entered into (i) in accordance with prudent business practices and all applicable laws, rules, regulations and regulatory policies Laws and (ii) with counterparties believed to be financially responsible at the time; and each Derivative Contract constitutes the valid and legally binding obligation of it the Company or one of its Subsidiaries, as the case may be, enforceable in accordance with its terms (subject except to the Bankruptcy and Equity Exceptionextent that enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization or similar Laws affecting the enforcement of creditors’ rights generally or by general principles of equity), and are in full force and effect. Except as would not reasonably be expectedas, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect on Purchaserthe Company, neither Purchaser the Company nor its Subsidiaries, nor to the Knowledge of Purchaser Company’s knowledge any other party thereto, is in breach of any of its obligations under any Derivative Contract. The financial position of it the Company and its Subsidiaries on a consolidated basis under or with respect to each such Derivative Contracts Contract has been reflected in its books and records and the books and records of the Company and such Subsidiaries, in each case Subsidiaries in accordance with GAAP consistently applied.

Appears in 3 contracts

Samples: Merger Agreement (Green Bancorp, Inc.), Merger Agreement (Green Bancorp, Inc.), Merger Agreement (SP Bancorp, Inc.)

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