Common use of Investment Securities and Commodities Clause in Contracts

Investment Securities and Commodities. (a) Each of SCB and its Subsidiaries has good title in all material respects to all securities and commodities owned by it (except those sold under repurchase agreements), free and clear of any Liens, except as set forth in the financial statements included in the SCB Reports or to the extent such securities or commodities are pledged in the ordinary course of business to secure obligations of SCB or its Subsidiaries. Such securities and commodities are valued on the books of SCB in accordance with GAAP in all material respects. (b) SCB and its Subsidiaries and their respective businesses employ investment, securities, commodities, risk management and other policies, practices and procedures that SCB believes are prudent and reasonable in the context of such businesses, and SCB and its Subsidiaries have, since January 1, 2021, been in compliance with such policies, practices and procedures in all material respects. Prior to the date of this Agreement, SCB has made available to CBC the material terms of such policies, practices and procedures.

Investment Securities and Commodities. (a) Each of SCB CBC and its Subsidiaries has good title in all material respects to all securities and commodities owned by it (except those sold under repurchase agreements), free and clear of any Liens, except as set forth in the financial statements included in the SCB CBC Reports or to the extent such securities or commodities are pledged in the ordinary course of business to secure obligations of SCB CBC or its Subsidiaries. Such securities and commodities are valued on the books of SCB CBC in accordance with GAAP in all material respects. (b) SCB CBC and its Subsidiaries and their respective businesses employ investment, securities, commodities, risk management and other policies, practices and procedures that SCB CBC believes are prudent and reasonable in the context of such businesses, and SCB CBC and its Subsidiaries have, since January 1, 2021, been in compliance with such policies, practices and procedures in all material respects. Prior to the date of this Agreement, SCB CBC has made available to CBC SCB the material terms of such policies, practices and procedures.

Investment Securities and Commodities. (a) Each of SCB LINK and its Subsidiaries has good title in all material respects to all securities and commodities owned by it (except those sold under repurchase agreements), free and clear of any Liens, except as set forth in the financial statements included in the SCB LINK Reports or to the extent such securities or commodities are pledged in the ordinary course of business to secure obligations of SCB LINK or its Subsidiaries. Such securities and commodities are valued on the books of SCB LINK in accordance with GAAP in all material respects. (b) SCB LINK and its Subsidiaries and their respective businesses employ investment, securities, commodities, risk management and other policies, practices and procedures that SCB LINK believes are prudent and reasonable in the context of such businesses, and SCB LINK and its Subsidiaries have, since January 1, 20212019, been in compliance with such policies, practices and procedures in all material respects. Prior to the date of this Agreement, SCB LINK has made available to CBC Partners the material terms of such policies, practices and procedures.