Common use of Investment Securities and Commodities Clause in Contracts

Investment Securities and Commodities. (a) Except as would not reasonably be expected to have a Material Adverse Effect on Seller, each of Seller and its Subsidiaries has good title to all securities and commodities owned by it (except those sold under repurchase agreements or held in any fiduciary or agency capacity), free and clear of any Liens, except to the extent such securities or commodities are pledged in the ordinary course of business to secure obligations of Seller or its Subsidiaries. Such securities and commodities are valued on the books of Seller in accordance with GAAP in all material respects. (b) Seller and its Subsidiaries and their respective businesses employ and have acted in compliance in all material respects with investment, securities, commodities, risk management and other policies, practices and procedures (the “Policies, Practices and Procedures”) that Seller believes are prudent and reasonable in the context of such businesses. Before the date hereof, Seller has made available to Buyer in writing the material Policies, Practices and Procedures.

Investment Securities and Commodities. (a) Except as would not reasonably be expected to have a Material Adverse Effect on Seller, each of Seller and its Subsidiaries Seller Bank has good title to all securities and commodities owned by it (except those sold under repurchase agreements or held in any fiduciary or agency capacity), free and clear of any Liens, except to the extent such securities or commodities are pledged in the ordinary course of business to secure obligations of Seller or its SubsidiariesSeller Bank. Such securities and commodities are valued on the books of Seller in accordance with GAAP in all material respects. (b) Seller and its Subsidiaries Seller Bank and their respective businesses employ and have acted in compliance in all material respects with investment, securities, commodities, risk management and other policies, practices and procedures (the “Policies, Practices and Procedures”) that Seller believes are prudent and reasonable in the context of such businesses. Before the date hereof, Seller has made available to Buyer in writing the material Policies, Practices and Procedures.

Investment Securities and Commodities. (a) Except as would not reasonably be expected to have a Material Adverse Effect on Seller, each of Seller and its Subsidiaries each Seller Subsidiary has good title to all securities and commodities owned by it (except those sold under repurchase agreements or held in any fiduciary or agency capacity), free and clear of any Liens, except to the extent such securities or commodities are pledged in the ordinary course of business to secure obligations of Seller or its Subsidiariessuch Seller Subsidiary. Such securities and commodities are valued on the books of Seller or such Seller Subsidiary in accordance with GAAP in all material respects. (b) Seller and its the Seller Subsidiaries and their respective businesses employ and have acted in compliance in all material respects with investment, securities, commodities, risk management and other policies, practices and procedures (the “Policies, Practices and Procedures”) that Seller believes are prudent and reasonable in the context of such businesses. Before the date hereof, Seller has made available to Buyer in writing the material Policies, Practices and Procedures.

Investment Securities and Commodities. (a) Except as would not reasonably be expected to have a Material Adverse Effect on Sellerthe Company, each of Seller the Company and its Subsidiaries has good title to all securities and commodities owned by it (except those sold under repurchase agreements or held in any fiduciary or agency capacity), free and clear of any Liens, except to the extent such securities or commodities are pledged in the ordinary course of business to secure obligations of Seller the Company or its Subsidiaries. Such securities and commodities are valued on the books of Seller the Company in accordance with GAAP in all material respects. (b) Seller The Company and its Subsidiaries and their respective businesses employ and have acted in compliance in all material respects with investment, securities, commodities, risk management and other policies, practices and procedures (the “Policies, Practices and Procedures”) that Seller the Company believes are prudent and reasonable in the context of such businesses. Before the date hereof, Seller the Company has made available to Buyer in writing the material Policies, Practices and Procedures.