Common use of Loans; Nonperforming and Classified Assets Clause in Contracts

Loans; Nonperforming and Classified Assets. (a) Each loan agreement, note or borrowing arrangement (whether written or oral), including without limitation portions of outstanding lines of credit, loan commitments, leases, credit enhancements and guarantees (collectively, “Loans”), on the books and records of the Company and its Subsidiaries, was originated in compliance with the Company’s loan policies and is evidenced by appropriate and sufficient documentation and, to the knowledge of the Company, constitutes the legal, valid and binding obligation of the obligor named therein, subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditor’s rights or by general equity principles. The information (including electronic information and information contained on tapes and computer disks) with respect to all Loans of the Company and its Subsidiaries furnished to Parent by the Company is, as of the respective dates indicated therein, true and correct in all material respects. To the knowledge of the Company, all loans originated, directly or through third party mortgage brokers, have been originated in compliance with all federal, state and local laws, including without limitation, the Real Estate Settlement Procedures Act of 1974, as amended. (b) The Company has, in Schedule 5.21(b) of the Company Disclosure Schedule, Previously Disclosed as to the Company and each Company Subsidiary as of the latest practicable date: (i) any written or, to the Company’s knowledge, oral Loan under the terms of which the obligor is 60 or more days delinquent in payment of principal or interest, or to the Company’s knowledge, in default of any other material provision thereof; (ii) each Loan which has been classified as “substandard,” “doubtful,” “loss” or “special mention” (or words of similar import) by the Company, a Company Subsidiary or an applicable regulatory authority (it being understood that no representation is being made that FDIC or Staff of the Massachusetts Bank Commissioner would agree with the loan classifications established by the Company); (iii) a listing of the OREO acquired by foreclosure or by deed-in-lieu thereof, including the book value thereof; and (iv) each Loan with any director, executive officer or five percent or greater shareholder of the Company or a Company Subsidiary, or to the knowledge of the Company, any Person controlling, controlled by or under common control with any of the foregoing. (c) No agreement pursuant to which any loans or other assets have been or shall be sold by the Company or its Subsidiaries entitled the buyer of such loans or other assets, unless there is material breach of a representation or covenant by the Company or its Subsidiaries, to cause the Company or its Subsidiaries to repurchase such loan or other asset or the buyer to pursue any other form of recourse against the Company or its Subsidiaries.

Loans; Nonperforming and Classified Assets. (a) Each loan agreement, note or borrowing arrangement (whether written or oral), including without limitation portions of outstanding lines of credit, loan commitments, leases, credit enhancements and guarantees (collectively, “Loans”"LOANS"), on the books and records of the Company and its Subsidiaries, was originated made and has been serviced in compliance all material respects in accordance with customary lending standards in the Company’s loan policies and ordinary course of business, is evidenced in 42 all material respects by appropriate and sufficient documentation and, to the knowledge of the Company, constitutes the legal, valid and binding obligation of the obligor named therein, subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditor’s 's rights or by general equity principles. The information (including electronic information and information contained on tapes and computer disks) with respect to all Loans of the Company and its Subsidiaries furnished to Parent by the Company is, as of the respective dates indicated therein, true and correct in all material respects. To the best knowledge of the Company, all loans originated, directly or through third party mortgage brokers, have been originated in compliance with all federal, state and local laws, including without limitation, the Real Estate Settlement Procedures Act of 1974, as amended. (b) The Company has, in Schedule 5.21(b) of the Company Disclosure Schedule, has Previously Disclosed as to the Company and each Company Subsidiary as of the latest practicable date: (i) any written or, to the Company’s 's knowledge, oral Loan under the terms of which the obligor is 60 or more days delinquent in payment of principal or interest, or to the Company’s 's knowledge, in default of any other material provision thereof; (ii) each Loan which has been classified as “"substandard,” “" "doubtful,” “" "loss” " or “"special mention” " (or words of similar import) by the Company, a Company Subsidiary or an applicable regulatory authority (it being understood that no representation is being made that FDIC or Staff of the Massachusetts Bank Commissioner would agree with the loan classifications established by the Company); (iii) a listing of the OREO acquired by foreclosure or by deed-in-lieu thereof, including the book value thereof; and (iv) each Loan with any director, executive officer or five percent or greater shareholder of the Company or a Company Subsidiary, or to the best knowledge of the Company, any Person controlling, controlled by or under common control with any of the foregoing. (c) No agreement pursuant to which any loans or other assets have been or shall be sold by the Company or its Subsidiaries entitled the buyer of such loans or other assets, unless there is material breach of a representation or covenant by the Company or its Subsidiaries, to cause the Company or its Subsidiaries to repurchase such loan or other asset or the buyer to pursue any other form of recourse against the Company or its Subsidiaries.

Loans; Nonperforming and Classified Assets. (a) Each loan agreement, note or borrowing arrangement (whether written or oral), including including, without limitation limitation, portions of outstanding lines of credit, loan commitments, leases, credit enhancements and guarantees (collectively, “Loans”), on the books and records of Lincoln (i) was made and has been serviced in all material respects in accordance with customary lending standards in the Company and its Subsidiariesordinary course of business, was originated in compliance with the Company’s loan policies and (ii) is evidenced in all material respects by appropriate and sufficient documentation anddocumentation, and (iii) to the knowledge Knowledge of the CompanyLincoln, constitutes the legal, valid and binding obligation of the obligor named therein, subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditor’s rights or by general equity principles. The information (including electronic information and information contained on tapes and computer disks) with respect to all Loans of the Company and its Subsidiaries Lincoln furnished to Parent Ion MHC by the Company Lincoln is, as of the respective dates indicated therein, true and correct in all material respects. To the knowledge Knowledge of the CompanyLincoln, all loans Loans originated, directly or through third party mortgage brokers, have been originated in compliance with all federal, state and local laws, including including, without limitation, the Real Estate Settlement Procedures Act of 1974, as amended. (b) The Company has, Lincoln has disclosed in Schedule Section 5.21(b) of the Company Lincoln’s Disclosure ScheduleSchedules, Previously Disclosed as to the Company and each Company Subsidiary as of the latest practicable date: (i) any written or, to the Company’s knowledge, or oral Loan under the terms of which the obligor is 60 or more days delinquent in payment of principal or interest, or to the CompanyLincoln’s knowledgeKnowledge, in default of any other material provision thereof; , (ii) each Loan which has been classified as “substandard,” “doubtful,” “loss” or “special mention” (or words of similar import) by the Company, a Company Subsidiary Lincoln or an applicable regulatory authority (it being understood that no representation is being made that the FDIC or Staff of the Massachusetts Bank Commissioner NJDBI would agree with the loan classifications established by the CompanyLincoln); , (iii) a listing of the OREO acquired by foreclosure or by deed-in-lieu thereof, including the book value thereof; , and (iv) each Loan with any director, executive officer or five percent or greater shareholder of the Company or a Company SubsidiaryLincoln, or to the knowledge Knowledge of the CompanyLincoln, any Person controlling, controlled by or under common control with any of the foregoing. (c) No agreement agreement, pursuant to which any loans Loans or other assets have been or shall be sold by the Company or its Subsidiaries Lincoln, entitled the buyer of such loans Loans or other assets, unless there is material breach of a representation or covenant by the Company or its SubsidiariesLincoln, to cause the Company or its Subsidiaries Lincoln to repurchase such loan Loan or other asset asset, or the buyer to pursue any other form of recourse against the Company or its SubsidiariesLincoln.

Loans; Nonperforming and Classified Assets. (a) Each loan agreement, note or borrowing arrangement (whether written or oral), including including, without limitation limitation, portions of outstanding lines of credit, loan commitments, leases, credit enhancements and guarantees (collectively, “Loans”), on the books and records of Strata (i) was made and has been serviced in accordance with Strata’s lending standards in the Company and its Subsidiariesordinary course of business, was originated in compliance with the Company’s loan policies and (ii) is evidenced by appropriate and sufficient documentation anddocumentation, (iii) to the knowledge of the Companyextent secured, has been secured by valid Liens and security interests which have been perfected, and (iv) constitutes the legal, valid and binding obligation of the obligor named thereintherein enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditor’s rights or by general equity principles. The information (including electronic information and information contained on tapes and computer disks) with respect to all Loans of the Company and its Subsidiaries Strata furnished to Parent Middlesex by the Company Strata is, as of the respective dates indicated therein, true and correct in all material respectscorrect. To the knowledge of the Company, all loans All Loans originated, directly or through third party mortgage brokers, have been originated in compliance with all federal, state and local laws, including including, without limitation, the Real Estate Settlement Procedures Act of 1974, as amended. (b) The Company has, Strata has disclosed in Schedule Section 5.21(b) of the Company Strata’s Disclosure Schedule, Previously Disclosed as to the Company and each Company Subsidiary as of the latest practicable dateOctober 31, 2008: (i) any written or, to the Company’s knowledge, oral Loan under the terms of which the obligor is 60 30 or more days delinquent in payment of principal or interest, or or, to the Company’s knowledgeKnowledge of Strata, in default of any other material provision thereof; , (ii) each Loan which has been classified as “substandard,” “doubtful,” “loss” or “special mention” (or words of similar import) by the Company, a Company Subsidiary Strata or an applicable regulatory authority (it being understood that no representation is being made that the FDIC or Staff staff of the Massachusetts Bank Commissioner would agree with the loan Loan classifications established by the CompanyStrata); , (iii) a listing of the OREO acquired by or currently in the process of being acquired by foreclosure or by deed-in-lieu thereof, including the book value thereof; thereof and (iv) each Loan with any director, executive officer or five percent (5%) or greater shareholder of the Company or a Company SubsidiaryStrata, or or, to the knowledge Knowledge of the CompanyStrata, any Person controlling, controlled by or under common control with any of the foregoing. All Loans which are classified as “insider transactions” under Regulation O of the FRB have been made by Strata in an arm’s-length-manner on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other Persons and do not involve more than normal risk of collectability or present other unfavorable features. (c) No agreement agreement, pursuant to which any loans Loans or other assets have been or shall be sold by the Company or its Subsidiaries Strata, entitled the buyer of such loans Loans or other assets, unless there is material breach of a representation or covenant by the Company or its SubsidiariesStrata, to cause the Company or its Subsidiaries Strata to repurchase such loan Loan or other asset asset, or the buyer to pursue any other form of recourse against the Company or its SubsidiariesStrata.

Loans; Nonperforming and Classified Assets. (a) Each loan agreement, note or borrowing arrangement (whether written or oral), including without limitation portions of outstanding lines of credit, loan commitments, leases, credit enhancements and guarantees (collectively, “Loans”"LOANS"), on the books and records of the Company Chart and its Subsidiaries, was originated made and has been serviced in compliance all material respects in accordance with customary lending standards in the Company’s loan policies and ordinary course of business, is evidenced in all material respects by appropriate and sufficient documentation and, to the knowledge of the CompanyChart, constitutes the legal, valid and binding obligation of the obligor named therein, subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditor’s 's rights or by general equity principles. The information (including electronic information and information contained on tapes and computer disks) with respect to all Loans of the Company Chart and its Subsidiaries furnished to Parent Bancorp by the Company Chart is, as of the respective dates indicated therein, true and correct in all material respects. To the best knowledge of the CompanyChart, all loans originated, directly or through third party mortgage brokers, have been originated in compliance with all federal, state and local laws, including without limitation, the Real Estate Settlement Procedures Act of 1974, as amended. (b) The Company has, in Schedule 5.21(b) of the Company Disclosure Schedule, Chart has Previously Disclosed as to the Company Chart and each Company Chart Subsidiary as of the latest practicable date: (i) any written or, to the Company’s Chart's knowledge, oral Loan under the terms of which the obligor is 60 or more days delinquent in payment of principal or interest, or to the Company’s Chart's knowledge, in default of any other material provision thereof; (ii) each Loan which that has been classified as “"substandard,” “" "doubtful,” “" "loss” " or “"special mention” " (or words of similar import) by the CompanyChart, a Company Chart Subsidiary or an applicable regulatory authority (it being understood that no representation is being made that FDIC or Staff of the Massachusetts Bank Commissioner would agree with the loan classifications established by the CompanyChart); (iii) a listing of the OREO acquired by foreclosure or by deed-in-lieu thereof, including the book value thereof; and (iv) each Loan with any director, executive officer or five percent or greater shareholder of the Company Chart or a Company Chart Subsidiary, or to the best knowledge of the CompanyChart, any Person controlling, controlled by or under common control with any of the foregoing. (c) No agreement pursuant to which any loans or other assets have been or shall be sold by the Company or its Subsidiaries entitled the buyer of such loans or other assets, unless there is material breach of a representation or covenant by the Company or its Subsidiaries, to cause the Company or its Subsidiaries to repurchase such loan or other asset or the buyer to pursue any other form of recourse against the Company or its Subsidiaries.