REPRESENTATIONS AND WARRANTIES OF WESTBOUND. Section 3.01 Organization; Ownership. 13 Section 3.02 Capitalization 14 Section 3.03 Execution and Delivery 14 Section 3.04 No Violation 15 Section 3.05 Financial Statements; Call Reports. 15 Section 3.06 Litigation 16 Section 3.07 Governmental Consents and Approvals 16 Section 3.08 No Undisclosed Liabilities 16 Section 3.09 Title to Tangible Assets 17 Section 3.10 Absence of Certain Changes or Events 17 Section 3.11 Leases, Contracts and Agreements. 17 Section 3.12 Taxes and Tax Returns. 19 Section 3.13 Insurance 21 Section 3.14 Proprietary Rights 22 Section 3.15 Loan Portfolio and Reserve for Loan Losses 22 Section 3.16 Deposits 23 Section 3.17 Investment Securities and Commodities 24 Section 3.18 Risk Management Instruments 24 Section 3.19 Employee Relationships 24 Section 3.20 Condition of Assets 24 Section 3.21 Environmental Compliance 25 Section 3.22 Books and Records 25 i Section 3.23 Absence of Certain Business Practices 26 Section 3.24 Regulatory Compliance 26 Section 3.25 Internal Controls 26 Section 3.26 Forms of Instruments, Etc 26 Section 3.27 Fiduciary Responsibilities 26 Section 3.28 Guaranties 27 Section 3.29 Employee Benefit Plans. 27 Section 3.30 Compliance with Laws, Permits and Instruments 29 Section 3.31 Westbound Information 29 Section 3.32 Dissenting Shareholders 30 Section 3.33 Business Combination 30 Section 3.34 Fairness Opinion 30 Section 3.35 Brokerage Fees and Commissions 30 Section 3.36 Regulatory Approvals 30 Section 3.37 Representations Not Misleading 30 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF GUARANTY AND GBT Section 4.01 Organization 31 Section 4.02 Capitalization 31 Section 4.03 Execution and Delivery 32 Section 4.04 No Violation 32 Section 4.05 Litigation 33 Section 4.06 SEC Filings; Financial Statements; Call Reports 33 Section 4.07 Governmental Consents and Approvals 34 Section 4.08 No Undisclosed Liabilities 34 Section 4.09 Absence of Certain Changes or Events 35 Section 4.10 Taxes and Tax Returns 35 Section 4.11 Compliance with Laws, Permits and Instruments; Regulatory Compliance and Report 36 Section 4.12 Absence of Certain Business Practices 37 Section 4.13 Internal Controls 37 Section 4.14 Guaranty Information 37 Section 4.15 Brokerage Fees and Commissions 38 Section 4.16 Tax Treatment of the Merger 38 Section 4.17 Financing 38 Section 4.18 No Vote Required 38 Section 4.19 Representations Not Misleading 38 ARTICLE V COVENANTS OF WESTBOUND Section 5.01 Commercially Reasonable Efforts 38 Section 5.02 Informatio...
REPRESENTATIONS AND WARRANTIES OF WESTBOUND. Except as disclosed in the disclosure schedules delivered by Westbound to Guaranty concurrently herewith (the “Disclosure Schedules”), Westbound hereby represents and warrants to Guaranty and GBT as follows:
