Common use of Securities Portfolio and Investments Clause in Contracts

Securities Portfolio and Investments. FNB has Previously Disclosed to ACB a listing of all securities owned, of record or beneficially, by FNB or First National as of September 30, 2003. All securities owned are held free and clear of all mortgages, liens, pledges, encumbrances, or any other restriction or rights of any other person or entity, whether contractual or statutory (other than customary pledges in the ordinary course of its business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in the ordinary course of business), which would materially impair the ability of FNB or First National to dispose freely of any such security or otherwise to realize the benefits of ownership thereof at any time. There are no voting trusts or other agreements or undertakings to which FNB or First National is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” under which FNB or First National has “sold” securities under agreement to repurchase, FNB or First National, as applicable, has a valid, perfected first lien or security interest in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB or First National, as the case may be, which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securities, municipal securities, or other debt securities since September 30, 2003, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNB’s or First National’s securities portfolio as a whole.

Securities Portfolio and Investments. FNB 1st Financial has Previously Disclosed to ACB FCB a listing of all securities owned, of record or beneficially, by FNB or First National any of the 1st Financial Companies as of September 30July 31, 20032013. All securities owned owned, of record or beneficially, by any of the 1st Financial Companies as of the date hereof are held free and clear of all mortgages, liens, pledges, encumbrances, encumbrances or any other restriction or rights of any other person or entity, whether contractual or statutory (other than pledges to the Federal Home Loan Bank of Atlanta to secure advances to Mountain 1st in the ordinary course of its business, and customary pledges to secure public funds deposits, and sales of securities under agreements to repurchase, entered into by Mountain 1st in the ordinary course of its business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in with its customers, and restrictions imposed by and the ordinary course rights of businessthe issuers of such securities), which would materially impair the ability of FNB or First National any of the 1st Financial Companies to dispose freely of any such security or and/or otherwise to realize the benefits of ownership thereof at any time. There are no voting trusts or other agreements or undertakings to which FNB or First National any of the 1st Financial Companies is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” agreements under which FNB 1st Financial or First National Mountain 1st has “sold” "purchased" securities under agreement to repurchaseresell, FNB or First National, as applicable, it has a valid, perfected first lien or security interest in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB or First National, as the case may be, to it which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securitiesSince July 31, municipal securities, or other debt securities since September 30, 20032013, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNB’s or First National’s the 1st Financial Companies securities portfolio portfolios as a whole.

Securities Portfolio and Investments. FNB FCB has Previously Disclosed previously disclosed to ACB EVBS a listing of all securities owned, of record or beneficially, by FNB FCB or First National Capital Bank as of September 30December 31, 20032008. All securities owned are held free and clear of all mortgages, liens, pledges, encumbrances, or any other restriction or rights of any other person or entity, whether contractual or statutory (other than customary pledges in the ordinary course of its business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in the ordinary course of business), which would materially impair the ability of FNB FCB or First National Capital Bank to dispose freely of any such security or otherwise to realize the benefits of ownership thereof at any time. There are no voting trusts or other agreements or undertakings to which FNB FCB or First National Capital Bank is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” under which FNB FCB or First National Capital Bank has “sold” or “purchased” securities under agreement to repurchase, FNB FCB or First NationalCapital Bank, as applicable, has a valid, perfected first lien or security interest in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB FCB or First NationalCapital Bank, as the case may be, which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securitiesSince December 31, municipal securities, or other debt securities since September 30, 20032008, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNBFCB’s or First NationalCapital Bank’s securities portfolio as a whole.

Securities Portfolio and Investments. FNB 1st Financial has Previously Disclosed to ACB FCB a listing of all securities owned, of record or beneficially, by FNB or First National any of the 1st Financial Companies as of September 30July 31, 20032013. All securities owned owned, of record or beneficially, by any of the 1st Financial Companies as of the date hereof are held free and clear of all mortgages, liens, pledges, encumbrances, encumbrances or any other restriction or rights of any other person or entity, whether contractual or statutory (other than pledges to the Federal Home Loan Bank of Atlanta to secure advances to Mountain 1st in the ordinary course of its business, and customary pledges to secure public funds deposits, and sales of securities under agreements to repurchase, entered into by Mountain 1st in the ordinary course of its business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in with its customers, and restrictions imposed by and the ordinary course rights of businessthe issuers of such securities), which would materially impair the ability of FNB or First National any of the 1st Financial Companies to dispose freely of any such security or and/or otherwise to realize the benefits of ownership thereof at any time. There are no voting trusts or other agreements or undertakings to which FNB or First National any of the 1st Financial Companies is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” agreements under which FNB 1st Financial or First National Mountain 1st has “soldpurchased” securities under agreement to repurchaseresell, FNB or First National, as applicable, it has a valid, perfected first lien or security interest in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB or First National, as the case may be, to it which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securities, municipal securities, or other debt securities since September 30, 2003, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNB’s or First National’s securities portfolio as a whole.

Securities Portfolio and Investments. FNB Cordia has Previously Disclosed to ACB FCB a listing of all securities owned, of record or beneficially, by FNB or First National any of the Cordia Companies as of September April 30, 20032016. All securities owned owned, of record or beneficially, by any of the Cordia Companies as of the date hereof are held free and clear of all mortgages, liens, pledges, encumbrances, encumbrances or any other restriction or rights of any other person or entityPerson, whether contractual or statutory (other than customary pledges to the Federal Home Loan Bank of Atlanta to secure advances to BOV in the ordinary course of its business, sales of securities under agreements to repurchase entered into by BOV in the ordinary course of its business to secure public funds deposits or Federal Home Loan Bank borrowings or repurchase agreements entered into in with its customers, and restrictions imposed by and the ordinary course rights of businessthe issuers of such securities), which would materially impair the ability of FNB or First National any of the Cordia Companies to dispose freely of any such security or and/or otherwise to realize the benefits of ownership thereof at any time. There are no voting trusts or other agreements or undertakings to which FNB or First National any of the Cordia Companies is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” agreements under which FNB Cordia or First National BOV has “sold” "purchased" securities under agreement to repurchaseresell, FNB or First National, as applicable, it has a valid, perfected first lien or security interest in the government securities or other collateral securing the repurchase agreement, and the value of the collateral securing each such repurchase agreement equals or exceeds the amount of the debt owed by FNB or First National, as the case may be, to it which is secured by such collateral. Except for fluctuations in the market values of United States Treasury and agency securitiesSince March 31, municipal securities, or other debt securities since September 30, 20032016, there has been no material deterioration or adverse change in the quality, or any material decrease in the value, of FNB’s or First National’s the Cordia Companies' securities portfolio portfolios as a whole.