Evidences of Indebtedness. No evidences of indebtedness reflected as Assets of Seller associated with the Branch are, to Seller’s knowledge, subject to any defenses, offsets or counterclaims that may be asserted against Seller or the present holder thereof. With respect to Loans included in the Assets, the borrowers’ obligations with respect to each Loan are secured by a validly perfected security interest in the collateral specified in the Loan documents, if any, in favor of Seller as secured party, having the priority as described in the Loan documents. Seller has been charging interest and other amounts due under the Loan documents in accordance with the terms of such documents.
Appears in 2 contracts
Sources: Purchase and Assumption Agreement (Xenith Bankshares, Inc.), Purchase and Assumption Agreement (Xenith Bankshares, Inc.)
Evidences of Indebtedness. No evidences of indebtedness reflected as Assets of Seller associated with the Branch are, to Seller’s knowledge, Branches are subject to any defenses, offsets or counterclaims that may be asserted against Seller or the present holder thereof. With respect to Loans included in the Assets, the borrowers’ obligations with respect to each Loan are secured by a validly perfected security interest in the collateral specified in the Loan documentsDocuments, if any, in favor of Seller as secured party, having the priority as described in the Loan documentsDocuments. Seller has been charging interest and other amounts due under the Loan documents Documents in accordance with the terms of such documentsLoan Documents.
Appears in 1 contract
Sources: Purchase and Assumption Agreement (Select Bancorp, Inc.)