Good Condition. Except as set forth on Schedule 4.01(w), all facilities used in connection with the operation of the businesses of Bank and its Subsidiaries and all of the material assets of Bank and its Subsidiaries, except real property of a type classified as OREO (other real estate owned) on the Bank's financial statements (i.e., foreclosed property not owned for the operation of the Bank's business), are free from material defects (normal wear and tear excepted) and have been maintained in accordance with normal industry practice.
Appears in 2 contracts
Sources: Merger Agreement (Bingham Financial Services Corp), Agreement and Plan of Merger (Bingham Financial Services Corp)