Common use of Risk Management Instruments Clause in Contracts

Risk Management Instruments. Except as would not, either individually or in the aggregate, be material to Bank, all interest rate swaps, caps, floors, option agreements, futures and forward contracts and other similar derivative transactions and risk management arrangements, whether entered into for the account of Bank or for the account of a customer of Bank, were entered into in the ordinary course of business and in accordance with applicable rules, regulations and policies of any Governmental Entity and with counterparties reasonably believed to be financially responsible at the time and are legal, valid and binding obligations of Bank enforceable in accordance with their terms (except as may be limited by the Enforceability Exceptions). Except as would not, either individually or in the aggregate, be material to Bank, Bank has duly performed in all material respects all its obligations thereunder to the extent that such obligations to perform have accrued, and there are no material breaches, violations or defaults or bona fide allegations or assertions of such by any party thereunder.