Common use of Securities Portfolio and Investments Clause in Contracts

Securities Portfolio and Investments. Except as Previously Disclosed, all securities owned by FNB or any subsidiary (whether owned of record or beneficially) 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, which would materially impair the ability of FNB or any subsidiary 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 any subsidiary is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” to which FNB or any subsidiary has “purchased” securities under agreement to resell, FNB or any subsidiary 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 that is secured by such collateral. Except for fluctuations in the market values of its investment securities, since December 31, 2004, there has been no significant deterioration or material adverse change in the quality, or any material decrease in the value, of FNB’s securities portfolio as a whole.

Securities Portfolio and Investments. Except as Previously Disclosed, all securities owned by FNB United or any subsidiary (whether owned of record or beneficially) 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, which would materially impair the ability of FNB United or any subsidiary 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 United or any subsidiary is a party with respect to the voting of any such securities. With respect to all “repurchase agreements” to which FNB United or any subsidiary has “purchased” securities under agreement to resell, FNB United or any such subsidiary 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 that is secured by such collateral. Except for fluctuations in the market values of its investment securities, since December 31, 2004, there has been no significant deterioration or material adverse change in the quality, or any material decrease in the value, of FNBUnited’s securities portfolio as a whole.

Securities Portfolio and Investments. Except as Previously Disclosed, all All securities owned by FNB Community or any subsidiary its subsidiaries (whether owned of record or beneficially) 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, which would materially impair the ability of FNB Community or any subsidiary its subsidiaries 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 Community or any subsidiary its subsidiaries is a party with respect to the voting of any such securities. With respect to all “"repurchase agreements” " to which FNB Community or any subsidiary its subsidiaries has “"purchased” " securities under agreement to resell, FNB Community or any subsidiary its subsidiaries 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 that is secured by such collateral. Except for fluctuations in the market values of its investment securities, since December 31June 30, 20042002, there has been no significant deterioration or material adverse change in the quality, or any material decrease in the value, of FNB’s Community's securities portfolio as a whole.

Securities Portfolio and Investments. Except as Previously Disclosed, all All securities owned by FNB or ------------------------------------ any subsidiary (whether owned of record or beneficially) 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, which would materially impair the ability of FNB or any subsidiary 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 any subsidiary is a party with respect to the voting of any such securities. With respect to all “"repurchase agreements” " to which FNB or any subsidiary has “"purchased” " securities under agreement to resell, FNB or any subsidiary 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 that is secured by such collateral. Except for fluctuations in the market values of its investment securities, since December 31, 20042001, there has been no significant deterioration or material adverse change in the quality, or any material decrease in the value, of FNB’s 's securities portfolio as a whole.

Securities Portfolio and Investments. Except as Previously Disclosed, all All securities owned by FNB UCB or any subsidiary (whether owned of record or beneficially) 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, which would materially impair the ability of FNB UCB or any subsidiary 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 UCB or any subsidiary is a party with respect to the voting of any such securities. With respect to all “"repurchase agreements” " to which FNB UCB or any subsidiary anysubsidiary has “"purchased” " securities under agreement to resell, FNB UCB or any subsidiary 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 that is secured by such collateral. Except for fluctuations in the market values of its investment securities, since December 31June 30, 20042002, there has been no significant deterioration or material adverse change in the quality, or any material decrease in the value, of FNB’s UCB's securities portfolio as a whole.

Securities Portfolio and Investments. Except as Previously Disclosed, all All securities owned by FNB or any subsidiary the Company (whether owned of record or beneficially) are disclosed on Schedule 5.10 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, which would materially impair the ability of FNB or any subsidiary the Company to dispose freely of any such security or otherwise to realize the benefits of ownership thereof at any timetime (other than in connection with any repurchase agreements with customers). There are no voting trusts or other agreements or undertakings to which FNB or any subsidiary the Company is a party with respect to the voting of any such securities. With respect to all “"repurchase agreements” " to which FNB or any subsidiary the Company has “purchased” "repurchased" securities under agreement to resellresell (if any), FNB or any subsidiary the Company 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 that to the Company which is secured by such collateral. Except for fluctuations in the market values of its investment United States Treasury and agency or municipal securities, since December 31June 30, 20041997, there has been no significant deterioration or material adverse change in the quality, or any material decrease in the value, of FNB’s the Company's securities portfolio as a wholeportfolio.