Common use of Derivative Transactions Clause in Contracts

Derivative Transactions. Except as set forth in Section 3.19 of the Golden State Disclosure Schedule, since June 30, 1997, neither Golden State nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-denominated securities and other financial instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State or any of its Subsidiaries with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereof.

Derivative Transactions. Except as set forth in Section 3.19 4.20 of the Golden State Company Disclosure Schedule, since June 30, 19971998, neither Golden State Company nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-denominated securities and other financial instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State the Company or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State the Company and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State the Company and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State the Company or any of its Subsidiaries with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $250,000.

Derivative Transactions. Except as set forth in Section 3.19 5.22 of the Golden State Buyer Disclosure Schedule, since June 30December 31, 19971998, neither Golden State Buyer nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-denominated securities and other financial instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State the Buyer or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State Buyer and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State Buyer and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State Buyer or any of its Subsidiaries with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $250,000.

Derivative Transactions. Except as set forth in Section 3.19 4.24 of the Golden State ----------------------- First Place Disclosure Schedule, since June 30, 19971999, neither Golden State First Place nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-dollar denominated securities and other financial instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State First Place or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", ," "Special Mention", ," "Substandard", ," "Doubtful", ," "Loss", ," "Classified", ," "Criticized", ," "Credit Risk Assets", ," "Concerned Loans" or words of similar import. The financial position of Golden State First Place and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State First Place and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State First Place or any of its Subsidiaries which has not been previously disclosed in the First Place Reports with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $500,000.

Derivative Transactions. Except as set forth in Section 3.19 3.24 of the Golden State ----------------------- FFY Disclosure Schedule, since June 30, 19971999, neither Golden State FFY nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-dollar denominated securities and other financial instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State FFY or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State FFY and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State FFY and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State FFY or any of its Subsidiaries which has not been previously disclosed in the FFY Reports with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $500,000.

Derivative Transactions. Except Disclosure Schedule 2.01(ee) sets forth the ----------------------- market value, as set forth of Decembere 31, 1995 of all holdings by Seller or its Subsidiary of positions in Section 3.19 of the Golden State Disclosure Schedule, since June 30, 1997, neither Golden State nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps and any other instrument within the scope of Seller's Board-approved investment policy ("Derivative Instruments"). Except as set forth in Disclosure Schedule 2.01(ee), as of December 31, 1995, and subsequently thereto neither Seller nor its Subsidiary has engaged in any transactions in or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-denominated securities and other financial instrumentsinvolving Derivative Instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) loan held by Golden State Seller or any of its SubsidiariesSubsidiary, would be classified as "Other Loans Specially Especially Mentioned", ," "Special Mention", ," "Substandard", ," "Doubtful", ," "Loss", ," "Classified", ," "Criticized", ," "Credit Risk Assets", ," "Concerned Loans" or words of similar import. The financial position of Golden State Seller and its Subsidiaries Subsidiary on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State Seller and such Subsidiaries Subsidiary in accordance with GAAP consistently applied, and no open exposure of Golden State Seller or any of its Subsidiaries Subsidiary with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $100,000.

Derivative Transactions. Except as set forth in Section 3.19 of Since December 31, 2001, the Golden State Disclosure Schedule, since June 30, 1997, neither Golden State nor any of its Subsidiaries Bank has not engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (ia) as agent on the order and for the account of others, others or (iib) as principal for purposes of hedging interest rate risk on U.S. dollar-denominated securities and other financial instrumentsinstruments and, in any case, in accordance with all applicable Laws and all directives, policies or guidelines of any Governmental Entity which has bank regulatory jurisdiction over the Bank. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State or any of its Subsidiariesthe Bank, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State and its Subsidiaries on a consolidated basis the Bank under or with respect to each such instrument has been reflected in the books and records of Golden State and such Subsidiaries the Bank in accordance with GAAP consistently applied, and no open exposure of Golden State or any of its Subsidiaries the Bank with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $50,000.

Derivative Transactions. Except as set forth in Section 3.19 4.19 of the Golden State Company Disclosure Schedule, since June 30December 31, 19971999, neither Golden State the Company nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-denominated securities and other financial instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State the Company or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State the Company and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State the Company and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State the Company or any of its Subsidiaries with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $250,000.

Derivative Transactions. Except as set forth in Section 3.19 4.22 of the Golden State Company Disclosure Schedule, since June 30December 31, 1997, neither Golden State Company nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-denominated securities and other financial instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State the Company or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State the Company and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State the Company and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State the Company or any of its Subsidiaries with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $100,000. 4.23.

Derivative Transactions. Except as set forth in Section 3.19 3.23 of the Golden State ----------------------- Company Disclosure Schedule, since June September 30, 1997, neither Golden State Company nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-dollar denominated securities and other financial instruments. None of the counterparties counterparts to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State the Company or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State the Company and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State the Company and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State the Company or any of its Subsidiaries with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $500,000.

Derivative Transactions. Except as set forth in Section 3.19 4.22 of the Golden State Company Disclosure Schedule, since June 30December 31, 1997, neither Golden State Company nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-denominated securities and other financial instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State the Company or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State the Company and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State the Company and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State the Company or any of its Subsidiaries with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $100,000.

Derivative Transactions. Except as set forth in Section 3.19 5.24 of the Golden State Buyer Disclosure Schedule, since June 30December 31, 1997, neither Golden State Buyer nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-denominated securities and other financial instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State Buyer or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State Buyer and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State Buyer and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State Buyer or any of its Subsidiaries with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $100,000. 5.25.

Derivative Transactions. Except as set forth in Section 3.19 4.19 of the Golden State Company Disclosure Schedule, since June 30December 31, 19971999, neither Golden State the Company nor any of its Subsidiaries has engaged in transactions in or involving forwards, futures, options on futures, swaps or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging 26 interest rate risk on U.S. dollar-denominated securities and other financial instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State the Company or any of its Subsidiaries, would be classified as "Other Loans Specially Mentioned", "Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Credit Risk Assets", "Concerned Loans" or words of similar import. The financial position of Golden State the Company and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State the Company and such Subsidiaries in accordance with GAAP consistently applied, and no open exposure of Golden State the Company or any of its Subsidiaries with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $250,000.

Derivative Transactions. Except as set Schedule 3.35 sets forth in Section 3.19 of all holdings by the Golden State Disclosure Schedule, since June 30, 1997, neither Golden State nor Company or any of its Subsidiaries has engaged of positions in transactions in or involving forwards, futures, options on futures, swaps and any other instrument within the scope of the Company's Board-approved investment policy ("Derivative Instruments"). Except as set forth on Schedule 3.35, since June 30, 1997, neither the Company nor any of its Subsidiaries has engaged in any transactions in or other derivative instruments except (i) as agent on the order and for the account of others, or (ii) as principal for purposes of hedging interest rate risk on U.S. dollar-denominated securities and other financial instrumentsinvolving Derivative Instruments. None of the counterparties to any contract or agreement with respect to any such instrument is in default with respect to such contract or agreement and no such contract or agreement, were it to be a Loan (as defined below) held by Golden State the Company or any of its Subsidiaries, would be classified as "Other Loans Specially Especially Mentioned", ," "Special Mention", ," "Substandard", ," "Doubtful", ," "Loss", ," "Classified", ," "Criticized", ," "Credit Risk Assets", ," "Concerned Loans" or words of similar import. The financial position of Golden State the Company and its Subsidiaries on a consolidated basis under or with respect to each such instrument has been reflected in the books and records of Golden State the Company and such Subsidiaries in accordance with GAAP generally accepted accounting principles consistently applied, and no open exposure of Golden State the Company or any of its Subsidiaries with respect to any such instrument (or with respect to multiple instruments with respect to any single counterparty) exists as of the date hereofexceeds $25,000.