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This excerpt taken from the VLY 8-K filed Mar 20, 2008. Compliance
with Applicable Law.
Except as set forth on the Valley
Disclosure Schedule, Valley and its Subsidiaries hold all material
licenses, franchises, permits and authorizations necessary for the lawful
conduct of their respective businesses under and pursuant to each, and has
complied with and is not in default in any respect under any, applicable law,
statute, order, rule, regulation, policy and/or guideline of any federal, state
or local governmental authority relating to Valley and its Subsidiaries (other
than where such default or non-compliance will not result in a material adverse
effect on the business, operations, assets or financial condition of Valley and
its Subsidiaries on a consolidated basis) and Valley has not received notice of
violations of, and does not know of any violations of, any of the above. Without
limiting the foregoing, to Valley’s knowledge (i) VNB has complied in all
material respects with the CRA and (ii) no person or group would object to
the consummation of the Merger due to the CRA performance or rating of VNB. To
Valley’s knowledge, except as listed on the Valley
Disclosure Schedule, no person or group has adversely commented upon
VNB’s CRA performance.
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