Borrowed Funds. The fair value of advances from Federal Home Loan Bank is estimated by discounting the future cash flows using the current rates at which similar loans with the same remaining maturities could be obtained. Commitments to Extend Credit The majority of commitments to extend credit would result in loans with a market rate of interest if funded. The fair value of these commitments are the fees that would be charged to customers to enter into similar agreements. For fixed rate loan commitments, the fair value also considers the difference between current levels of interest rates and the committed rates.
Borrowed Funds. Xxxxxx X. Xxxxxx has secured a line of credit from American National Bank in the amount of $500,000 for our benefit. Xx. Xxxxxx has agreed to have the Bank transfer to the Depository account of Xxxxxx Development Company and C.S. Finance L.L.C. whatever amounts are necessary from this line to purchase the Xxxxx Preferred B shares, up to the amount of $500,000. American National Bank is also acting as the Depository in connection with the Offer. As a condition of such loan, Offeror Xxxxxx Development Company has pledged its and Xxxxxx X. Xxxxxx'x, Xxxxx Common and Preferred B shares to secure the line of credit from American National Bank. American National Bank has served as Xxxxx'x bank since 2003, and is the depository for Xxxxx'x accounts, including the Preferred B money market account with a balance of approximately $270,000.
Borrowed Funds. Incur, assume or suffer to exist any indebtedness for borrowed funds which may affect Borrower’s ability to repay the Loan without the prior written consent of Lender, except indebtedness for borrowed funds to Lender or indebtedness existing as of the date of this Agreement.
Borrowed Funds. The Bank was obligated for borrowings as follows: June 30, 1998 June 30, 1997 ------------------- ----------------- Weighted Weighted average average rate Amount rate Amount ---- ------ ---- ------ (Dollars in thousands) Advances from FHLB - NY................................... 5.49% $ 182,136 5.58% $ 40,000 Reverse Repurchase Agreements............................. 5.64 398,070 5.78 311,913 Company Obligated Mandatorily Redeemable Capital Securities of Reliance Capital Trust I................ 8.17 50,000 -- -- ------ ------- $ 630,206 $ 351,913 ======= ======= Information concerning borrowings under reverse repurchase agreements is summarized as follows: At or for the Year Ended ------------------------------------- June 30, 1998 June 30, 1997 ------------- ------------- (Dollars in thousands) Average Balance during the Year........................................... $ 309,618 $ 288,845 Average Interest Rate during the Year..................................... 5.79% 5.63% Maximum Month-end Balance during the Year................................. $ 398,070 $ 326,391 Mortgage-Backed Securities Pledged as Collateral under Reverse Repurchase Agreements at Year End: Carrying Value....................................................... $ 418,883 $ 326,843 Estimated Market Value............................................... $ 421,931 $ 326,801 FHLB advances and reverse repurchase agreements at June 30, 1998 have contractual maturities as follows: Reverse Year Ended FHLB Repurchase June 30, Advances Agreements -------- -------- ---------- (In thousands) 1999 $ 28,136 $ 278,070 2000 -- 25,000 2001 20,000 -- 2002 34,000 20,000 2003 -- 75,000 Thereafter 100,000 -- ------- ------- Total $ 182,136 $ 398,070 ======= ======= As a member of the Federal Home Loan Bank System (FHLB), the Bank borrows from the FHLB on a secured basis. Borrowings at June 30, 1998 and 1997 were secured by a blanket lien over all assets equal to 110% of borrowings. On April 29, 1998, Reliance Capital Trust I, a trust formed under the laws of the State of Delaware (the "Capital Trust") issued $50 million of 8.17% capital securities. The Holding Company is the owner of all the beneficial interests represented by common securities of the Trust. The Trust exists for the sole purpose of issuing the Trust securities (comprised of the capital securities and the common securities) and investing the proceeds thereof in the 8.17% junior subordinated deferrable interest debentures issued by the Holding...
Borrowed Funds. Indebtedness consisting of Lender Obligations, including the Advances and the Letters of Credit;
Borrowed Funds. Indebtedness of Borrower in an amount not to exceed $5,000,000 incurred in connection with a financing of the ESOP's purchase or carrying of capital stock of Borrower, provided that simultaneously with the incurrence of such Indebtedness Borrower makes a loan to the ESOP in a similar amount evidenced by a promissory note of the ESOP secured by capital stock of Borrower held by the ESOP;
Borrowed Funds. Seller shall procure that, as of the Closing Date, no member of the Target Group shall have any indebtedness to any bank or other financial institution.
Borrowed Funds. If borrowed funds are not in the same account(s) as the HHA’s own non-borrowed funds, the HHA also must provide proof that the borrowed funds are available for use in operating the HHA, by providing, at a minimum, a copy of the statement(s) of the HHA’s savings, checking, or other account(s) containing the bor- rowed funds, accompanied by an attes- tation from an officer of the bank or other financial institution that the funds are in the account(s) and are im- mediately available to the HHA. As with the HHA’s own (that is, non-bor- rowed) funds, CMS later may require the HHA to establish the current avail- ability of such borrowed funds, includ- ing furnishing an attestation from a fi- nancial institution or other source, as may be appropriate, and to establish that such funds will remain available until a date when the HHA will have been surveyed by the State agency or by an approved accrediting organiza- tion.
Borrowed Funds. Using a financial evaluation method called "Discounted Dollars", it is possible to compare the three strategies mathematically in order to establish the preferred choice. With life insurance, the sum of the policy's premium, divided by the policy's death benefit, gives a "cost-per-dollar-of-benefit" solution that is useful when analyzing the insurance option. For example, if the premium for a $100,000 life insurance policy is $1,200, the Discounted Dollars calculation divides the $1,200 by the $100,000. This Purchaser: Xxxx Xxxxxxxx results in an answer of 1.2 cents, meaning that, with this insured, if death occurs in the first year, each $1.00 of death benefit has cost 1.2 cents. With similar calculations, the costs of delivering each $1.00 of death benefit can be measured through all policy years. A factor for forgone interest is usually part of the overall analysis.
Borrowed Funds. The Company may from time to time meet its capital requirements through the use of borrowed capital in such amounts and on such terms as the Managers shall deem necessary for the acquisition, improvement, operation and maintenance of the Company and for the operation of the Company's business.
