Common use of Debt of Broker Clause in Contracts

Debt of Broker. Dealer and its Subsidiaries incurred after the Closing Date consisting of Debt or any lease of property, real or personal, the obligations with respect to which are required to be capitalized on a balance sheet of the lessee in accordance with GAAP incurred to provide all or a portion of the purchase price or cost of construction of an asset; provided that (i) such Debt when incurred shall not exceed the purchase price or cost of construction of such asset; (ii) no such Debt shall be renewed, refinanced or extended for a principal amount in excess of the principal balance outstanding thereon at the time of such renewal, refinancing or extension; and (iii) the total amount of all such Debt shall not exceed $1,000,000 at any time outstanding;