Common use of Limitation on Debt Clause in Contracts

Limitation on Debt. Borrower shall not, nor allow any Subsidiary to, create, incur, assume, become liable in any manner in respect of, or suffer to exist, any debt for borrowed money except: (a) debt, excluding debt created under this Agreement, not in excess of $500,000 (which amount shall not include any debt acquired by acquisition of another entity), calculated at the end of each quarter; (b) debt created under this Agreement; (c) debt secured by a purchase money security interest; or (d) federal fund purchases, federal reserve borrowings and advances from the Federal Home Loan Bank, calculated at the end of each fiscal quarter in an amount not to exceed fifteen percent (15%) of the Bank’s total assets, calculated at the end of each quarter; and (e) the Subordinated Debentures.

Limitation on Debt. Borrower shall not, nor allow any Subsidiary to, create, incur, assume, become liable in any manner in respect of, or suffer to exist, any debt for borrowed money except: (a) debt, excluding debt created under this Agreement, not in excess of $500,000 2,000,000 (which amount shall not include any debt acquired by acquisition of another entity), calculated ) at the end of each quarterany one time outstanding; (b) debt created under this Agreement; (c) debt secured by a purchase money security interest; orand (d) $400,000,000 of federal fund purchases, federal reserve borrowings funds purchased and advances from the Federal Home Loan Bank, calculated at the end of each fiscal quarter in an amount not to exceed fifteen percent (15%) of the Bank’s total assets, calculated at the end of each quarter; and (e) the Subordinated Debentures.

Limitation on Debt. Borrower shall not, nor allow any Subsidiary to, create, incur, assume, become liable in any manner in respect of, or suffer to exist, any debt for borrowed money except: (a) debt, excluding debt created under this Agreement, not in excess of $500,000 2,000,000 (which amount shall not include any debt acquired by acquisition of another entity), calculated ) at the end of each quarterany one time outstanding; (b) debt created under this Agreement; (c) debt secured by a purchase money security interest; orand (d) $100,000,000 of federal fund purchases, federal reserve borrowings funds purchased and advances from the Federal Home Loan Bank, calculated at the end of each fiscal quarter in an amount not to exceed fifteen percent (15%) of the Bank’s total assets, calculated at the end of each quarter; and (e) the Subordinated Debentures.

Limitation on Debt. Borrower shall not, nor allow any Subsidiary to, create, incur, assume, become liable in any manner in respect of, or suffer to exist, any debt for borrowed money except: (a) debt, excluding debt created under this Agreement, not in excess of $500,000 (which amount shall not include any debt acquired by acquisition of another entity), calculated at the end of each quarter; (b) debt created under this Agreement; (c) debt secured by a purchase money security interest; or (d) federal fund purchases, federal reserve borrowings and advances from the Federal Home Loan Bank, calculated at the end of each fiscal quarter in an amount not to exceed fifteen percent (15%) of the Bank’s total assets, calculated at the end of each quarter; and and (e) the Subordinated Debentures.