Limitations on Loans, Investments and Other Obligations. The Borrower shall not, without first complying with the requirements of Section 9.1, make any Investment, except (i) Investments made for the purpose of funds management that are made pursuant to an investment policy approved by the Borrower’s Board of Directors, a copy of which has been provided to the RUS, (ii) Investments specifically approved by the RUS in writing under this clause (ii), (iii) retained earnings or patronage of Subsidiaries, (iv) patronage allocated to the Borrower as a result of transactions in the ordinary course of business with cooperatives, such as, National Rural Utilities Cooperative Finance Corporation and CoBank, ACB, (v) investments set forth in RUS Regulations (7 C.F.R. § 1717.655, as such RUS Regulations exist on the date hereof) as excluded from computations of the amounts and type of Investments for which RUS approval is required, and (vi) other Investments (valued at the initial cost thereof) that do not in the aggregate with all other Investments other than Investments described in clauses (i) through (v) above exceed fifteen percent (15%) of the Borrower’s Total Utility Plant; provided, however, that during an Increased Oversight Period, or Highest Oversight Period, the Borrower shall not, without the prior written approval of the RUS, make any additional Investments of the type described in clause (vi) above.
Limitations on Loans, Investments and Other Obligations. (a) The Borrower shall not, without first obtaining the written approval of Lender, (i) purchase or make any commitment to purchase any stock, bonds, notes, debentures or other securities or obligations of or beneficial interest in, (ii) make any other investment in, (iii) make any loan to, or (iv) guarantee, assume, or otherwise become liable for any obligation of, any corporation, association, partnership, joint venture, trust, government or any agency or department thereof, or any other entity of any kind if the aggregate amount of all such purchases, investments, loans and guarantees exceeds in any twelve (12) month period the greater of ten percent (10%) of Total Plant or thirty percent (30%) of Net Worth.
(b) The following shall not be included in the limitation on purchases investments, loans and guarantees in (a) above: (i) bonds, notes, debentures, stock, or other securities or obligations issued by or guaranteed by the United States government or any agency or instrumentality thereof; (ii) bonds, notes, debentures, stock, commercial paper, subordinated capital certificates, or other security or obligation of institutions whose senior unsecured debt obligations are rated by at least two nationally recognized rating organizations in either or its two highest categories; (iii) investments incidental to loans made by RTFC; (iv) bonds, notes, debentures, commercial paper or any other security of the National Rural Utilities Cooperative Finance Corporation; and (v) any deposit that is fully insured by the Federal Government.
Limitations on Loans, Investments and Other Obligations. The Borrower will not, without the written approval of the Lender, hereafter make any loan or advance to, or make any investment in, or purchase or make any commitment to purchase any stock, bonds, notes or other securities of, or guaranty, assume or otherwise become obligated or liable with respect to the obligations of, any person, firm or corporation, except (a) securities or deposits issued, guaranteed or fully insured as to payment by the United States Government or any agency thereof; (b) Subordinated Capital Certificates or other certificates and securities of the Lender or of National Rural Utilities Cooperative Finance Corporation;
Limitations on Loans, Investments and Other Obligations. (a) The Borrower shall not, without first obtaining the written approval of CFC: (i) purchase or make any commitment to purchase any stock, bonds, notes, debentures, or other securities or obligations of or beneficial interests in, (ii) make any other investment in, (iii) make any loan to, or (iv) guarantee, assume, or otherwise become liable for any obligation of any corporation, association, partnership, joint venture, trust, government or any agency or department thereof, or any other entity of any kind if the aggregate amount of all such purchases, investments, loans and guarantees exceeds the greater of three percent (3%) of Total Assets or twenty-five percent (25%) of Equities and Margins.
(b) The following shall not be included in the limitation of purchases, investments, loans and guarantees in (a) above: (i) bonds, notes, debentures, stock, or other securities or obligations issued by or guaranteed by the United States government or any agency or instrumentality thereof; (ii) bonds, notes, debentures, stock, commercial paper, subordinated capital certificates, or any other security or obligation of institutions whose senior unsecured debt obligations are rated by at least two nationally recognized rating organizations in either of their two highest categories; (iii) investments incidental to loans made by CFC; and (iv) any deposit that is fully insured by the Federal Government.
(c) In no event may the Borrower take any action pursuant to subsection (a) when there is: (i) unpaid any due installment of principal and/or interest on a Note; or (ii) Borrower has failed to meet the financial ratio tests in Section 5.B. herein.
Limitations on Loans, Investments and Other Obligations. The Borrower will not, without the prior written consent of CFC, hereafter make any loan or advance to, or make any investment in, or purchase or make any commitment to purchase any stock, bonds, notes or other securities of, or guaranty, assume or otherwise become obligated or liable with respect to the obligations of, any other person, firm or corporation, except (i) securities or deposits issued, guaranteed or fully insured as to payment by the United States Government or any agency thereof, (ii) capital term certificates or other securities of CFC, (iii) capital credits, (iv) loans, deposits, advances, investments, securities and obligations which the Borrower has, prior to the date hereof, committed itself to make, purchase or undertake, as the case may be, and as to which CFC has provided the Borrower with written approval prior to the date hereof, and (v) such other loans, guarantees, deposits, advances, investments and obligations as may from time to time to be made, purchased or undertaken by the Borrower, provided, however, that the aggregate cost of investments, plus the total unpaid principal amount of loans, guarantees, deposits, advances and obligations, permitted under this clause (v) shall not in the aggregate at any time exceed the greater of 10% of Total Utility Plant or 50% of total Equities and Margins.
Limitations on Loans, Investments and Other Obligations. The Mortgagor will not, without the written approval of the Mortgagee, hereafter make any loan or advance to, or make any investment in, or purchase or make any commitment to purchase any stock, bonds, notes or other securities of, or guaranty, assume or otherwise become obligated or liable with respect to the obligations of, any person, firm or corporation, except (i) securities or deposits issued, guaranteed or fully insured as to payment by the United States Government or any agency thereof, (ii) Capital Term Certificates or other securities of the Mortgagee, (iii) capital credits, (iv) loans, deposits, advances, investments, securities and obligations which the Mortgagor has, prior to the date hereof, committed itself to make, purchase or undertake, as the case may be, and as to which the Mortgagor has given the notice in writing prior to the date hereof, and (v) such other loans, deposits, advances, investments and obligations as may from time to time to be made, purchased or undertaken by the Mortgagor; PROVIDED, HOWEVER, that the aggregate cost of investments, plus the total unpaid principal amount of loans, guarantees, deposits, advances and obligations, permitted under this clause (v) shall not at any time exceed the greater of 10% of the Total Utility Plant of the Mortgagor or 50% of Total Margins and Equity.
Limitations on Loans, Investments and Other Obligations. (a) (i) Purchase any stock, bonds, notes, debentures or other securities or obligations of or beneficial interest in, (ii) make any other investment in, (iii) make any loan to, or (iv) guarantee, assume, or otherwise become liable for any obligation of, any corporation, association, partnership, joint venture, trust, government or any agency or department thereof, or any other entity of any kind (collectively, “Investments”) if the aggregate amount of all such Investments made during the term of this Agreement would exceed fifty percent (50%) of Net Worth as of the Closing Date, without the prior written consent of the Lender.
(b) The following shall not be included in the limitation on Investments: (i) bonds, notes, debentures, stock, or other securities or obligations issued by or guaranteed by the United States government or any agency or instrumentality thereof; (ii) bonds, notes, debentures, stock, commercial paper, subordinated capital certificates, or other security or obligation of institutions whose senior unsecured debt obligations are rated by at least two nationally recognized rating organizations in either of its two highest categories; (iii) investments incidental to loans made by the Lender; (iv) bonds, notes, debentures, commercial paper or any other security of National Rural Utilities Cooperative Finance Corporation; (v) any deposit that is fully insured by the federal government of the United States; (vi) Investments by a Loan Party in another Loan Party and (vii) Cash Equivalents; (viii) Investments set forth on Schedule 7.05 hereto and any extensions, renewals, reinvestments thereof, (viii) hedging and similar obligations to the extent explicitly permitted hereunder; (ix) loans and advances to officers, directors and employees of the Borrowers or any of their Subsidiaries (A) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes (including employee payroll advances) and (B) for purposes not described in the foregoing subclause (A), in an aggregate principal amount outstanding pursuant to this clause (B) not to exceed $150,000; (x) Investments received in connection with the bankruptcy or reorganization of suppliers or customers and in settlement of delinquent obligations of, and other disputes with, customers arising in the ordinary course of business or upon foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Invest...
Limitations on Loans, Investments and Other Obligations. The Borrower will not, without the written approval of the Lender, hereafter make any loan or advance to, or make any investment in, or purchase or make any commitment to purchase any stock, bonds, notes or other securities of, or guaranty, assume or otherwise become obligated or liable with respect to the obligations of, any person, firm or corporation, except (a) securities or deposits issued, guaranteed or fully insured as to payment by the United States Government or any agency thereof; (b) Subordinated Capital Certificates or other certificates and securities of the Lender or of National Rural Utilities Cooperative Finance Corporation;
(c) investments and obligations of institutions whose senior unsecured debt obligations are rated by at least two nationally recognized ratings organizations in either of its two highest categories; and (d) investments incidental to loans made by Lender.
Limitations on Loans, Investments and Other Obligations. The Borrower shall not make any loan or advance to, or make any investment in, or purchase or make any commitment to purchase any stock, bonds, notes or other securities of, or guaranty, assume or otherwise become obligated or liable with respect to the obligations of, any other person, firm or corporation, except as permitted by the Act and RUS Regulations.
Limitations on Loans, Investments and Other Obligations. (a) The Mortgagor shall not, without first obtaining the written approval of Mortgagee, (i) purchase or make any commitment to purchase any stock, bonds, notes, debentures or other securities or obligations of or beneficial interests in, (ii) make any other investment in, (iii) make any loan to, or (iv) guarantee, assume, or otherwise become liable for any obligation of, any corporation, association, partnership, joint venture, trust, government or any agency or department thereof, or any other entity of any kind if the aggregate amount of all such purchases, investments, loans and guarantees exceeds the greater of ten percent (10%) of Total Plant or thirty percent (30%) of Net Worth. For purposes of this Mortgage, "Total Plant" shall be calculated on a consolidated basis for the Mortgagor and all its subsidiaries and shall mean the total of all assets included in property, plant and equipment pursuant to generally accepted accounting principles and shall exclude any goodwill or plant acquisition adjustments. For purposes of this Mortgage, "Net Worth" shall be calculated on a consolidated basis for the Mortgagor and all its subsidiaries, arrived at by subtracting total liabilities from total assets.
(b) The following shall not be included in the limitation on purchases, investments, loans and guarantees in (a) above: (i) bonds, notes, debentures, stock, or other securities or obligations issued by or guaranteed by the United States government or any agency or instrumentality thereof; (ii) bonds, notes, debentures, stock, commercial paper, subordinated capital certificates, or any other security or obligation of institutions whose senior unsecured debt obligations are rated by at least two nationally recognized rating organizations in either of its two highest categories; (iii) investments incidental to loans made by RTFC; and (iv) any deposit that is fully insured by the Federal Government.
