Common use of Borrowings and Guaranties Clause in Contracts

Borrowings and Guaranties. Such Borrower shall not issue, incur, assume, create or have outstanding any Debt nor be or remain liable, whether as endorser, surety, guarantor or otherwise, for or in respect of any liability or Debt of any other Person other than: (a) indebtedness arising under or pursuant to this Agreement or the other Loan Documents; (b) the liability of such Borrower arising out of the endorsement for deposit or collection of commercial paper received in the ordinary course of business; (c) Debt of such Borrower (other than for borrowed money) incurred in the ordinary course of business or permitted to be incurred in accordance with the investment policies of the relevant Borrower’s investment policies as described in its Prospectus; and (d) Debt created pursuant to the Custody Agreement of such Borrower in an aggregate principal amount not to exceed $500,000 at any time.