Common use of Limitation on Subsidiary Indebtedness Clause in Contracts

Limitation on Subsidiary Indebtedness. At the end of any calendar ---------- -- ---------- ------------ quarter commencing January 1, 2003, the Company will not permit the aggregate Indebtedness of all of the Company's consolidated Subsidiaries to be greater than 25% of Consolidated Tangible Net Worth at such date; provided that, for purpose of this Section, Indebtedness of a Subsidiary shall not include: (i) any Indebtedness outstanding at December 31, 2002; (ii) any Indebtedness secured by Permitted Liens ; (iii) any Indebtedness of the Company's Banking Subsidiaries; (iv) Indebtedness of any Subsidiary the ownership of which is acquired by the Company, directly or indirectly, after the date hereof, or which is established by the Company after the date hereof for the purpose of acquiring assets or equity of any Person not owned, directly or indirectly, by the Company on the date hereof; provided, that, such Indebtedness is not guarantied by, is not secured by assets (other than assets of such Subsidiary) of, and does not otherwise have recourse to the Company or its assets (other than the assets of such Subsidiary); and (v) any Indebtedness of a Subsidiary to another Subsidiary or to the Company.

Limitation on Subsidiary Indebtedness. At the end of any calendar ---------- -- ---------- ------------ ------------------------------------- quarter commencing January 1December 31, 20031997, the Company will not permit the aggregate Indebtedness of all of the Company's consolidated Subsidiaries to be greater than 25% of Consolidated Tangible Net Worth at such date; provided that, for purpose of this SectionSubsection, Indebtedness of a Subsidiary shall not include: (i) any Indebtedness outstanding at December 31, 20021996; (ii) any Indebtedness secured by Permitted Liens ; (iii) any Indebtedness of the Company's Banking Subsidiaries; (iv) Indebtedness of any Subsidiary the ownership of which is acquired by the Company, directly or indirectly, after the date hereof, or which is established by the Company after the date hereof for the purpose of acquiring assets or equity of any Person not owned, directly or indirectly, by the Company on the date hereof; provided, that, such Indebtedness is not guarantied by, is not secured by assets (other than assets of such Subsidiary) of, and does not otherwise have recourse to the Company or its assets (other than the assets of such Subsidiary); and (v) any Indebtedness of a Subsidiary to another Subsidiary or to the Company.

Limitation on Subsidiary Indebtedness. At the end of any calendar ---------- -- ---------- ------------ quarter commencing January 1March 31, 20032000, the Company will not permit the aggregate Indebtedness of all of the Company's consolidated Subsidiaries to be greater than 25% of Consolidated Tangible Net Worth at such date; provided that, for purpose of this Section, Indebtedness of a Subsidiary shall not include: (i) any Indebtedness outstanding at December March 31, 20022000; (ii) any Indebtedness secured by Permitted Liens ; (iii) any Indebtedness of the Company's Banking Subsidiaries; (iv) Indebtedness of any Subsidiary the ownership of which is acquired by the Company, directly or indirectly, after the date hereof, or which is established by the Company after the date hereof for the purpose of acquiring assets or equity of any Person not owned, directly or indirectly, by the Company on the date hereof; provided, that, such Indebtedness is not guarantied by, is not secured by assets (other than assets of such Subsidiary) of, and does not otherwise have recourse to the Company or its assets (other than the assets of such Subsidiary); and (v) any Indebtedness of a Subsidiary to another Subsidiary or to the Company.

Limitation on Subsidiary Indebtedness. At the end of any calendar ---------- -- ---------- ------------ quarter commencing January 1after December 31, 20031996, the Company will not permit the aggregate Indebtedness of all of the Company's consolidated Subsidiaries to be greater than 25% of Consolidated Tangible Net Worth at such date; provided that, for purpose of this SectionSubsection, Indebtedness of a Subsidiary shall not include: : (i) any Indebtedness outstanding at December 31, 2002; 1996; (ii) any Indebtedness secured by Permitted Liens ; ; (iii) any Indebtedness of the Company's Banking Subsidiaries; ; (iv) Indebtedness of any Subsidiary the ownership of which is acquired by the Company, directly or indirectly, after the date hereof, or which is established by the Company after the date hereof for the purpose of acquiring assets or equity of any Person not owned, directly or indirectly, by the Company on the date hereof; provided, that, such Indebtedness is not guarantied by, is not secured by assets (other than assets of such Subsidiary) of, and does not otherwise have recourse to the Company or its assets (other than the assets of such Subsidiary); and and (v) any Any Indebtedness of a Subsidiary to another Subsidiary or to the Company.

Limitation on Subsidiary Indebtedness. At the end of any calendar ---------- -- ---------- ------------ quarter commencing January April 1, 20032006, the Company Borrower will not permit the aggregate Indebtedness of all of the CompanyBorrower's consolidated Subsidiaries to be greater than 25% of Consolidated Tangible Net Worth at such date; provided that, for purpose of this Section, Indebtedness of a Subsidiary shall not include: (i) any Indebtedness outstanding at December March 31, 20022006 and described on Schedule 6.10 attached hereto; (ii) any Indebtedness secured by Permitted Liens Liens; (iii) any Indebtedness of the CompanyBorrower's Banking Subsidiaries; (iv) Indebtedness of any Subsidiary the ownership of which is acquired by the CompanyBorrower, directly or indirectly, after the date hereof, or which is established by the Company Borrower after the date hereof for the purpose of acquiring assets or equity of any Person not owned, directly or indirectly, by the Company Borrower on the date hereof; provided, provided that, such Indebtedness is not guarantied by, is not secured by assets (other than assets of such Subsidiary) of, and does not otherwise have recourse to the Company Borrower or its assets (other than the assets of such Subsidiary); and (v) any Indebtedness of a Subsidiary to another Subsidiary or to the CompanyBorrower.