Common use of Limitation on Subsidiary Indebtedness Clause in Contracts

Limitation on Subsidiary Indebtedness. At the end of any calendar quarter commencing after December 31, 1996, 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 Subsection, Indebtedness of a Subsidiary shall not include: (i) any Indebtedness outstanding at December 31, 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 (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 after December March 31, 19962000, 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 SubsectionSection, Indebtedness of a Subsidiary shall not include: : (i) any Indebtedness outstanding at December March 31, 1996; 2000; (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 after December 31January 1, 19962003, 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 SubsectionSection, Indebtedness of a Subsidiary shall not include: : (i) any Indebtedness outstanding at December 31, 1996; 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 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 after December 31, 19961997, 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 Subsection, Indebtedness of a Subsidiary shall not include: : (i) any Indebtedness outstanding at December 31, 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.