“Consolidated Funded Debt” means Funded Debt of the Borrower and its Subsidiaries (other than Regulated Subsidiaries) on a consolidated basis determined in accordance with GAAP; provided, however, notwithstanding anything to the contrary in the foregoing, “Consolidated Funded Debt” shall # include any intercompany Indebtedness owing by any Credit Party or Subsidiary (other than a Regulated Subsidiary) to any Regulated Subsidiary, and # exclude any Indebtedness owing by any Regulated Subsidiary to the Federal Home Loan Bank.
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