Guarantees of Indebtedness otherwise permitted hereunder;

Guarantees of Indebtedness otherwise permitted hereunder;

Guarantees of Indebtedness otherwise permitted hereunder;

Guarantees of Indebtedness otherwise permitted hereunder;

Guarantees of Indebtedness otherwise permitted hereunder;

repurchase obligations arising in the ordinary course of business with respect to U.S. Government Securities;

Guarantees of Indebtedness otherwise permitted hereunder;

Indebtedness incurred pursuant to Cash Secured Credit Facilities in an aggregate outstanding amount not to exceed $35,000,000 at any time outstanding;

Guarantees of Indebtedness otherwise permitted hereunder;

For the avoidance of doubt, the foregoing restrictions with respect to Indebtedness shall not apply to the Indebtedness of any wholly owned subsidiaries of the Borrower including under any warehouse or other credit facilities.