Amendments to the Credit Agreement

Amendments to the Credit Agreement. Section 1.1 of the Credit Agreement is hereby amended by (a) deleting the definition of "L/C Commitment" in its entirety and replacing it with the following: "L/C Commitment" means the lesser of (a) Fifteen Million Dollars ($15,000,000) and (b) the Commitment. (b) amending the definition of Indebtedness by deleting paragraph (a) thereof in its entirety and replacing it with the following: (a) all liabilities, obligations and indebtedness for borrowed money including, but not limited to,... obligations evidenced by bonds, debentures, notes or other similar instruments of any such Person, but excluding customer deposits, investment accounts and certificates, insurance reserves, passbook accounts and obligations under Funding Agreements; (c) amending the definition of Maturity Date by deleting the reference to "June 22, 2016" and replacing it with a reference to "June 22, 2017", (d) amending the definition of "Permitted Encumbrances" by (i) deleting the reference to "and" at the end of clause (x), (ii) deleting the reference to "." at the end of clause (xi) and replacing it with a reference to "; and", and (iii) adding clause (xii) as follows: (xii) Liens securing obligations under Funding Agreements. and (e) adding the definition of "Funding Agreement" in the appropriate alphabetical order as follows: "Funding Agreement" means any funding agreement issued by the Borrower or any Subsidiary to a Federal Home Loan Bank, provided that such funding agreement qualifies as operating leverage and is eligible for treatment as a funding agreement, rather than borrowed money, pursuant to GAAP and SAP. 3.2. Section 9.1 of the Credit Agreement is hereby amended by deleting the reference to "and" at the end of clause (ii) and replacing it with a comma, and adding the following new clause (iv) at the end of paragraph (b) thereof: and (iv) any Funding Agreement, but only with respect to collateral pledged to support the obligations of Borrower or any Subsidiary under such Funding Agreement View More