N.Y. Comp. Codes R. & Regs. tit. 3, § 85.5 – Debt limitation for service corporations.

(a) consolidated debt shall include the entire amount of any obligation resulting from the sale of assets with recourse; and
(b) capital notes and debentures shall refer those obligations which are subordinated to the claims of unsecured general creditors and which have an original average weighted maturity of at least seven years.

No service corporation shall have total outstanding consolidated debt (exclusive of accounts payable incurred in the ordinary course of business and paid within 60 days and capital notes and debentures) exceeding 20 times the total consolidated net worth of the service corporation (including capital notes and debentures). For the purposes of this section: