Common use of Investments and Purchases Clause in Contracts

Investments and Purchases. The Borrower will not, nor will it permit any Subsidiary to, make or suffer to exist any Investments (including, without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner or member in any partnership, limited liability company or joint venture, or to make any Purchases, except: (a) Cash Equivalent Investments; (b) Existing Investments in Subsidiaries, Investments in Wholly-Owned Subsidiaries and other Investments in existence on the date hereof and described in Schedule 6.14 hereto; (c) Investments to effect the Acquisition pursuant to the terms of the Merger Agreement and/or the Offer to Purchase (including open market and privately negotiated purchases as described therein) without waiver of any material condition thereof; (d) Investments incurred in order to consummate other Purchases; provided that (i) the Borrower provides the Agent with a certificate at least five (5) Business Days prior to the consummation of such Purchase evidencing that, after giving effect to such Purchase, no Default or Unmatured Default would exist under Section 6.23.2 as of such date (as determined on a pro forma basis as of the last day of the preceding fiscal quarter) and (ii) the Person or business which is the subject of such Purchase is in the same or similar line of business as the Borrower and its Subsidiaries; and (e) Other Investments made after the date hereof after giving effect to which the aggregate amount of all such other Investments (calculated on the basis of the initial amount of each such other Investment) does not exceed 25% of Consolidated Total Assets as at the end of the quarter next preceding the date on which such determination is made provided that no more than 10% of Consolidated Total Assets as at the end of the quarter next preceding the date on which such determination is made may be Investments in Persons which are not Subsidiaries.

Investments and Purchases. The Borrower will not, nor and will it not permit any Subsidiary (other than any Unrestricted Subsidiary) to, make or suffer to exist any Investments (including, without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner or member in any partnership, limited liability company partnership or joint venture, or to make any Purchases, except: (a) Cash Equivalent Investmentsand Cash Equivalents; (b) Existing Investments in Subsidiaries, Investments in Wholly-Owned Subsidiaries and other Investments or commitments therefor (such commitments being set forth on SCHEDULE 6.15) in existence on as of the date hereof and described (including Investments in Schedule 6.14 heretoSubsidiaries as of the date hereof); (c) Investments in debt securities rated BBB- or better by S&P, Baa-3 or better by Xxxxx'x or NAIC-2 or better by the NAIC; PROVIDED, that any such Investment which, at any time after which it is made, ceases to effect meet such rating requirements shall remain permitted hereby until thirty (30) days after the Acquisition pursuant to the terms of the Merger Agreement and/or the Offer to Purchase (including open market and privately negotiated purchases as described therein) without waiver of any material condition thereofdate on which such rating requirement is no longer met; (d) Purchases of or Investments incurred in order to consummate other Purchases; provided that businesses or entities engaged in the insurance business and/or insurance services or businesses reasonably incident thereto (iincluding holding companies, the Subsidiaries of which on a consolidated basis are primarily engaged in such businesses) which do not constitute hostile takeovers (including the Borrower provides the Agent with a certificate at least five (5creation of Subsidiaries in connection therewith) Business Days prior to the consummation of such Purchase evidencing that, so long as no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such PurchasePurchase or Investment; (e) other Investments by the Borrower in any Person which is a Subsidiary (other than any Unrestricted Subsidiary) as of the date hereof, so long as no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such Investment; (f) loans made by (x) the Borrower to any Wholly-Owned Subsidiary (other than any Unrestricted Subsidiary) and (y) any Wholly-Owned Subsidiary to a Wholly-Owned Subsidiary (other than any Unrestricted Subsidiary) or the Borrower so long as, in all cases, no Default or Unmatured Default has occurred and is continuing or would exist under Section 6.23.2 occur after giving effect to such loan; (g) Investments by the Borrower (in addition to those permitted by CLAUSES (a) through (f) of this SECTION 6.15) in an amount not exceeding in aggregate at any time $40,000,000 PLUS the FSA Amount (including the creation of Subsidiaries and Investments therein and Investments in any partnership or joint venture) so long as at the time of such date Investment no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such Investment; PROVIDED, however, that any Investments pursuant to this CLAUSE (as determined on a pro forma basis as g) are made from net proceeds traceable to either (i) dividends, sales, transfers or other distributions of the last day of the preceding fiscal quarter) and equity interests in SOMSC or (ii) the Person sale or business which is the subject issuance of such Purchase is in the same or similar line equity securities of business as the Borrower after the date hereof; (h) Investments by the Borrower (in addition to those permitted by the other clauses of this SECTION 6.15) in an amount not exceeding in aggregate at any time $10,000,000 (including the creation of Subsidiaries and its SubsidiariesInvestments therein and Investments in any partnership or joint venture) so long as at the time of any such Investment no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such Investment; and (ei) Other Investments made after the date hereof after giving effect to which the aggregate amount of all such other Investments (calculated on by Folksamerica and its Subsidiaries permitted under the basis of Folksamerica Credit Agreement and other Investments by Valley and its Subsidiaries permitted under the initial amount of each such other Investment) does not exceed 25% of Consolidated Total Assets as at the end of the quarter next preceding the date on which such determination is made provided that no more than 10% of Consolidated Total Assets as at the end of the quarter next preceding the date on which such determination is made may be Investments in Persons which are not SubsidiariesValley Credit Agreement.

Investments and Purchases. The Borrower will not, nor will it permit any Subsidiary to, make or suffer to exist any Investments (including, without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner or member in any partnership, limited liability company partnership or joint venture, or to make any PurchasesPurchases of any Person, except: (a) Cash Equivalent InvestmentsShort-term obligations of, or fully guaranteed by, the United States of America; (b) Commercial paper rated A-l or better by Standard and Poor's Ratings Group, a division of the XxXxxx-Xxxx Companies or P-l or better by Xxxxx'x Investors Service, Inc.; (c) Demand deposit accounts maintained in the ordinary course of business; (d) Certificates of deposit issued by and time deposits with commercial banks (whether domestic or foreign) having capital and surplus in excess of $100,000,000; (e) Investments in any mutual fund organized under the Investment Company Act of 1940 which invests only in instruments described in clauses (a), (b), and (d) above; (f) Existing Investments in Subsidiaries, Investments in Wholly-Owned Subsidiaries and other Investments in existence on the date hereof and described in Schedule 6.14 6.15 hereto; (cg) Additional Investments to in Subsidiaries which do not during the term of this Agreement aggregate in excess of $75,000,000 for all such Investments and do not aggregate in excess of $20,000,000 for Investments in foreign Subsidiaries; provided, that at the time of any such Investment and after giving effect thereto no Default or Unmatured Default has occurred and is continuing; and (h) Purchases by the Acquisition pursuant to Borrower or its Subsidiaries and Investments by the terms Borrower or its Subsidiaries not permitted by clauses (a) through (g) above which do not during the term of the Merger this Agreement and/or the Offer to Purchase aggregate in excess of $150,000,000 (including open market and privately negotiated purchases as described therein) without waiver of any material condition thereof; (d) Investments incurred in order to consummate other Purchasesassumed Indebtedness); provided that (i) the Borrower provides no single Purchase may exceed $50,000,000 (including assumed Indebtedness), except for a Purchase previously disclosed in writing to the Agent with a certificate by the Borrower, which may be purchased for an aggregate amount of no more than $70,000,000 (including assumed Indebtedness), (ii) at the time of any such Investment or Purchase and after giving effect thereto, no Default or Unmatured Default has occurred and is continuing and (iii) at least five (5) Business Days prior to the consummation of such Purchase evidencing that, after giving effect the Borrower delivers to such Purchase, no Default or Unmatured Default would exist under Section 6.23.2 as the Agent a computation of such date (as determined covenant compliance certified by its chief financial officer demonstrating compliance by the Borrower on a pro forma basis as of the last day of the preceding fiscal quarter) and (ii) the Person or business which is the subject of such Purchase is in the same or similar line of business as the Borrower and its Subsidiaries; and (e) Other Investments made after the date hereof after giving effect to which the proposed Purchase) with Section 6.22 for the most recently ended four Fiscal Quarters and on a projected basis (assuming consummation of the proposed Purchase) for the next succeeding four Fiscal Quarters and (iv) the aggregate amount of all such other Investments (calculated on the basis of the initial amount of each such other InvestmentInvestments pursuant to this clause (h) does not exceed 25% of Consolidated Total Assets as at the end of the quarter next preceding the date on which such determination is made provided that no more than 10% of Consolidated Total Assets as at the end of the quarter next preceding the date on which such determination is made may be Investments in Persons which are not, and do not Subsidiariesthereby become, Subsidiaries shall not exceed $25,000,000.

Investments and Purchases. The Borrower will not, nor and will it not permit any Subsidiary (other than any Unrestricted Subsidiary) to, make or suffer to exist any Investments (including, without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner or member in any partnership, limited liability company partnership or joint venture, or to make any Purchases, except: (a) Cash Equivalent Investmentsand Cash Equivalents; (b) Existing Investments in Subsidiaries, Investments in Wholly-Owned Subsidiaries and other Investments or commitments therefor (such commitments being set forth on SCHEDULE 6.15) in existence on as of the date hereof and described (including Investments in Schedule 6.14 heretoSubsidiaries as of the date hereof); (c) Investments in debt securities rated BBB- or better by S&P, Baa-3 or better by Xxxxx'x or NAIC-2 or better by the NAIC; PROVIDED, that any such Investment which, at any time after which it is made, ceases to effect meet such rating requirements shall (A) cease to be permitted hereby if then permitted by SECTION 6.15(A)(VI) and (B) if not then permitted by SECTION 6.15(A)(VI) remain permitted hereby until the Acquisition pursuant to the terms earlier of the Merger Agreement and/or time it is permitted under SECTION 6.15(A)(VI) and the Offer to Purchase date which is thirty (including open market and privately negotiated purchases as described therein30) without waiver of any material condition thereofdays after the date on which such rating requirement is no longer met; (d) Purchases of or Investments incurred in order to consummate other Purchases; provided that businesses or entities engaged in the insurance business and/or insurance services or businesses reasonably incident thereto (iincluding holding companies, the Subsidiaries of which on a consolidated basis are primarily engaged in such businesses) which do not constitute hostile takeovers (including the Borrower provides the Agent with a certificate at least five (5creation of Subsidiaries in connection therewith) Business Days prior to the consummation of such Purchase evidencing that, so long as no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such Purchase, no Default Purchase or Unmatured Default would exist under Section 6.23.2 as of such date (as determined on a pro forma basis as of the last day of the preceding fiscal quarter) and (ii) the Person or business which is the subject of such Purchase is in the same or similar line of business as the Borrower and its Subsidiaries; andInvestment; (e) Other Investments made after by the Borrower in any Person which is a Subsidiary (other than any Unrestricted Subsidiary) as of the date hereof hereof, so long as no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to which such Investment; (f) Investments by the Borrower (in addition to those permitted by CLAUSES (A) through (E) of this SECTION 6.15) in an amount not exceeding in aggregate amount $40,000,000 PLUS the FSA Amount (including the creation of all such other Subsidiaries and Investments (calculated on the basis of the initial amount of each such other Investmenttherein and Investments in any partnership or joint venture) does not exceed 25% of Consolidated Total Assets so long as at the end time of such Investment no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such Investment; PROVIDED, however, that any Investments pursuant to this CLAUSE (F) are made from net proceeds traceable to either (i) dividends, sales, transfers or other distributions of equity interests in SOMSC or (ii) the sale or issuance of equity securities of the quarter next preceding Borrower after the date on which such determination is made provided that no more than 10% hereof. (g) Investments by the Borrower (in addition to those permitted by the other clauses of Consolidated Total Assets this SECTION 6.15) in an amount not exceeding $10,000,000 (including the creation of Subsidiaries and Investments therein and Investments in any partnership or joint venture) so long as at the end time of such Investment no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such Investment; and (h) With respect to White Mountains and its Subsidiaries, Investments permitted under the quarter next preceding White Mountains Credit Agreement and the date on which such determination is made may be Investments in Persons which are not SubsidiariesValley Credit Agreement.

Investments and Purchases. The Borrower (a) URGI will not, nor and will it not permit any Subsidiary or other Credit Party which is not an Insurance Subsidiary to, make or suffer to exist any Investments (including, without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner or member in any partnership, limited liability company partnership or joint venture, or to make any Purchases, except: (ai) Cash Equivalent Investmentsand Cash Equivalents; (bii) Existing Investments in Subsidiaries, Investments in Wholly-Owned Subsidiaries and other Investments in existence on as of the date hereof Closing Date (including Investments in Subsidiaries as of such date) and described in Schedule 6.14 hereto; (ciii) Investments in debt securities rated BBB- or better by Standard & Poor's, Baa-3 or better by Moodx'x xx NAIC-2 or better by the NAIC; provided, that any such Investment which, at any time after which it is made, ceases to effect meet such rating requirements shall (A) cease to be permitted hereby if then permitted by Section 6.14(a)(vi) and (B) if not then permitted by Section 6.14(a)(vi) remain permitted hereby until the Acquisition pursuant to the terms earlier of the Merger Agreement and/or time it is permitted under Section 6.14(a)(vi) and the Offer to Purchase (including open market and privately negotiated purchases as described therein) without waiver of any material condition thereofdate which is 30 days after the date on which such rating requirement is no longer met; (div) Investments incurred Purchases of businesses or entities engaged in order to consummate other Purchases; provided that the insurance business or businesses reasonably incident thereto which do not constitute hostile takeovers (iincluding the creation of Subsidiaries in connection therewith) the Borrower provides the Agent with a certificate at least five (5) Business Days prior to the consummation of such Purchase evidencing that, so long as no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such Purchase, no Default Purchase or Unmatured Default would exist under creation (determined with respect to the covenants set forth in Section 6.23.2 as of such date (as determined 6.22 on a pro forma basis as of the last day of the immediately preceding fiscal quarterFiscal Quarter); (v) and (ii) the Other Investments by URGI in any Person or business which is a Subsidiary as of the subject date hereof so long as no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such investment (determined with respect to the covenants set forth in Section 6.22 on a pro forma basis as of such Purchase is in the same or similar line last day of business as the Borrower and its Subsidiariesimmediately preceding Fiscal Quarter); and (evi) Other Investments made after by URGI in an amount not exceeding $40,000,000 (or its equivalent in any other currency) (including the date hereof creation of Subsidiaries and Investments therein and Investments in any partnership or joint venture) so long as at the time of such Investment no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to which such Investment (determined with respect to the aggregate amount covenants set forth in Section 6.22 on a pro forma basis as of all such the last day of the immediately preceding Fiscal Quarter). (b) The Credit Parties will not permit any Insurance Subsidiary to make or suffer to exist any Investments (including, without limitation, loans and advances to and other Investments in Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner in any partnership or joint venture or to make any Purchases, except: (calculated on i) Cash and Cash Equivalents; (ii) Investments in debt securities rated BBB- or better by Standard & Poor's, Baa-3 or better by Moodx'x xx NAIC-2 or better by the basis NAIC, provided, that any such Investment which. at any time after which it is made, ceases to meet such rating requirements shall (A) cease to be permitted hereby if then permitted by Section 6.14(b)(vi) and (B) if not then permitted by Section 6.14(b)(vi) remain permitted hereby until the earlier of the initial amount of each such other Investmenttime it is permitted under Section 6.14(b)(vi) does not exceed 25% of Consolidated Total Assets as at and the end of the quarter next preceding date which is 30 days after the date on which such determination rating requirement is no longer met; (iii) Existing Investments in Subsidiaries and other Investments in existence on the date hereof; (iv) Other Investments in any Person which is a Subsidiary as of the date hereof so long as no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such Investment (determined with respect to the covenants set forth in Section 6.22 on a pro forma basis as of the last day of the immediately preceding Fiscal Quarter); (v) Purchases of businesses or entities engaged in the insurance business which do not constitute hostile takeovers (including the creation of Subsidiaries in connection therewith) made provided after the date of this Agreement for an aggregate consideration not to exceed $50,000,000 (or its equivalent in any other currency), so long as no Default or Unmatured Default has occurred and is continuing or would occur after giving effect thereto (determined with respect to the covenants set forth in Section 6.22 on a pro forma basis as of the last day of the immediately preceding Fiscal Quarter); and (vi) Other Investments (including the creation of Subsidiaries and Investments therein and Investments in any partnership or joint venture but excluding any Investment of the type described in clause (b)(v) above) of a type acceptable to the insurance commissioner in the respective domiciliary state of such Insurance Subsidiary, provided, that no more than 10such Investments do not exceed, in the aggregate at any one time outstanding, an amount equal to the Total Admitted Assets (as presented on the "Assets" statement, currently Page 2, Line 22 of the Annual Statement-1998) of all Insurance Subsidiaries (determined, where applicable, on a combined basis by reference to the comparable line in the combined Annual Statement) less 125% of Consolidated the aggregate Total Assets Required Liabilities (as at presented on the end "Liabilities, Surplus and Other Funds" statement, currently Page 3, Line 23 of the quarter next preceding Annual Statement-1998) of all Insurance Subsidiaries (determined, where applicable, on a combined basis by reference to the date on which comparable line in the combined Annual Statement); provided, further, that the fair market value of the Investment in Burlington Northern Santa Fe Corporation held by URGI and its Insurance Subsidiaries shall be subtracted from such determination is made may be Investments in Persons which are not Subsidiariesamount for so long as such Investment exists.

Investments and Purchases. The Borrower No Loan Party will, and will not, nor will it not permit any Subsidiary of its Subsidiaries (other than an Unrestricted Subsidiary) to, make or suffer to exist any Investments (including, without limitation, loans and advances to, and other Investments in, SubsidiariesHoldings or Subsidiaries of either Loan Party), or commitments therefor, or to create any Subsidiary or to become or remain a partner or member in any partnership, limited liability company partnership or joint venture, or to make any Purchases, except: (a) Cash Equivalent Investments; Investments or commitments therefor (bsuch commitments being set forth on SCHEDULE 6.13) Existing Investments in Subsidiaries, Investments in Wholly-Owned Subsidiaries and other Investments in existence on the date hereof (including a certain $40,000,000 loan from FAE to Holdings); (b) loans and described advances to employees in Schedule 6.14 heretothe ordinary course of business and consistent with past practices; (c) Investments to effect the Acquisition pursuant to the terms of the Merger Agreement and/or the Offer to Purchase made in Subsidiaries (including open market other than any Unrestricted Subsidiary) and privately negotiated purchases as described therein) without waiver of any material condition thereofMain Street America Holdings, Inc.; (d) Purchases of or Investments incurred in order businesses or entities engaged in the insurance and/or insurance services business or businesses reasonably incident thereto (including holding companies, the Subsidiaries of which on a consolidated basis are primarily engaged in such businesses) which do not constitute hostile takeovers (including the creation of Subsidiaries in connection therewith) so long as no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to consummate such Purchase or Investment; (e) Investments by Parent made on or before May 13, 1999 directly in SOMSC in an amount equal to the FSA Amount so long as at the time of such Investment no Default or Unmatured Default has occurred and is continuing or would occur after giving effect to such Investment; PROVIDED, however, that any Investments pursuant to this CLAUSE (e) are made from net proceeds traceable to dividends, sales, transfers or other Purchases; provided that distributions of equity interests in SOMSC after the date hereof; (f) loans made by Parent or its Subsidiaries to Holdings, (i) the Borrower provides the Agent with a certificate so long as at least five (5) Business Days prior to the consummation of such Purchase evidencing thatall times, after giving effect to such Purchase, no Default or Unmatured Default would exist under Section 6.23.2 as the aggregate outstanding principal amount of such date (as determined on a pro forma basis as of the last day of the preceding fiscal quarterloans, Parent would be permitted to pay at least $1.00 in incremental dividends pursuant to SECTION 6.10(a) and or (ii) that are made out or the Person net proceeds described in SECTION 6.10(b)(x) in lieu of utilizing such net proceeds to pay a dividend; (g) other Investments (other than any direct or business which indirect Investments in Holdings), so long as any such Investment is materially consistent with such Loan Party's investment policy guidelines as approved from time to time by the subject finance committee of the board of directors of Parent and the board of directors of the Borrower (a copy of the current version of such Purchase is in guidelines having been delivered to each Lender); provided that any change from the same or similar line of business as guidelines previously submitted to the Borrower and its SubsidiariesLenders shall not materially adversely affect the Lenders; and (eh) Other Investments made after the date hereof after giving effect to which the aggregate amount of all such other Investments (calculated on other than any direct or indirect Investments in Holdings) by Folksamerica (but only after it becomes a Wholly-Owned Subsidiary of Parent) at any time prior to March 31, 1999, so long as any such Investment is permitted under the basis insurance laws of the initial amount State of each such other Investment) does not exceed 25% New York and is materially consistent with Folksamerica's investment policy guidelines as approved from time to time by the board of Consolidated Total Assets as at the end directors of Folksamerica (a copy of the quarter next preceding the date on which current version of such determination is made guidelines having been delivered to each Lender); provided that no more than 10% of Consolidated Total Assets as at any change from the end of guidelines previously submitted to the quarter next preceding Lenders shall not materially adversely affect the date on which such determination is made may be Investments in Persons which are not SubsidiariesLenders.

Investments and Purchases. The Borrower will not, nor will it ------------------------- permit any Subsidiary to, make or suffer to exist any Investments (including, without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner or member in any partnership, limited liability company partnership or joint venture, or to make any Purchases, except: (a) Cash Equivalent Investments; (b) Existing Investments in Subsidiaries, Investments in Wholly-Wholly- Owned Subsidiaries and other Investments in existence on the date hereof and described in Schedule 6.14 hereto;; ------------- (c) Investments to effect the Acquisition pursuant to the terms of the Merger Agreement and/or the Offer to Purchase (including open market and privately negotiated purchases as described therein) without waiver of any material condition thereofthereof (including without limitation the condition set forth in Section 7.1 of the Merger Agreement in so far as it relates to Section 3.20 of the Merger Agreement); provided that no Default or Unmatured Default shall exist immediately thereafter -------- as a result of the Acquisition; (d) Investments incurred to acquire incremental ownership interests in DePuy Motec, Inc. or its successor; (e) Investments incurred in order to consummate other Purchases; provided that (i) other than in the case of an acquiree which has no Margin -------- Stock outstanding and which is acquired through a stock purchase or similar agreement executed by the selling shareholders, the prior, effective written consent or approval to such Purchase of the board of directors or equivalent governing body of the acquiree is obtained, (ii) the Borrower provides the Agent with a certificate at least five (5) Business Days prior to the consummation of such Purchase evidencing that, after giving effect to such Purchase, no Default or Unmatured Default the Leverage Ratio would exist under Section 6.23.2 be at least 3.0:1.0 as of such date (as determined on a pro forma basis as of the last day of the preceding fiscal quarter) and (iiiii) the Person or business which is the subject of such Purchase is in the same or similar line of business as the Borrower and its Subsidiaries; and (ef) Other other Investments made after the date hereof after giving effect to which the not exceeding $10,000,000 in aggregate principal amount of all such other Investments (calculated on the basis of the initial amount of each such other Investment) does not exceed 25% of Consolidated Total Assets as at the end of the quarter next preceding the date on which such determination is made provided that no more than 10% of Consolidated Total Assets as at the end of the quarter next preceding the date on which such determination is made may be Investments in Persons which are not Subsidiariesinitially invested).