Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;. (c) Hedging Agreements entered into in the ordinary course of the Borrower’s business for financial planning and not for speculative purposes;
Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;. (c)Hedging Agreements entered into in the ordinary course of any Obligor’s financial planning and not for speculative purposes; 76 (d)Portfolio Investments and Investments in any Non-Guarantor Subsidiary, by the Borrower and any of its Subsidiaries to the extent such Portfolio Investments and/or Investments in such Non-Guarantor Subsidiaries are of the character of assets permitted to be acquired by business development companies under the Investment Company Act and are permitted by the Borrower’s Investment Policies; provided that, if such Portfolio Investment is not included in the Collateral Pool and with respect to Investments in any Non-Guarantor Subsidiary, then (i) after giving effect to such Investment (and any concurrent acquisitions of Investments in the Collateral Pool or payment of outstanding Loans), the Covered Debt Amount does not exceed the Borrowing Base and (ii) either (x) the amount of any excess availability under the Borrowing Base immediately prior to such Investment is not diminished as a result of such Investment or (y) the Borrowing Base immediately after giving effect to such Investment is at least 115% of the Covered Debt Amount; and (e)additional Investments up to but not exceeding $10,000,000 in the aggregate at any time outstanding. For purposes of clause (e) of this Section, the aggregate amount of an Investment at any time shall be deemed to be equal to (A) the aggregate amount of cash, together with the aggregate fair market value of property, loaned, advanced, contributed, transferred or otherwise invested that gives rise to such Investment (calculated at the time such Investment is made) minus (B) the aggregate amount of dividends, distributions or other payments received in cash in respect of such Investment, provided that in no event shall the aggregate amount of such Investment be deemed to be less than zero; the amount of an Investment shall not in any event be reduced by reason of any write-off of such Investment nor increased by any increase in the amount of earnings retained in the Person in which such Investment or any other matter (other than any cash or assets contributed or invested in such Investment). SECTION 6.05.
Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;. (c) (i) Hedging Agreements entered into by Borrower or any Subsidiary (other than any Financing Subsidiary) in the ordinary course of the Borrower’s financial planning and not for speculative purposes, and which shall not hedge Indebtedness of any Financing Subsidiary, or (ii) Hedging Agreements entered into by any Financing Subsidiary in the ordinary course of such Financing Subsidiary’s financial planning and not for speculative purposes;
Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;. (c) Hedging Agreements entered into in the ordinary course of the Borrower’s business for financial planning and not for speculative purposes; (d) Portfolio Investments by the Borrower and its Subsidiaries to the extent such Portfolio Investments are permitted under the Investment Company Act (to the extent such applicable Person is subject to the Investment Company Act) and the Investment Policies (as amended by Permitted Policy Amendments); provided, however, that no Investment in any Joint Venture (other than the I-45 Entities, the Investments in which are addressed in Section 6.04(i) below) shall be permitted unless (i) immediately prior to, and immediately after giving effect to such contribution, (A) no Default or Event of Default shall have occurred and be continuing, (B) the Obligors’ Net Worth exceeds $225,000,000 and the Borrower is in pro forma compliance with each of the covenants set forth in Sections 6.07(a), (b), (c), (e) and (f) and (C) immediately prior to and immediately after giving effect to the contribution, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect and (ii) on the date of such contribution, the Borrower delivers to the Administrative Agent and each Lender (x) a Borrowing Base Certificate as at such date demonstrating compliance with subclause (C) immediately after giving effect to such contribution and (y) a certification from a Financial Officer certifying to subclauses (A) and (B); (e) Equity Interests in (or capital contribution to) SBIC Subsidiaries to the extent not prohibited by Section 6.03(e); (f) Investments by any SBIC Subsidiary; (g) Investments in Cash and Cash Equivalents; (h) Investments described on Schedule 3.12(b) hereto; (i) Investments in I-45 Entities; provided that, after the aggregate amount of all contributions made by the Borrower or any of its Subsidiaries (whether individually or collectively) to I-45 Entities exceeds or will exceed, immediately after giving effect to such contribution, $68,000,000, no Investment in any I-45 Entity shall be permitted unless (i) immediately prior to, and immediately after giving effect to such contribution, (A) no Default or Event of Default shall have occurred and be continuing, (B) the Obligors’ Net Worth exceeds $225,000,000 and the Borrower is in pro forma compliance with each of the covenants set forth in Sections 6.07(a), (b), (c), (e) and (f) and (C) immediately prior to and immediately after giving effect to the contribution...
Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;. (c) Hedging Agreements, derivative arrangements, credit default swaps and total return swaps entered into in the ordinary course of any Obligor’s business for financial planning and not for speculative purposes; (d) Investments by the Obligors to the extent such Investments are permitted under the Investment Company Act (if applicable) and in compliance in all material respects with the Borrower’s Investment Policies, in each case as in effect as of the date such Investments are acquired; (e) Investments in Financing Subsidiaries, any Excluded Asset or any other Subsidiary that is not a Subsidiary Guarantor in the form of Designated Swaps, determined at the time any such Investment is made so long as, (i) after giving effect to such Investment and any Concurrent Transaction, either (A) the amount by which the Gross Borrowing Base exceeds the Covered Debt Amount immediately prior to such Investment (or, if earlier, a commitment to make such Investment) is not diminished as a result of such Investment or (B) the Borrowing Base immediately after giving effect to such Investment is at least 110% of the Covered Debt Amount and (ii) the Borrower is in compliance with the financial covenant set forth in Section 6.07(c);
Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;. (c) Hedging Agreements entered into in the ordinary course of the Borrower’s business for financial planning and not for speculative purposes; (d) Portfolio Investments (other than Restricted Investments) by the Borrower and its Subsidiaries to the extent such Portfolio Investments are permitted under the Investment Company Act (to the extent such applicable Person is subject to the Investment Company Act) and the Investment Policies; provided that no proceeds from any new Investment made in First Star Bermuda and/or First Star Ireland after the Original Effective Date may be used to make payments (directly or indirectly) on account of any obligations owed by First Star Bermuda and/or First Star Ireland to any Obligor; (e) Investments in (x) (or capital contribution to) Financing Subsidiaries to the extent expressly permitted by Section 6.03(e) or 6.03(i), and (y) Restricted Investments to the extent expressly permitted by Section 6.03(e); (f) Investments by any Financing Subsidiary or any Immaterial Subsidiary; (g) Investments in Cash and Cash Equivalents; (h) Investments described on Schedule 3.12(b) hereto; (i) Investments in Immaterial Subsidiaries; (124)
