Investments by the Borrower or any of its Restricted Subsidiaries in the Borrower or any of its Restricted Subsidiaries or any Person that will, upon such Investment become a Restricted Subsidiary; provided that (x) any Investment made by any Person that is not a Loan Party in any Loan Party pursuant to this clause (c) shall be subordinated in right of payment to the Loans and (y) any Investment made by any Loan Party in any Person that is not a Loan Party shall either (i) be made in the ordinary course of business or (ii) be evidenced by a note pledged as Collateral on a first priority basis for the benefit of the Obligations, which note shall be in form and substance reasonably satisfactory to the Administrative Agent (it being understood that an Intercompany Note shall be satisfactory to the Administrative Agent);
Investments by the Borrower or any of its Restricted Subsidiaries in the Borrower or any of its Restricted Subsidiaries or any Person that will, upon such Investment become a Restricted Subsidiary; provided that any Investment made by any Person that is not a Loan Party in any Loan Party pursuant to this clause (c) shall be subordinated in right of payment to the Loans ;
Investments by the Borrower or any of its Restricted Subsidiaries in the Borrower or any of its Restricted Subsidiaries or in any Person that will, upon such Investment, become a Restricted Subsidiary; provided that (i) any Investment in the form of a loan or other Indebtedness made by any Non-Loan Party in any Loan Party pursuant to this clause (c) shall be subordinated in right of payment to the Obligations, and (ii) the aggregate amount of Investments by Loan Parties in Restricted Subsidiaries that are not or do not become Loan Parties, when taken together with Investments pursuant to Section 7.02(e) or 7.02(j) by Loan Parties in Persons that are not or do not become Loan Parties, shall not exceed the Non-Loan Party Investment Cap;
