Common use of Investments, Guaranties, etc Clause in Contracts

Investments, Guaranties, etc. The Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly (a) make or own any Investment in any Person or (b) create or become liable with respect to any Guaranty, except: (i) the Borrower or any Restricted Subsidiary may make and own Investments in Cash Equivalents; (ii) the Borrower and any Restricted Subsidiary may make and own Investments in any Restricted Subsidiary or Investments in Capital Stock of any Person which simultaneously therewith becomes a Restricted Subsidiary; provided that (A) no Event of Default or Default has occurred and is continuing at the time of any such Investment or would occur immediately after giving effect thereto (on a pro forma basis as if such Investment had occurred on the first day of the applicable Reference Period for purposes of Section 6.29) and (B) in the case of any such Investment in any Person which simultaneously therewith becomes a Restricted Subsidiary, the Borrower shall have prepared and furnished to the Agents prior to the consummation of such Investment pro forma financial statements demonstrating to the satisfaction of the Agents that the covenant in Section 6.29 will not be violated after giving pro forma effect to such proposed Investment; (iii) any Restricted Subsidiary may make and permit to be outstanding Investments in the Borrower and may create or become liable with respect to any Guarantee in respect of the Facilities Obligations, the Mortgage Notes and the Parity Debt; (A) the Borrower or any Restricted Subsidiary may make and own Investments in the Capital Stock of, or contributions to capital in the ordinary course of business of, any Unrestricted Subsidiary or joint venture, except Petro Holdings and its subsidiaries, if immediately after giving effect to the making of any such Investment, the aggregate amount of all such Investments made and outstanding pursuant to this paragraph (iv) shall not at any time exceed $5,000,000, net of cash distributions received from all Unrestricted Subsidiaries and joint ventures, excluding Petro Holdings, since the date hereof, and (B) Star/Petro may make and own Investments in Petro Holdings, but only with the proceeds of (x) borrowings constituting Star/Petro Intercompany Subordinated Debt or (y) capital contributions or equity investments indirectly made by the Public Partnership in Star/Petro on or after March 25, 1999; (v) the Borrower or any Restricted Subsidiary may make and own Investments (A) constituting trade credits or advances to any Person incurred in the ordinary course of business, (B) arising out of loans and advances to employees for travel, entertainment and relocation expenses, in each case incurred in the ordinary course of business or (C) acquired by reason of the exercise of customary creditors' rights upon default or pursuant to the bankruptcy, insolvency or reorganization of a debtor; (vi) the Borrower or any Restricted Subsidiary may create or become liable with respect to any Guaranty constituting an obligation, warranty or indemnity, not guaranteeing Indebtedness of any Person, which is undertaken or made in the ordinary course of business; and (vii) the Borrower may create and become liable with respect to Hedging Agreements and Commodity Hedging Agreements.

Investments, Guaranties, etc. The Borrower Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly (a) make or own any Investment in any Person Person, or (b) create or become or be liable with respect to any Guaranty, except: (ia) the Borrower or any Restricted Subsidiary Company and its Subsidiaries may make and own Investments in Cash Equivalents;in (i) marketable direct obligations issued or unconditionally guaranteed by the United States of America or issued by any agency thereof maturing within one year from the date of acquisition thereof, (ii) marketable direct obligations issued by any state of the Borrower United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and having as at any Restricted Subsidiary date of determination the highest rating obtainable from either Standard & Poor's Corporation or Xxxxx'x Investors Service, Inc., (iii) commercial paper maturing no more than 270 days from the date of creation thereof and having as at any date of determination the highest rating obtainable from either Standard & Poor's Corporation or Xxxxx'x Investors Service, Inc., (iv) certificates of deposit maturing within one year from the date of acquisition thereof issued by commercial banks incorporated under the laws of the United States of America or any state thereof or the District of Columbia, each having as at any date of determination combined capital and surplus of not less than $300,000,000 ("Permitted Banks") or a foreign branch thereof, (v) bankers' acceptances eligible for rediscount under requirements of The Board of Governors of the Federal Reserve System and accepted by Permitted Banks, (vi) obligations of the type described in clauses (i) through (iv) above purchased from a securities dealer designated as a "primary dealer" by the Federal Reserve Bank of New York or a Permitted Bank as counterparty pursuant to a repurchase agreement obligating such counterparty to repurchase such obligations not later than 14 days after the purchase thereof and which provides that the obligations which are the subject thereof are held for the benefit of the Company and its Subsidiaries by a custodian which is a Permitted Bank and which is not the counterparty to the repurchase agreement in question, and (vii) the securities of any investment company registered under the Investment Company Act of 1940 which is a "money market fund" within the meaning of regulations of the Securities and Exchange Commission, or an interest in a pooled fund maintained by a Permitted Bank having comparable investment restrictions; (b) the Company and its Wholly-Owned Subsidiaries may make and own Investments in any Restricted Wholly-Owned Subsidiary or Investments in Capital Stock of any Person which simultaneously therewith becomes a Restricted Wholly-Owned Subsidiary; provided that (A) no Event of Default or Default has occurred and is continuing at the time of any such Investment or would occur immediately after giving effect thereto (on a pro forma basis as , if such Investment had occurred on Wholly-Owned Subsidiary or such Person is a corporation organized under the first day laws of the applicable Reference Period for purposes United States or any state thereof or the District of Section 6.29) Columbia or Canada or Mexico and substantially all of whose assets are located and substantially all of whose business is conducted within the United States, Canada or Mexico (B) in the case of any such Investment in any Person which simultaneously therewith becomes a Restricted Subsidiary, the Borrower shall have prepared and furnished subject to the Agents prior to the consummation of such Investment pro forma financial statements demonstrating to the satisfaction of the Agents that the covenant in Section 6.29 will not be violated after giving pro forma effect to such proposed Investmentsection 10.17); (iiic) any Restricted Subsidiary the Company and its Subsidiaries may make and permit continue to be outstanding own their respective Investments in Persons listed on Schedule E; (d) the Borrower Company's Subsidiaries may become and may create or become remain liable with respect to any Guarantee in respect Guaranties of the Facilities Obligations, Notes set forth in the Mortgage Notes and the Parity Debt;Guaranty Agreement; and (Ae) the Borrower or any Restricted Subsidiary Company's Subsidiaries may make become and own Investments in the Capital Stock of, or contributions to capital in the ordinary course of business of, any Unrestricted Subsidiary or joint venture, except Petro Holdings and its subsidiaries, if immediately after giving effect to the making of any such Investment, the aggregate amount of all such Investments made and outstanding pursuant to this paragraph (iv) shall not at any time exceed $5,000,000, net of cash distributions received from all Unrestricted Subsidiaries and joint ventures, excluding Petro Holdings, since the date hereof, and (B) Star/Petro may make and own Investments in Petro Holdings, but only with the proceeds of (x) borrowings constituting Star/Petro Intercompany Subordinated Debt or (y) capital contributions or equity investments indirectly made by the Public Partnership in Star/Petro on or after March 25, 1999; (v) the Borrower or any Restricted Subsidiary may make and own Investments (A) constituting trade credits or advances to any Person incurred in the ordinary course of business, (B) arising out of loans and advances to employees for travel, entertainment and relocation expenses, in each case incurred in the ordinary course of business or (C) acquired by reason of the exercise of customary creditors' rights upon default or pursuant to the bankruptcy, insolvency or reorganization of a debtor; (vi) the Borrower or any Restricted Subsidiary may create or become remain liable with respect to any Guaranties of Debt of the Company outstanding under subdivisions (b) and (d) of section 10.11. Notwithstanding the foregoing, no Guaranty constituting an obligation, warranty shall be permitted by this section 10.4 unless either the maximum dollar amount of the obligation being guaranteed is readily ascertainable by the terms of such obligation or indemnity, not guaranteeing Indebtedness the agreement or instrument evidencing such Guaranty specifically limits the dollar amount of any Person, which is undertaken or made in the ordinary course maximum exposure of business; and (vii) the Borrower may create and become liable with respect to Hedging Agreements and Commodity Hedging Agreementsguarantor thereunder.

Investments, Guaranties, etc. The Borrower Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly (a) make or own any Investment in any Person Person, or (b) create or become or be liable with respect to any Guaranty, except: (ia) the Borrower or any Restricted Subsidiary Company and its Subsidiaries may make and own Investments in Cash Equivalents;in (i) marketable direct obligations issued or unconditionally guaranteed by the United States of America or issued by any agency thereof maturing within one year from the date of acquisition thereof, (ii) marketable direct obligations issued by any state of the Borrower United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and having as at any Restricted Subsidiary date of determination the highest rating obtainable from either Standard & Poor's Corporation or Xxxxx'x Investors Service, Inc., (iii) commercial paper maturing no more than 270 days from the date of creation thereof and having as at any date of determination the highest rating obtainable from either Standard & Poor's Corporation or Xxxxx'x Investors Service, Inc., (iv) certificates of deposit maturing within one year from the date of acquisition thereof issued by commercial banks incorporated under the laws of the United States of America or any state thereof or the District of Columbia, each having as at any date of determination combined capital and surplus of not less than $300,000,000 ("Permitted Banks") or a foreign branch thereof, (v) bankers' acceptances eligible for rediscount under requirements of The Board of Governors of the Federal Reserve System and accepted by Permitted Banks, (vi) obligations of the type described in clauses (i) through (iv) above purchased from a securities dealer designated as a "primary dealer" by the Federal Reserve Bank of New York or a Permitted Bank as counterparty pursuant to a repurchase agreement obligating such counterparty to repurchase such obligations not later than fourteen (14) days after the purchase thereof and which provides that the obligations which are the subject thereof are held for the benefit of the Company and its Subsidiaries by a custodian which is a Permitted Bank and which is not the counterparty to the repurchase agreement in question, and (vii) the securities of any investment company registered under the Investment Company Act of 1940 which is a "money market fund" within the meaning of regulations of the Securities and Exchange Commission, or an interest in a pooled fund maintained by a Permitted Bank having comparable investment restrictions; (b) the Company and its Wholly-Owned Subsidiaries may make and own Investments in any Restricted Wholly-Owned Subsidiary or Investments in Capital Stock of any Person which simultaneously therewith becomes a Restricted Wholly-Owned Subsidiary; provided that (A) no Event of Default or Default has occurred and is continuing at the time of any such Investment or would occur immediately after giving effect thereto (on a pro forma basis as , if such Investment had occurred on Wholly-Owned Subsidiary or such Person is a corporation organized under the first day laws of the applicable Reference Period for purposes United States or any state thereof or the District of Section 6.29) Columbia or Canada or Mexico and (B) in substantially all of whose assets are located and substantially all of whose business is conducted within the case of any such Investment in any Person which simultaneously therewith becomes a Restricted Subsidiary, the Borrower shall have prepared and furnished to the Agents prior to the consummation of such Investment pro forma financial statements demonstrating to the satisfaction of the Agents that the covenant in Section 6.29 will not be violated after giving pro forma effect to such proposed InvestmentUnited States; (iiic) any Restricted Subsidiary the Company's Subsidiaries may make become and permit to be outstanding Investments in the Borrower and may create or become remain liable with respect to any Guarantee in respect Guaranties of the Facilities Obligations, Notes set forth in the Mortgage Notes and the Parity Debt;Guaranty Agreement; and (Ad) the Borrower or any Restricted Subsidiary Company's Subsidiaries may make become and own Investments in the Capital Stock of, or contributions to capital in the ordinary course of business of, any Unrestricted Subsidiary or joint venture, except Petro Holdings and its subsidiaries, if immediately after giving effect to the making of any such Investment, the aggregate amount of all such Investments made and outstanding pursuant to this paragraph (iv) shall not at any time exceed $5,000,000, net of cash distributions received from all Unrestricted Subsidiaries and joint ventures, excluding Petro Holdings, since the date hereof, and (B) Star/Petro may make and own Investments in Petro Holdings, but only with the proceeds of (x) borrowings constituting Star/Petro Intercompany Subordinated Debt or (y) capital contributions or equity investments indirectly made by the Public Partnership in Star/Petro on or after March 25, 1999; (v) the Borrower or any Restricted Subsidiary may make and own Investments (A) constituting trade credits or advances to any Person incurred in the ordinary course of business, (B) arising out of loans and advances to employees for travel, entertainment and relocation expenses, in each case incurred in the ordinary course of business or (C) acquired by reason of the exercise of customary creditors' rights upon default or pursuant to the bankruptcy, insolvency or reorganization of a debtor; (vi) the Borrower or any Restricted Subsidiary may create or become remain liable with respect to any Guaranties of the obligations of the Company under the Credit Agreement. Notwithstanding the foregoing, no Guaranty constituting an obligation, warranty (other than those guaranties described in clauses (c) and (d) above) shall be permitted by this Section 9.5 unless either the maximum dollar amount of the obligation being guaranteed is readily ascertainable by the terms of such obligation or indemnity, not guaranteeing Indebtedness the agreement or instrument evidencing such Guaranty specifically limits the dollar amount of any Person, which is undertaken or made in the ordinary course maximum exposure of business; and (vii) the Borrower may create and become liable with respect to Hedging Agreements and Commodity Hedging Agreementsguarantor thereunder.

Investments, Guaranties, etc. The Borrower Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly (ai) make or own any Investment in any Person Person, or (bii) create or become liable with respect to any Guaranty, except: : (ia) the Borrower or any Restricted Subsidiary may make and own Investments in Cash Equivalents; (ii) the Borrower Company and any Restricted Subsidiary may make and own Investments in any Restricted Subsidiary or the Company or Investments in Capital Stock of capital stock of, or other equity interests in, any Person which simultaneously therewith as a result of such Investment becomes a Restricted Subsidiary; provided that (A) no Event of Default or Default has occurred and is continuing at the time of any such Investment or would occur immediately after giving effect thereto (on a pro forma basis as if such Investment had occurred on the first day of the applicable Reference Period for purposes of Section 6.29) and (B) in the case of any such Investment in any Person which simultaneously therewith becomes a Restricted Subsidiary, the Borrower shall have prepared and furnished to the Agents prior to the consummation of such Investment pro forma financial statements demonstrating to the satisfaction of the Agents that the covenant in Section 6.29 will not be violated after giving pro forma effect to such proposed Investment; (iii) any Restricted Subsidiary may make and permit to be outstanding Investments in the Borrower and may create or become liable with respect to any Guarantee in respect of the Facilities Obligations, the Mortgage Notes and the Parity Debt; (Ab) the Borrower or any Restricted Subsidiary may make and own Investments in the Capital Stock of, or contributions to capital in the ordinary course of business of, any Unrestricted Subsidiary or joint venture, except Petro Holdings and its subsidiaries, if immediately after giving effect to the making of any such Investment, the aggregate amount of all such Investments made and outstanding pursuant to this paragraph (iv) shall not at any time exceed $5,000,000, net of cash distributions received from all Unrestricted Subsidiaries and joint ventures, excluding Petro Holdings, since the date hereof, and (B) Star/Petro may make and own Investments in Petro Holdings, but only with the proceeds of (x) borrowings constituting Star/Petro Intercompany Subordinated Debt or (y) capital contributions or equity investments indirectly made by the Public Partnership in Star/Petro on or after March 25, 1999; (v) the Borrower Company or any Restricted Subsidiary may make and own Investments (Ax) constituting trade credits or advances to any Person incurred in the ordinary course of business, (By) arising out of loans and advances to officers, directors and employees for travel, entertainment and relocation expenses, in each case incurred in the ordinary course of business or (Cz) acquired by reason of the exercise of customary creditors' rights upon default or pursuant to the bankruptcy, insolvency or reorganization of a debtor; ; (vic) the Borrower Company or any Restricted Subsidiary may create or become liable with respect to any Guaranty (i) constituting an obligation, warranty or indemnity, not guaranteeing Indebtedness of any Person, which is undertaken or made in the ordinary course of businessbusiness or (ii) permitted under SECTION 10.2; and (viid) the Borrower Operating Partnership may create and become liable with respect to Hedging Agreements any Interest Rate Agreement; (e) the Operating Partnership may create and become liable with respect to any Commodity Hedging Agreements.Agreement; (f) the Company or any Restricted Subsidiary may make and own Investments in (1) marketable obligations issued or unconditionally guaranteed by the United States of America, or issued by any agency thereof and backed by the full faith and credit of the United States of America in each case maturing within one year from the date of acquisition thereof, (2) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and having as at any date of determination the highest rating obtainable from either Standard & Poor's Ratings Group or Xxxxx'x Investors Service, Inc., (3) commercial paper maturing no more than 270 days from the date of creation thereof and having as at any date of determination one of the two highest ratings obtainable from either Standard & Poor's Ratings Group or Xxxxx'x Investors Service, Inc., (4) certificates of deposit maturing one year or less from the date of acquisition thereof issued by commercial banks incorporated under the laws of the United States of America or any state thereof or the District of Columbia or Canada, (A) the commercial paper or other short-term unsecured debt obligations of which are rated either A-1 or better (or comparably if the rating system is changed) by Standard & Poor's Ratings Group or Prime-1 or better (or comparably if the rating system is changed) by Xxxxx'x Investors Service, Inc. or (B) the long-term debt obligations of which are rated either AA- or better (or comparably if the rating system is changed) by Standard & Poor's Ratings Group or Aa3 or better (or comparably if the rating system is changed) by Xxxxx'x Investors Service, Inc. ("PERMITTED BANKS"), or by any bank party to the Bank Credit Facilities the long-term debt obligations of which are rated either A or better (or comparably if the rating system is changed) by Standard & Poor's Rating Group or A or better (or comparably if the rating system is changed) by Xxxxx'x Investors Service, Inc., (5) Eurodollar time deposits having a maturity of less than 270 days from the date of acquisition thereof purchased directly from any Permitted Bank, (6) bankers' acceptances eligible for rediscount under requirements of The Board of Governors of the Federal Reserve System and accepted by Permitted Banks, and (7) obligations of the type described in clause (1), (2), (3) or (4) above purchased from a securities dealer designated as a "primary dealer" by the Federal Reserve Bank of New York or from a Permitted Bank as counterparty to a written repurchase agreement obligating such counterparty to repurchase such obligations not later than 14 days after the purchase thereof and which provides that the obligations which are the subject thereof are held for the benefit of the Company or a Restricted Subsidiary by a custodian which is a Permitted Bank; and (g) the Company or any Restricted Subsidiary may make and own Investments (other than those included in clause (a) above) in the capital stock of, or joint venture, partnership or other equity interests in, or the contributions to capital in the ordinary course of business of, any Unrestricted Subsidiary if immediately after giving effect to the making of any such Investment, (A) the aggregate amount of all such Investments made and outstanding pursuant to this clause (g) shall not at any time exceed 20% of the Consolidated Net Worth of the Company and (B) the aggregate amount of all Investments made and outstanding pursuant to this clause (g) as at the end of any fiscal quarter of the Company shall not exceed by more than $15,000,000 the amount of such Investments outstanding as at the end of the corresponding fiscal quarter of the immediately preceding fiscal year of the Company, and in the case of both subclauses (A) and (B) of this clause (g), the amounts specified therein may be increased (without duplication) by an amount equal to (i) the net cash proceeds received

Investments, Guaranties, etc. The Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly (a) make or own any Investment in any Person or (b) create or become liable with respect to any Guaranty, except: (i) the Borrower or any Restricted Subsidiary may make and own Investments in Cash Equivalents; (ii) the Borrower and any Restricted Subsidiary may make and own Investments in any Restricted Subsidiary or Investments in Capital Stock of any Person which simultaneously therewith becomes a Restricted Subsidiary; provided that (A) no Event of Default or Default has occurred and is continuing at the time of any such Investment or would occur immediately after giving effect thereto (on a pro forma basis as if such Investment had occurred on the first day of the applicable Reference Period for purposes of Section 6.29) and (B) in the case of any such Investment in any Person which simultaneously therewith becomes a Restricted Subsidiary, the Borrower shall have prepared and furnished to the Agents prior to the consummation of such Investment pro forma financial statements demonstrating to the satisfaction of the Agents that the covenant in Section 6.29 will not be violated after giving pro forma effect to such proposed Investment; (iii) any Restricted Subsidiary may make and permit to be outstanding Investments in the Borrower and may create or become liable with respect to any Guarantee in respect of the Facilities Facility Obligations, the Mortgage Notes, the Working Capital and Acquisition Facility Credit Agreement, the 2000 Parity Notes, the 2001 Parity Notes and the any other Parity Debt; (A) the Borrower or any Restricted Subsidiary may make and own Investments in the Capital Stock of, or contributions to capital in the ordinary course of business of, any Unrestricted Subsidiary or joint venture, except Petro Holdings and its subsidiariesSubsidiaries, if (i) immediately after giving effect to the making of any such Investment, Investment the aggregate amount of all such Investments made and outstanding pursuant to this paragraph (iv) shall not at any time exceed $5,000,00015,000,000 and (ii) the aggregate amount of all investments made and outstanding pursuant to this clause (iv) as of the end of any fiscal quarter of the Borrower shall not exceed by more than $5,000,000 the amount of such investments as of the immediately preceding fiscal quarter of the Borrower, in the cases of both subclauses (i) and (ii) of this clause, disregarding any such investment which on the date of determination could be made pursuant to clause (ii) of this Section 6.03 and net of cash distributions received from all Unrestricted Subsidiaries and joint venturesventures for such period, excluding Petro Holdings, since the date hereoffor such period, and (B) Star/Petro may make and own Investments in Petro Holdings, but only with the proceeds of (x) borrowings constituting Star/Petro Intercompany Subordinated Debt or (y) capital contributions or equity investments indirectly made by the Public Partnership in Star/Petro on or after March 25, 1999; (v) the Borrower or any Restricted Subsidiary may make and own Investments (A) constituting trade credits or advances to any Person incurred in the ordinary course of business, (B) arising out of loans and advances to employees for travel, entertainment and relocation expenses, in each case incurred in the ordinary course of business or (C) acquired by reason of the exercise of customary creditors' rights upon default or pursuant to the bankruptcy, insolvency or reorganization of a debtor; (vi) the Borrower or any Restricted Subsidiary may create or become liable with respect to any Guaranty constituting an obligation, warranty or indemnity, not guaranteeing Indebtedness of any Person, which is undertaken or made in the ordinary course of business; and (vii) the Borrower may create and become liable with respect to Hedging Agreements and Commodity Hedging Agreements.

Investments, Guaranties, etc. The Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly (a) make or own any Investment in any Person or (b) create or become liable with respect to any Guaranty, except: (i) the Borrower or any Restricted Subsidiary may make and own Investments in Cash Equivalents; (ii) the Borrower and any Restricted Subsidiary may make and own Investments in any Restricted Subsidiary or Investments in Capital Stock of any Person which simultaneously therewith becomes a Restricted Subsidiary; provided that (A) no Event of Default or Default has occurred and is continuing at the time of any such Investment or would occur immediately after giving effect thereto (on a pro forma basis as if such Investment had occurred on the first day of the applicable Reference Period for purposes of Section 6.29) and (B) in the case of any such Investment in any Person which simultaneously therewith becomes a Restricted Subsidiary, the Borrower shall have prepared and furnished to the Agents prior to the consummation of such Investment pro forma financial statements demonstrating to the satisfaction of the Agents that the covenant in Section 6.29 will not be violated after giving pro forma effect to such proposed Investment; (iii) any Restricted Subsidiary may make and permit to be outstanding Investments in the Borrower and may create or become liable with respect to any Guarantee in respect of the Facilities Facility Obligations, the Mortgage Notes, the Existing Credit Agreement, the 1998 Parity Notes, the 2000 Parity Notes, the 2001 Parity Notes and the any other Parity Debt; (A) the Borrower or any Restricted Subsidiary may make and own Investments in the Capital Stock of, or contributions to capital in the ordinary course of business of, any Unrestricted Subsidiary or joint ventureSubsidiary, except Petro Holdings and its subsidiariesSubsidiaries, if immediately after giving effect to the making of any such Investment, Investment the aggregate amount of all such Investments made and outstanding pursuant to this paragraph (iv) shall not at any time exceed $5,000,00015,000,000 and (ii) the aggregate amount of all investments made and outstanding pursuant to this clause (iv) as of the end of any fiscal quarter of the Borrower shall not exceed by more than $5,000,000 the amount of such investments as of the immediately preceding fiscal quarter of the Borrower, in the cases of both subclauses (i) and (ii) of this clause, disregarding any such investment which on the date of determination could be made pursuant to clause (ii) of this Section 6.03 and net of cash distributions received from all Unrestricted Subsidiaries and joint ventures, for such period excluding Petro Holdings, since the date hereof, and (B) Star/Petro may make and own Investments in Petro Holdings, but only with the proceeds of (x) borrowings constituting Star/Petro Intercompany Subordinated Debt or (y) capital contributions or equity investments indirectly made by the Public Partnership in Star/Petro on or after March 25, 1999; (v) the Borrower or any Restricted Subsidiary may make and own Investments (A) constituting trade credits or advances to any Person incurred in the ordinary course of business, (B) arising out of loans and advances to employees for travel, entertainment and relocation expenses, in each case incurred in the ordinary course of business or (C) acquired by reason of the exercise of customary creditors' rights upon default or pursuant to the bankruptcy, insolvency or reorganization of a debtor; (vi) the Borrower or any Restricted Subsidiary may create or become liable with respect to any Guaranty constituting an obligation, warranty or indemnity, not guaranteeing Indebtedness of any Person, which is undertaken or made in the ordinary course of business; and (vii) the Borrower may create and become liable with respect to Hedging Agreements and Commodity Hedging Agreements.