Common use of Investments in Unrestricted Subsidiaries Clause in Contracts

Investments in Unrestricted Subsidiaries. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, purchase, hold, make or acquire (including pursuant to any merger and including each increase to the Unrestricted Subsidiary LC Exposure) any Investment in any Unrestricted Subsidiary, except to the extent that after giving effect to any such Investment, (A) the Incurrence Test would be satisfied and (B) either (x) the Unrestricted Subsidiary Investment Amount shall not exceed 1% of Consolidated Total Assets, or (y) if the Unrestricted Subsidiary Investment Amount shall exceed 1% of Consolidated Total Assets, or to the extent resulting in the Unrestricted Subsidiary Investment Amount exceeding 1% of Consolidated Total Assets, such Investment shall constitute a Restricted Use and the Restricted Uses shall not exceed the Restricted Uses Basket. In connection with each such Investment that exceeds $25,000,000, the Borrower shall deliver to the Administrative Agent (x) written notice of such Investment and (y) a certificate, dated the effective date of such Investment, of a Financial Officer stating that no Event of Default has occurred and is continuing, specifying whether such Investment is made in reliance on clause (x) or (y) of the immediately preceding sentence and setting forth reasonably detailed calculations demonstrating compliance with the requirements of clauses (A) and (B) of such sentence.

Investments in Unrestricted Subsidiaries. The Each Borrower will not, and will not permit any of its Restricted Subsidiaries Subsidiary to, purchase, hold, make or acquire (including pursuant to any merger and including each increase to the Unrestricted Subsidiary LC Exposure) any Investment in any Unrestricted Subsidiary, except to the extent that after giving effect to any such Investment, (A) the Incurrence Test would be satisfied and (B) either (x) the Unrestricted Subsidiary Investment Amount shall not exceed 1% of Consolidated Total Assets, or (y) if the Unrestricted Subsidiary Investment Amount shall exceed 1% of Consolidated Total Assets, or to the extent resulting in the Unrestricted Subsidiary Investment Amount exceeding 1% of Consolidated Total Assets, such Investment shall constitute a Restricted Use and the Restricted Uses shall not exceed the Restricted Uses Basket. In connection with each such Investment that exceeds $25,000,000, the Borrower FCX shall deliver to the Administrative Agent (x) written notice of such Investment and (y) a certificate, dated the effective date of such Investment, of a Financial Officer of FCX stating that no Event of Default has occurred and is continuing, specifying whether such Investment is made in reliance on clause (x) or (y) of the immediately preceding sentence and setting forth reasonably detailed calculations demonstrating compliance with the requirements of clauses (A) and (B) of such sentence.