Common use of Investments, Loans, Advances and Acquisitions Clause in Contracts

Investments, Loans, Advances and Acquisitions. The Borrower will not, and will not permit any Loan Party to, make or permit to remain outstanding any Investments other than: (a) Investments that are disclosed in Schedule 9.05; (b) accounts receivable arising in the ordinary course of business; (c) direct obligations of the United States or any agency thereof, or obligations guaranteed by the United States or any agency thereof, in each case maturing within one (1) year from the date of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’x; (e) demand deposits, and time deposits maturing within one (1) year from the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectively; (f) Investments in money market funds investing at least 95% of their assets (measured by value) in Investments of the types described in Section 9.05(c), Section 9.05(d) or Section 9.05(e); (g) Investments made by any Loan Party in or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party); (h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.02; (j) non-hostile purchases or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions of any other Contribution Agreement with respect to any Permitted Drop Down; provided that: (i) such Investment is approved by the appropriate conflicts committee of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, as the case may be; (ii) before and after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (C) the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver a Mortgage in favor of the Administrative Agent with respect to such real Property, and (C) with respect to any acquired real Property constituting a Processing Plant, shall, if requested by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative Agent; and (o) other Investments made by the Loan Parties not to exceed $2,500,000 in the aggregate at any time.

Investments, Loans, Advances and Acquisitions. The Borrower Company will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations, capital contributions or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that are disclosed investments in Schedule 9.05certificates of deposit having a maturity of two (2) years or less issued by any Bank or any other commercial bank having a long-term rating at the time of investment of at least AA by Standard & Poor’s Ratings Services Group, a division of The XxXxxx-Xxxx Companies, Inc. (“S&P”) or Aa by Xxxxx’x Investor Services, Inc. (“Moody’s”) and a short-term rating at the time of investment of A-1 from S&P or P-1 from Moody’s; (b) accounts receivable arising investments in commercial paper rated at the ordinary course time of businessinvestment P-1 by Moody’s or A-1 by S&P maturing within 270 days of the date of issuance thereof; (c) direct investments shown on the financial statements referred to in Section 5.2 in existing Subsidiaries; (d) acquisitions of the Property or business of any Person, provided that no Potential Default or Event of Default shall then exist after giving effect to such acquisition and no change of the voting control or management of the Company shall result therefrom; (e) marketable full faith and credit obligations of the United States of America or of any agency thereof, or obligations guaranteed by thereof for which the United States or any agency thereof, in each case maturing within one (1) year from the date full faith and credit of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’x; (e) demand deposits, and time deposits maturing within one (1) year from the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, America has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectivelybeen pledged; (f) Investments in money market funds investing at least 95% of their assets (measured repurchase, reverse repurchase and security lending agreements collateralized by value) in Investments securities of the types type described in Section 9.05(csubsection (e), Section 9.05(d) or Section 9.05(e); (g) Investments made by any Loan Party in or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party); (h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.02; (j) non-hostile purchases Company or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions of any other Contribution Agreement with respect to any Permitted Drop Down; provided that: (i) such Investment is approved by the appropriate conflicts committee of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, as the case may be; (ii) before and after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (C) the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver which is a Mortgage in favor of the Administrative Agent with respect party to such real Propertyarrangement shall hold (individually or through an agent or bailee) all securities relating thereto during the entire term of each such arrangement; (g) municipal debt securities commonly known as “lower floaters” or “variable rate demand notes” so long as (i) such securities provide that the owner thereof may require that such securities be bought from it upon 7 days’ notice by such owner, and (Cii) with respect such securities shall have a long-term rating at the time of investment of at least AA by S&P or Aa by Moody’s and a short-term rating at the time of investment of A-1 from S&P or P-1 from Moody’s; (h) investments in an aggregate principal amount of up to $1,000,000 and not otherwise permitted by this Section, in certificates of deposit in any acquired real Property constituting a Processing Plant, shall, if requested commercial bank; (i) investments in and loans and advances to the Company or any Subsidiary by the Administrative Agent, deliver Company or any other Subsidiary; (j) a mortgagee title insurance policy and survey with respect loan in a principal amount not to such Processing Plant, in each case in form and substance reasonably satisfactory exceed $500,000 to the Administrative AgentCompany’s employees’ stock ownership plan; and (ok) other Investments made investments, loans and advances in addition to those otherwise permitted by the Loan Parties this Section in an amount not to exceed $2,500,000 25,000,000 in the aggregate at any timeone time outstanding.

Investments, Loans, Advances and Acquisitions. The Borrower will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments investments in direct obligations of the United States of America or of any agency or instrumentality thereof whose obligations constitute full faith and credit obligations of the United States of America, provided that are disclosed in Schedule 9.05any such obligations shall mature within one year of the date of issuance thereof; (b) accounts receivable arising investments in commercial paper rated either P-1 by Xxxxx'x Investors Services, Inc. or A-1 by Standard & Poor's Corporation maturing within 270 days of the date of issuance thereof; (c) investments in certificates of deposit issued by any United States commercial bank or a branch located in the United States of a foreign commercial bank in each case having capital and surplus of not less than $500,000,000 which have a maturity of one year or less; (d) investments in repurchase obligations with a term of not more than thirty (30) days for underlying securities of the types described in subsection (a) above entered into with any bank meeting the qualifications specified in subsection (c) above, provided all such agreements require physical delivery of the securities securing such repurchase agreement, except those delivered through the Federal Reserve Book Entry System; (e) investments in money market funds that invest solely, and which are restricted by their respective charters to invest solely, in investments of the type described in the immediately preceding subsections (a), (b), (c) and (d) above; (f) marketable general obligations of a state, a territory or a possession of the United States, or any political subdivision of any of the foregoing, or the District of Columbia, unconditionally secured by the full faith and credit of such state, territory, possession, political subdivision or district provided that such state, territory, possession, political subdivision or district has general taxing authority and the power to levy such taxes as may be required for the payment of principal and interest thereof; provided that such obligations are rated in either of the two top rating categories established by the national rating agencies for such obligations; (g) marketable corporate debt securities having an A credit rating or better by Standard & Poor's Corporation or Xxxxx'x Investors Service; (h) investments shown on the financial statements referred to in Section 5.2; (i) investments by the Borrower or any Subsidiary in, and loans and advances from the Borrower or any Subsidiary to, any Subsidiary; (j) investments in or loans to Farmland MissChem Ltd. in connection with the Farmland MissChem Project in an aggregate amount not exceeding $100,000,000 at any one time outstanding; (k) loans and advances to employees in the ordinary course of business; (c) direct obligations of the United States or any agency thereof, or obligations guaranteed by the United States or any agency thereof, in each case maturing within one (1) year from the date of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’x; (e) demand deposits, and time deposits maturing within one (1) year from the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectively; (f) Investments in money market funds investing at least 95% of their assets (measured by value) in Investments of the types described in Section 9.05(c), Section 9.05(d) or Section 9.05(e); (g) Investments made by any Loan Party in or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party); (h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate principal amount of all Investments held such loans and advances made by the Borrower's Subsidiaries shall not exceed $500,000 at any one time under this Section 9.05(h) exceeds $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.02; (j) non-hostile purchases or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availabilitytime; and (vl) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business additional investments made subsequent to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is Effective Date in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of not exceeding $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions of any other Contribution Agreement with respect to any Permitted Drop Down; provided that: (i) such Investment is approved by the appropriate conflicts committee of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, as the case may be; (ii) before and after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (C) the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver a Mortgage in favor of the Administrative Agent with respect to such real Property, and (C) with respect to any acquired real Property constituting a Processing Plant, shall, if requested by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative Agent; and (o) other Investments made by the Loan Parties not to exceed $2,500,000 in the aggregate at any time2,500,000.

Investments, Loans, Advances and Acquisitions. The Borrower will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that are disclosed in Schedule 9.05loans and advances from any existing Subsidiary to the Borrower, from the Borrower to any existing Subsidiary and from any existing Subsidiary to any existing Subsidiary; (b) accounts receivable arising acquisitions permitted by Section 8.8 hereof; (c) investments in certificates of deposit having a maturity of one year or less issued by any Lender or any United States commercial bank having capital and surplus of not less than $250,000,000, and investments in Eurodollar deposits with branches or offices located outside of the United States of any of the Lenders; (d) investments in commercial paper rated P-1 by Moodx'x Investors Service, Inc. or A-1 by Standard & Poor's Ratings Group, a division of McGraw Hill Companies maturing within 270 days of the date of issuance thereof; (e) marketable obligations for which the full faith and credit of the United States is pledged for the repayment of principal and interest thereof; provided that such obligations have a final maturity of no more than one year from the date acquired; (f) repurchase, reverse repurchase agreements and security lending agreements collateralized by securities of the type described in subsection (e), provided that the Borrower or Subsidiary, as the case may be, which is a party to such arrangement shall hold (individually or through an Administrative Agent) all securities relating thereto during the entire term of each such arrangement; (g) investments, loans and advances existing on the date hereof and listed on Schedule 8.12; (h) loans and advances to employees of the Borrower or its Subsidiaries for reasonable travel, entertainment and relocation expenses in the ordinary course of business; (ci) direct obligations shares of so-called "money market funds" registered under the United States or any agency thereofInvestment Company Act of 1940, or obligations guaranteed by the United States or any agency thereofas amended, in each case maturing within one (1) year from the date of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’x; (e) demand deposits, organized and time deposits maturing within one (1) year from the date of creation thereof, with or issued by any Lender or any office located operating in the United States of any other bank America, having total net assets of $250,000,000 or trust company which is organized under the laws more and investing primarily in securities of the United States or any state thereofcharacter described in Sections 8.12(c), has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reportsd) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectively; (f) Investments in money market funds investing at least 95% of their assets (measured by value) in Investments of the types described in Section 9.05(ce), Section 9.05(d) or Section 9.05(e); (g) Investments made by any Loan Party in or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party); (h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.02; (j) non-hostile purchases or acquisitions advances, deposits, down payments and prepayments on account of firm purchase orders made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line ordinary course of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availabilitybusiness; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiaryinvestments, so long as at the time of any such Investment, before loans and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of advances not less otherwise permitted hereby aggregating not more than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not $500,000 at any one time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions of any other Contribution Agreement with respect to any Permitted Drop Down; provided that: (i) such Investment is approved by the appropriate conflicts committee of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, as the case may be; (ii) before and after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (C) the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver a Mortgage in favor of the Administrative Agent with respect to such real Property, and (C) with respect to any acquired real Property constituting a Processing Plant, shall, if requested by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative Agent; and (o) other Investments made by the Loan Parties not to exceed $2,500,000 in the aggregate at any timeoutstanding.

Investments, Loans, Advances and Acquisitions. The Borrower Company will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations, capital contributions or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that are disclosed investments in Schedule 9.05certificates of deposit having a maturity of two years or less issued by any Bank or any other commercial bank having a long-term rating at the time of investment of at least AA by Standard & Poor's Ratings Services Group, a division of The McGraw-Hill Companies, Inc. ("S&P") or Aa by Moody's Investor Sexxxxxx, Xxx. ("Moody's") and a short-term ratxxx xx the time of investment of A-1 from S&P or P-1 from Moody's; (b) accounts receivable arising investments in commercial paper rated at the ordinary course time of businessinvestment P-1 by Moody's or A-1 by S&P maturing within 270 days of the date of issuance thereof; (c) direct investments shown on the financial statements referred to in Section 5.2 in existing Subsidiaries; (d) acquisitions of the Property or business of any Person, provided (i) that no Potential Default or Event of Default shall then exist after giving effect to such acquisition and no change of the voting control or management of the Company shall result therefrom; (ii) that the aggregate purchase price (including the principal amount of obligations assumed by the Company or a Subsidiary) paid in any single acquisition shall not exceed $15,000,000 and (iii) that the aggregate purchase price (determined as described above) paid in all such acquisitions made prior to the Revolving Credit Termination Date shall not exceed $25,000,000; (e) marketable full faith and credit obligations of the United States of America or of any agency thereof, or obligations guaranteed by thereof for which the United States or any agency thereof, in each case maturing within one (1) year from the date full faith and credit of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’x; (e) demand deposits, and time deposits maturing within one (1) year from the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, America has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectivelybeen pledged; (f) Investments in money market funds investing at least 95% of their assets (measured repurchase, reverse repurchase and security lending agreements collateralized by value) in Investments securities of the types type described in Section 9.05(csubsection (e), Section 9.05(d) or Section 9.05(e); (g) Investments made by any Loan Party in or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party); (h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.02; (j) non-hostile purchases Company or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions of any other Contribution Agreement with respect to any Permitted Drop Down; provided that: (i) such Investment is approved by the appropriate conflicts committee of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, as the case may be; (ii) before and after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (C) the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver which is a Mortgage in favor of the Administrative Agent with respect party to such real Propertyarrangement shall hold (individually or through an agent or bailee) all securities relating thereto during the entire term of each such arrangement; (g) municipal debt securities commonly known as "lower floaters" or "variable rate demand notes" so long as (i) such securities provide that the owner thereof may require that such securities be bought from it upon 7 days notice by such owner, and (Cii) with respect such securities shall have a long-term rating at the time of investment of at least AA by S&P or Aa by Moody's and a short-term rating at the time of investment of A-1 from S&P or P-1 from Moody's; (h) investments in an aggregate principal amount of up to $1,000,000 and not otherwise permitted by this Section, in certificates of deposit in any acquired real Property constituting a Processing Plant, shall, if requested commercial bank; (i) investments in and loans and advances to the Company or any Subsidiary by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative AgentCompany or any other Subsidiary; and (oj) other Investments made by the Loan Parties a loan in a principal amount not to exceed $2,500,000 in 500,000 to the aggregate at any timeCompany's employees' stock ownership plan.

Investments, Loans, Advances and Acquisitions. The Borrower Company will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations, capital contributions or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that are disclosed investments in Schedule 9.05certificates of deposit having a maturity of two years or less issued by any Bank or any other commercial bank having a long-term rating at the time of investment of at least AA by Standard & Poor’s Ratings Services Group, a division of The MxXxxx-Xxxx Companies, Inc. (“S&P”) or Aa by Mxxxx’x Investor Services, Inc. (“Moody’s”) and a short-term rating at the time of investment of A-1 from S&P or P-1 from Moody’s; (b) accounts receivable arising investments in commercial paper rated at the ordinary course time of businessinvestment P-1 by Moody’s or A-1 by S&P maturing within 270 days of the date of issuance thereof; (c) direct investments shown on the financial statements referred to in Section 5.2 in existing Subsidiaries; (d) acquisitions of the Property or business of any Person, provided (i) that no Potential Default or Event of Default shall then exist after giving effect to such acquisition and no change of the voting control or management of the Company shall result therefrom; (ii) that the aggregate purchase price (including the principal amount of obligations assumed by the Company or a Subsidiary) paid in any single acquisition shall not exceed $25,000,000 and (iii) that the aggregate purchase price (determined as described above) paid in all such acquisitions made prior to the Revolving Credit Termination Date shall not exceed $35,000,000; (e) marketable full faith and credit obligations of the United States of America or of any agency thereof, or obligations guaranteed by thereof for which the United States or any agency thereof, in each case maturing within one (1) year from the date full faith and credit of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’x; (e) demand deposits, and time deposits maturing within one (1) year from the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, America has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectivelybeen pledged; (f) Investments in money market funds investing at least 95% of their assets (measured repurchase, reverse repurchase and security lending agreements collateralized by value) in Investments securities of the types type described in Section 9.05(csubsection (e), Section 9.05(d) or Section 9.05(e); (g) Investments made by any Loan Party in or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party); (h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.02; (j) non-hostile purchases Company or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions of any other Contribution Agreement with respect to any Permitted Drop Down; provided that: (i) such Investment is approved by the appropriate conflicts committee of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, as the case may be; (ii) before and after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (C) the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver which is a Mortgage in favor of the Administrative Agent with respect party to such real Propertyarrangement shall hold (individually or through an agent or bailee) all securities relating thereto during the entire term of each such arrangement; (g) municipal debt securities commonly known as “lower floaters” or “variable rate demand notes” so long as (i) such securities provide that the owner thereof may require that such securities be bought from it upon 7 days notice by such owner, and (Cii) with respect such securities shall have a long-term rating at the time of investment of at least AA by S&P or Aa by Moody’s and a short-term rating at the time of investment of A-1 from S&P or P-1 from Moody’s; (h) investments in an aggregate principal amount of up to $1,000,000 and not otherwise permitted by this Section, in certificates of deposit in any acquired real Property constituting a Processing Plant, shall, if requested commercial bank; (i) investments in and loans and advances to the Company or any Subsidiary by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative AgentCompany or any other Subsidiary; and (oj) other Investments made by the Loan Parties a loan in a principal amount not to exceed $2,500,000 in 500,000 to the aggregate at any timeCompany’s employees’ stock ownership plan.

Investments, Loans, Advances and Acquisitions. The Borrower Company will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations, capital contributions or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that are disclosed investments in Schedule 9.05certificates of deposit having a maturity of two years or less issued by any Bank or any other commercial bank having a long-term rating at the time of investment of at least AA by Standard & Poor’s Ratings Services Group, a division of The XxXxxx-Xxxx Companies, Inc. (“S&P”) or Aa by Xxxxx’x Investor Services, Inc. (“Moody’s") and a short-term rating at the time of investment of A-1 from S&P or P-1 from Moody’s; (b) accounts receivable arising investments in commercial paper rated at the ordinary course time of businessinvestment P-1 by Moody’s or A-1 by S&P maturing within 270 days of the date of issuance thereof; (c) direct investments shown on the financial statements referred to in Section 5.2 in existing Subsidiaries; (d) acquisitions of the Property or business of any Person, provided (i) that no Potential Default or Event of Default shall then exist after giving effect to such acquisition and no change of the voting control or management of the Company shall result therefrom; (ii) that the aggregate purchase price (including the principal amount of obligations assumed by the Company or a Subsidiary) paid in any single acquisition shall not exceed $25,000,000 and (iii) that the aggregate purchase price (determined as described above) paid in all such acquisitions made prior to the Revolving Credit Termination Date shall not exceed $35,000,000; (e) marketable full faith and credit obligations of the United States of America or of any agency thereof, or obligations guaranteed by thereof for which the United States or any agency thereof, in each case maturing within one (1) year from the date full faith and credit of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’x; (e) demand deposits, and time deposits maturing within one (1) year from the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, America has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectivelybeen pledged; (f) Investments in money market funds investing at least 95% of their assets (measured repurchase, reverse repurchase and security lending agreements collateralized by value) in Investments securities of the types type described in Section 9.05(csubsection (e), Section 9.05(d) or Section 9.05(e); (g) Investments made by any Loan Party in or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party); (h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.02; (j) non-hostile purchases Company or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions of any other Contribution Agreement with respect to any Permitted Drop Down; provided that: (i) such Investment is approved by the appropriate conflicts committee of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, as the case may be; (ii) before and after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (C) the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver which is a Mortgage in favor of the Administrative Agent with respect party to such real Propertyarrangement shall hold (individually or through an agent or bailee) all securities relating thereto during the entire term of each such arrangement; (g) municipal debt securities commonly known as “lower floaters” or “variable rate demand notes” so long as (i) such securities provide that the owner thereof may require that such securities be bought from it upon 7 days notice by such owner, and (Cii) with respect such securities shall have a long-term rating at the time of investment of at least AA by S&P or Aa by Moody’s and a short-term rating at the time of investment of A-1 from S&P or P-1 from Moody’s; (h) investments in an aggregate principal amount of up to $1,000,000 and not otherwise permitted by this Section, in certificates of deposit in any acquired real Property constituting a Processing Plant, shall, if requested commercial bank; (i) investments in and loans and advances to the Company or any Subsidiary by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative AgentCompany or any other Subsidiary; and (oj) other Investments made by the Loan Parties a loan in a principal amount not to exceed $2,500,000 in 500,000 to the aggregate at any timeCompany’s employees’ stock ownership plan.

Investments, Loans, Advances and Acquisitions. The Borrower will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations, capital contributions or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that investments in certificates of deposit having a maturity of two years or less issued by any Bank and which are disclosed in Schedule 9.05held by the Bank issuing the same; (b) accounts receivable arising investments in commercial paper rated P1 by Xxxxx'x Investors Services, Inc. or A1 by Standard and Poor's Corporation maturing within 270 days of the date of issuance thereof; (c) loans or advances in the usual and ordinary course of business to officers, directors and employees for expenses (including moving expenses related to a transfer) incidental to carrying on the business of the Borrower or any Subsidiary of the Borrower; (d) investments shown on the financial statements referred to in Section 5.2 in existing Subsidiaries; (e) advances to the Borrower's foreign sales corporations made in the ordinary course of business; (c) direct obligations the Borrower's business in an aggregate principal amount outstanding at any time of the United States or any agency thereof, or obligations guaranteed by the United States or any agency thereof, in each case maturing within one (1) year from the date of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’x; (e) demand deposits, and time deposits maturing within one (1) year from the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits aggregating at least up to $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectively100,000; (f) Investments in money market funds investing at least 95% marketable obligations issued, guarantied, or fully insured by the United States of their assets (measured by value) in Investments America, or those for which the full faith and credit of the types described in Section 9.05(c), Section 9.05(d) or Section 9.05(e)United States of America is pledged for the repayment of principal and interest thereof; provided that such obligations have a final maturity of no more than two years from the date acquired by the Borrower; (g) Investments made marketable obligations issued, guarantied or fully insured by any Loan Party in agency, instrumentality, or corporation of the United States established or to any other Loan Party (including in each case any guarantees be established by the Congress, for the which the credit of such agency, instrumentality, or contingent corporation is pledged for the repayment of the principal and interest thereof; provided that such obligations have a final maturity of a Loan Party with respect to any liabilities of any other Loan Party);no more than one year from the date acquired by the Borrower; and (h) Investments in stockany investments listed from time to time on the "working list" maintained by Xxxxxx Trust and Savings Bank or Xxxxxx Investment Management, obligations or securities received in settlement of debts arising from Investments Inc., acting as a fiduciary agent; (i) loans, advances and guaranties not otherwise permitted under by this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; 7.16, provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held such loans, advances and guaranties outstanding at any one time under this Section 9.05(h) exceeds does not exceed $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.025,000,000; (j) non-hostile purchases other investments in and acquisitions (other than by merger or acquisitions made by any Loan Party on consolidation) substantially as an entirety of the Property or after the June 2015 Delivery Date, whether in one or more related transactions, business of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions equity interests of any other Contribution Agreement with respect to any Permitted Drop Down; Person, provided that: (i) such Investment is approved by Person shall be in the appropriate conflicts committee same or a related line of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, business as the case may beBorrower or one or more Subsidiaries; (ii) the board of directors (or equivalent governing body) of such Person shall have given its prior effective written consent or approval of such acquisition; (iii) no Potential Default or Event of Default shall exist before and or after giving effect to such acquisition; (iv) the aggregate consideration paid in connection with all such investments and acquisitions, all mergers permitted by Section 7.6 hereof and all investments and acquisitions permitted by Section 7.16(k) hereof, does not exceed $5,000,000 in any 12 month period; (k) investments in and acquisitions of less than all or substantially all of the Property or business of any Person or of less than a majority of the capital stock or other equity interests of any other Person, provided that: (Ai) no Default exists such Person shall be in the same or would result therefroma related line of business as the Borrower or one or more Subsidiaries; (Bii) the Borrower is Board of Directors (or equivalent governing body) of such Person shall have given its prior effective written consent or approval of such acquisition; (iii) no Potential Default or Event of Default shall exist before or after giving effect to such acquisition; (iv) the aggregate consideration paid in pro forma compliance connection with the financial covenants set forth all such investments and acquisitions, all mergers permitted by Section 7.6 and all investments and acquisitions permitted by 7.16(j) hereof, does not exceed $5,000,000 in Section 9.01 any 12 month period; (calculated l) investments in a manner reasonably acceptable and loans and advances to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculationsGuarantors; and (Cm) investments or advances made in connection with the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver a Mortgage in favor of the Administrative Agent with respect to such real Property, and (C) with respect to any acquired real Property constituting a Processing Plant, shall, if requested by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative Agent; and (o) other Investments made by the Loan Parties not to exceed $2,500,000 in the aggregate at any timePMAC Acquisition.

Investments, Loans, Advances and Acquisitions. The Borrower will not, and will not permit any Restricted Subsidiary to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a Loan Party and a wholly owned Subsidiary prior to such merger) any Equity Interests, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, make or permit to remain outstanding exist any Investments investment (including by way of Guarantees) or any other thaninterest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through purchase of assets, merger or otherwise), except: (a) Investments that are disclosed investments in Schedule 9.05; cash and Cash Equivalents; (b) investments in existence on the Restatement Effective Date and described in Schedule 8.04 and amendments, extensions and renewals thereof that do not increase the amount thereof and investments reflected on Schedule 6.01; (c) operating deposit accounts receivable with depository institutions and other ordinary course cash management; (d) investments received in connection with a disposition permitted under Section 8.05(h) or (i); (e) purchases of inventory and other assets to be sold or used in the ordinary course of business; (f) investments by (i) any Loan Party in any Loan Party, (ii) any Restricted Subsidiary that is not a Loan Party in the Borrower or any other Restricted Subsidiary and (iii) any Loan Party in any Restricted Subsidiary that is not a Loan Party; provided that the aggregate principal amount of investments made after the Restatement Effective Date pursuant to this clause (iii) shall not exceed the greater of $1,225,000,000 and 17.5% of Consolidated Total Assets (as shown on or determined in accordance with the most recent financial statements of the Borrower delivered pursuant to Section 7.01(a) or (b) prior to the date of the making thereof) at any time outstanding; (g) loans and advances to employees in the ordinary course of business not exceeding $10,000,000 in the aggregate; (h) investments in the form of Swap Contracts permitted by Section 8.01(h); (i) deposits to secure bids, tenders, utilities, vendors, leases, licenses, statutory obligations, surety and appeal bonds, performance bonds and other deposits of like nature arising in the ordinary course of business; (cj) direct obligations of investments by any Receivables Financing SPC, the United States Borrower or any agency thereof, or obligations guaranteed by the United States or any agency thereof, Restricted Subsidiary in a Receivables Financing SPC in each case maturing within one (1) year from the date of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated made in the highest or second highest grade by S&P or Xxxxx’x; (e) demand depositsconnection with a Permitted Receivables Financing, and time deposits maturing within one (1) year from loans permitted by the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectively; (f) Investments in money market funds investing at least 95% of their assets (measured by value) in Investments of the types described in Section 9.05(c), Section 9.05(d) or Section 9.05(e); (g) Investments applicable Permitted Receivables Financing that are made by any Loan Party in the Borrower or a Restricted Subsidiary to any other Loan Party (including in each case any guarantees a Receivables Financing SPC or contingent obligations of by a Loan Party with respect to any liabilities of any other Loan Party); (h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing Receivables Financing SPC to the Borrower or a Restricted Subsidiary in connection therewith; (k) the Farm Credit Equities and any other Loan Party as stock or securities of, or investments in, a result Farm Credit Lender or its investment services or programs; (l) investments consisting of a proceeding extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or other disputes with customers or suppliers and investments consisting of the obligor under any Debtor Relief Laws prepayment of suppliers and service providers on customary terms in respect the ordinary course of such debts business; (m) Guarantees of Indebtedness permitted by Section 8.01 and of other obligations otherwise permitted hereunder; (n) investments in prepaid expenses, utility and workers’ compensation, performance and other similar deposits, each as entered into in the ordinary course of business; (o) investments consisting of the licensing, sublicensing or upon contribution of intellectual property pursuant to joint marketing arrangements with other Persons; (p) investments to the enforcement of such debts or of any Lien in favor extent made with (i) Qualified Equity Interests of the Borrower or (ii) the cash proceeds of any other Loan Party securing such debts; provided that issuance of Equity Interests by the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.02; (j) non-hostile purchases or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as such investment is consummated within 90 days of such issuance of Equity Interests (provided that such cash proceeds shall not be included in the Available Amount); (q) additional investments made after the Restatement Effective Date in an aggregate amount not to exceed the greater of $1,225,000,000 and 17.5% of Consolidated Total Assets (as shown on or determined in accordance with the most recent financial statements of the Borrower delivered pursuant to Section 7.01(a) or (b) prior to the date of the making thereof) at any time outstanding; (r) the time of Transactions and Permitted Acquisitions; (s) other investments so long as, on a Pro Forma Basis immediately after the making of any such purchase or acquisitioninvestment, before the Consolidated Net Leverage Ratio does not exceed 4.50 to 1.00; (t) subject to the absence of any continuing Event of Default and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) compliance by the Borrower is in pro forma compliance on a Pro Forma Basis with the financial covenants set forth in Section 9.01 8.11 (calculated each in accordance with Section 1.06, if applicable), investments from the Available Amount; (u) investments made during a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of AvailabilityCollateral and Guarantee Suspension Period; and and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments investments made in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance connection with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions of any other Contribution Agreement with respect to any Permitted Drop Down; provided that: (i) such Investment is approved by the appropriate conflicts committee of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, as the case may be; (ii) before and after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (C) the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver a Mortgage in favor of the Administrative Agent with respect to such real Property, and (C) with respect to any acquired real Property constituting a Processing Plant, shall, if requested by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative Agent; and (o) other Investments made by the Loan Parties not to exceed $2,500,000 in the aggregate at any timeEuropean Reorganization.

Investments, Loans, Advances and Acquisitions. The Borrower will not, and will not permit any Restricted Subsidiary to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a Loan Party and a wholly owned Subsidiary prior to such merger) any Equity Interests, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, make or permit to remain outstanding exist any Investments investment (including by way of Guarantees) or any other thaninterest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through purchase of assets, merger or otherwise), except: (a) Investments that are disclosed investments in Schedule 9.05cash and Cash Equivalents; (b) investments in existence on the Closing Date and described in Schedule 8.04 and amendments, extensions and renewals thereof that do not increase the amount thereof and investments reflected on Schedule 6.01; (c) operating deposit accounts receivable with depository institutions and other ordinary course cash management; (d) investments received in connection with a disposition permitted under Section 8.05(h) or (i); (e) purchases of inventory and other assets to be sold or used in the ordinary course of business; (f) investments by (i) any Loan Party in any Loan Party, (ii) any Restricted Subsidiary that is not a Loan Party in the Borrower or any other Restricted Subsidiary and (iii) any Loan Party in any Restricted Subsidiary that is not a Loan Party; provided that the aggregate principal amount of investments outstanding pursuant to this clause (iii) shall not exceed the greater of $350,000,000 and 10.0% of Consolidated Total Assets (as shown on or determined in accordance with the most recent financial statements of the Borrower delivered pursuant to Section 7.01(a) or (b) prior to the date of the making thereof) at any time outstanding; (g) loans and advances to employees in the ordinary course of business not exceeding $10,000,000 in the aggregate; (h) investments in the form of Swap Contracts permitted by Section 8.01(h); (i) deposits to secure bids, tenders, utilities, vendors, leases, licenses, statutory obligations, surety and appeal bonds, performance bonds and other deposits of like nature arising in the ordinary course of business; (cj) direct obligations of investments by any Receivables Financing SPC, the United States Borrower or any agency thereof, or obligations guaranteed by the United States or any agency thereof, Restricted Subsidiary in a Receivables Financing SPC in each case maturing within one (1) year from the date of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated made in the highest or second highest grade by S&P or Xxxxx’x; (e) demand depositsconnection with a Permitted Receivables Financing, and time deposits maturing within one (1) year from loans permitted by the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectively; (f) Investments in money market funds investing at least 95% of their assets (measured by value) in Investments of the types described in Section 9.05(c), Section 9.05(d) or Section 9.05(e); (g) Investments applicable Permitted Receivables Financing that are made by any Loan Party in the Borrower or a Restricted Subsidiary to any other Loan Party (including in each case any guarantees a Receivables Financing SPC or contingent obligations of by a Loan Party with respect to any liabilities of any other Loan Party); (h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing Receivables Financing SPC to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws Restricted Subsidiary in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.02; (j) non-hostile purchases or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicableconnection therewith; (k) Investments in the Farm Credit Equities and any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital other stock or other Equity Interests in such Unrestricted Subsidiary owned securities of, or held of record by any Loan Party are subject to investments in, a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any timeFarm Credit Lender or its investment services or programs; (l) Investments investments consisting of extensions of credit in any Restricted Joint Venturethe nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists investments received in satisfaction or would result therefrom; (ii) the Borrower is in pro forma compliance partial satisfaction thereof from financially troubled account debtors or other disputes with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day customers or suppliers and investments consisting of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity prepayment of not less than 10% of Availability; (iv) all of the present suppliers and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the service providers on customary terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions of any other Contribution Agreement with respect to any Permitted Drop Down; provided that: (i) such Investment is approved by the appropriate conflicts committee of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, as the case may be; (ii) before and after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (C) the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver a Mortgage in favor of the Administrative Agent with respect to such real Property, and (C) with respect to any acquired real Property constituting a Processing Plant, shall, if requested by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative Agent; and (o) other Investments made by the Loan Parties not to exceed $2,500,000 in the aggregate at any time.ordinary course of business;

Investments, Loans, Advances and Acquisitions. The Borrower will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations, capital contributions or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that investments in certificates of deposit having a maturity of two years or less issued by any Bank and which are disclosed in Schedule 9.05held by the Bank issuing the same; (b) accounts receivable arising investments in commercial paper rated P1 by Moody's Investors Services, Inc. or A1 by Standard anx Xxxx's Corporation maturing within 270 days of the date of issuance thereof; (c) loans or advances in the usual and ordinary course of business to officers, directors and employees for expenses (including moving expenses related to a transfer) incidental to carrying on the business of the Borrower or any Subsidiary of the Borrower; (d) investments shown on the financial statements referred to in Section 5.2 in existing Subsidiaries; (e) advances to the Borrower's foreign sales corporations made in the ordinary course of business; (c) direct obligations the Borrower's business in an aggregate principal amount outstanding at any time of the United States or any agency thereof, or obligations guaranteed by the United States or any agency thereof, in each case maturing within one (1) year from the date of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’x; (e) demand deposits, and time deposits maturing within one (1) year from the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits aggregating at least up to $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectively100,000; (f) Investments in money market funds investing at least 95% marketable obligations issued, guarantied, or fully insured by the United States of their assets (measured by value) in Investments America, or those for which the full faith and credit of the types described in Section 9.05(c), Section 9.05(d) or Section 9.05(e)United States of America is pledged for the repayment of principal and interest thereof; provided that such obligations have a final maturity of no more than two years from the date acquired by the Borrower; (g) Investments made marketable obligations issued, guarantied or fully insured by any Loan Party in agency, instrumentality, or corporation of the United States established or to any other Loan Party (including in each case any guarantees be established by the Congress, for the which the credit of such agency, instrumentality, or contingent corporation is pledged for the repayment of the principal and interest thereof; provided that such obligations have a final maturity of a Loan Party with respect to any liabilities of any other Loan Party);no more than one year from the date acquired by the Borrower; and (h) Investments in stockany investments listed from time to time on the "working list" maintained by Harris Trust and Savings Bank or Harris Investment Maxxxxxxnt, obligations or securities received in settlement of debts arising from Investments Inc., acting as a fiduciary xxxxx; (i) loans, advances and guaranties not otherwise permitted under by this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; 7.16, provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held such loans, advances and guaranties outstanding at any one time under this Section 9.05(h) exceeds does not exceed $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.025,000,000; (j) non-hostile purchases other investments in and acquisitions (other than by merger or acquisitions made by any Loan Party on consolidation) substantially as an entirety of the Property or after the June 2015 Delivery Date, whether in one or more related transactions, business of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions equity interests of any other Contribution Agreement with respect to any Permitted Drop Down; Person, provided that: (i) such Investment is approved by Person shall be in the appropriate conflicts committee same or a related line of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, business as the case may beBorrower or one or more Subsidiaries; (ii) the board of directors (or equivalent governing body) of such Person shall have given its prior effective written consent or approval of such acquisition; (iii) no Potential Default or Event of Default shall exist before and or after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (Civ) the Loan Parties have Liquidity aggregate consideration paid in connection with all such investments and acquisitions, all mergers permitted by Section 7.6 hereof and all investments and acquisitions permitted by Section 7.16(k) hereof, does not exceed $5,000,000 in any 12-month period; (k) investments in and acquisitions of not less than 10% all or substantially all of Availabilitythe Property or business of any Person or of less than a majority of the capital stock or other equity interests of any other Person, provided that: (i) such Person shall be in the same or a related line of business as the Borrower or one or more Subsidiaries; (ii) the Board of Directors (or equivalent governing body) of such Person shall have given its prior effective written consent or approval of such acquisition; (iii) no Potential Default or Event of Default shall exist before or after giving effect to such acquisition; and (iiiiv) within 30 days after the consummation of aggregate consideration paid in connection with all such Permitted Drop Down investments and acquisitions, all mergers permitted by Section 7.6 and all investments and acquisitions permitted by 7.16(j) hereof, does not exceed $5,000,000 in any 12-month period; (or such later date as the Administrative Agent agrees l) investments in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver a Mortgage in favor of the Administrative Agent with respect to such real Property, and (C) with respect to any acquired real Property constituting a Processing Plant, shall, if requested by the Administrative Agent, deliver a mortgagee title insurance policy loans and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory advances to the Administrative AgentGuarantors; and (oi) investments existing on the date hereof in Prudential and (ii) additional investments, loans and advances to Prudential in an aggregate principal amount not in excess of $1,000,000 at any one time outstanding. Notwithstanding anything contained in this 7.16 to the contrary, other Investments made than as specified in Section 7.16(m) above, the sum of (i) all investments by the Loan Parties Borrower or any Guarantor in, (ii) all loans and advances by the Borrower or any Guarantor to, and (iii) all guarantees by the Borrower or any Guarantor of indebtedness of, any Subsidiary of the Borrower which is not to exceed a Guarantor shall not aggregate an amount in excess of $2,500,000 in the aggregate 1,000,000 at any timeone time outstanding.

Investments, Loans, Advances and Acquisitions. The Each Borrower will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that are disclosed investments in Schedule 9.05; (b) accounts receivable arising in the ordinary course of business; (c) direct obligations of the United States of America or of any agency thereof, or instrumentality thereof whose obligations guaranteed by constitute full faith and credit obligations of the United States or of America, provided that any agency thereof, in each case maturing such obligations shall mature within one (1) year from of the date of acquisition issuance thereof; (db) investments in commercial paper rated either P-1 by Xxxxx'x Investors Services, Inc. or A-1 by Standard & Poor's Corporation maturing within one (1) year from 270 days of the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’xissuance thereof; (ec) demand deposits, and time deposits maturing within one (1) year from the date investments in certificates of creation thereof, with or deposit issued by any Lender United States commercial bank or any office a branch located in the United States of any other a foreign commercial bank in each case having capital and surplus of not less than $500,000,000 which have a maturity of one year or trust company which is organized under the laws less; (d) investments in repurchase obligations with a term of not more than thirty (30) days for underlying securities of the United States or types described in subsection (a) above entered into with any state thereofbank meeting the qualifications specified in subsection (c) above, has capital, surplus and undivided profits aggregating at least $100,000,000 (as provided all such agreements require physical delivery of the date securities securing such repurchase agreement, except those delivered through the Federal Reserve Book Entry System; (e) investments in money market funds that invest solely, and which are restricted by their respective charters to invest solely, in investments of such bank or trust company’s most recent financial reportsthe type described in the immediately preceding subsections (a), (b), (c) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectively(d) above; (f) Investments in money market funds investing at least 95% marketable general obligations of their assets (measured by value) in Investments a state, a territory or a possession of the types described United States, or any political subdivision of any of the foregoing, or the District of Columbia, unconditionally secured by the full faith and credit of such state, territory, possession, political subdivision or district provided that such state, territory, possession, political subdivision or district has general taxing authority and the power to levy such taxes as may be required for the payment of principal and interest thereof; provided that such obligations are rated in Section 9.05(c), Section 9.05(d) or Section 9.05(e)either of the two top rating categories established by the national rating agencies for such obligations; (g) Investments made marketable corporate debt securities having an A credit rating or better by any Loan Party in Standard & Poor's Corporation or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party)Xxxxx'x Investors Service; (h) Investments investments shown on the financial statements referred to in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,0005.2; (i) Investments constituting Indebtedness permitted under Section 9.02; loans and advances from any Borrower to any Subsidiary except Triad (j) non-hostile purchases or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time Triad is in existence), provided that after completion of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected firstSpin-priority security interest in favor of the Administrative Agent; and (v) Off the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate outstanding amount of all such Investments under this clause (k) loans and advances to Subsidiaries that are not Guarantors or Borrowers shall not exceed $7,500,000 in the aggregate 35,000,000 at any time; (lj) Investments other investments in any Restricted Joint Venture, so long as at and acquisitions (other than by merger or consolidation) of the time Property or business of any such Investment, before and after giving effect thereto: (i) no Default exists Person or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day majority of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions equity interests of any other Contribution Agreement with respect to any Permitted Drop Down; Person, provided that: (i) such Investment is approved by Person shall be in the appropriate conflicts committee same or a related line of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, business as the case may beBorrower or one or more Subsidiaries; (ii) the board of directors (or equivalent governing body) of such Person shall have given its prior effective written consent or approval of such acquisition; and (iii) no Potential Default or Event of Default shall exist before and or after giving effect to such acquisition:. (Ak) no Default exists or would result therefrom; (B) the Borrower so long as Triad is in pro forma compliance with existence, investments, loans and advances made by the financial covenants set forth Borrowers to Triad in Section 9.01 an aggregate amount not to exceed (calculated i) $12,500,000 at any one time outstanding from and including the date hereof to and including December 31, 1997 and (ii) $5,000,000 in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the any fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculationsyear thereafter; and (Cl) the Loan Parties have Liquidity of investments, loans and advances not less than otherwise permitted under this Section 7.10 in an aggregate amount not exceeding 10% of Availability; and (iii) within 30 days after the consummation Tangible Net Worth of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver a Mortgage in favor of the Administrative Agent with respect to such real Property, and (C) with respect to any acquired real Property constituting a Processing Plant, shall, if requested by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative Agent; and (o) other Investments made by the Loan Parties not to exceed $2,500,000 in the aggregate Chemical at any timeone time outstanding.

Investments, Loans, Advances and Acquisitions. The Borrower Company will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations, capital contributions or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that are disclosed investments in Schedule 9.05certificates of deposit having a maturity of two (2) years or less issued by any Bank or any other commercial bank having a long-term rating at the time of investment of at least AA by Standard & Poor’s Ratings Services Group, a division of The XxXxxx-Xxxx Companies, Inc. (“S&P”) or Aa by Xxxxx’x Investor Services, Inc. (“Moody’s”) and a short-term rating at the time of investment of A-1 from S&P or P-1 from Moody’s; (b) accounts receivable arising investments in commercial paper rated at the ordinary course time of businessinvestment P-1 by Moody’s or A-1 by S&P maturing within 270 days of the date of issuance thereof; (c) direct investments shown on the financial statements referred to in Section 5.2 in existing Subsidiaries; (d) acquisitions of the Property or business of any Person, provided that no Potential Default or Event of Default shall then exist after giving effect to such acquisition and no change of the voting control or management of the Company shall result therefrom; (e) marketable full faith and credit obligations of the United States of America or of any agency thereof, or obligations guaranteed by thereof for which the United States or any agency thereof, in each case maturing within one (1) year from the date full faith and credit of acquisition thereof; (d) commercial paper maturing within one (1) year from the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’x; (e) demand deposits, and time deposits maturing within one (1) year from the date of creation thereof, with or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, America has capital, surplus and undivided profits aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectivelybeen pledged; (f) Investments in money market funds investing at least 95% of their assets (measured repurchase, reverse repurchase and security lending agreements collateralized by value) in Investments securities of the types type described in Section 9.05(csubsection (e), Section 9.05(d) or Section 9.05(e); (g) Investments made by any Loan Party in or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party); (h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,000; (i) Investments constituting Indebtedness permitted under Section 9.02; (j) non-hostile purchases Company or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions of any other Contribution Agreement with respect to any Permitted Drop Down; provided that: (i) such Investment is approved by the appropriate conflicts committee of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, as the case may be; (ii) before and after giving effect to such acquisition: (A) no Default exists or would result therefrom; (B) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; and (C) the Loan Parties have Liquidity of not less than 10% of Availability; and (iii) within 30 days after the consummation of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver which is a Mortgage in favor of the Administrative Agent with respect party to such real Propertyarrangement shall hold (individually or through an agent or bailee) all securities relating thereto during the entire term of each such arrangement; (g) municipal debt securities commonly known as “lower floaters” or “variable rate demand notes” so long as (i) such securities provide that the owner thereof may require that such securities be bought from it upon 7 days notice by such owner, and (Cii) with respect such securities shall have a long-term rating at the time of investment of at least AA by S&P or Aa by Moody’s and a short-term rating at the time of investment of A-1 from S&P or P-1 from Moody’s; (h) investments in an aggregate principal amount of up to $1,000,000 and not otherwise permitted by this Section, in certificates of deposit in any acquired real Property constituting a Processing Plant, shall, if requested commercial bank; (i) investments in and loans and advances to the Company or any Subsidiary by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative AgentCompany or any other Subsidiary; and (oj) other Investments made by the Loan Parties a loan in a principal amount not to exceed $2,500,000 in 500,000 to the aggregate at any timeCompany’s employees’ stock ownership plan.

Investments, Loans, Advances and Acquisitions. The Each Borrower will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that are disclosed investments in Schedule 9.05; (b) accounts receivable arising in the ordinary course of business; (c) direct obligations of the United States of America or of any agency thereof, or instrumentality thereof whose obligations guaranteed by constitute full faith and credit obligations of the United States or of America, provided that any agency thereof, in each case maturing such obligations shall mature within one (1) year from of the date of acquisition issuance thereof; (db) investments in commercial paper rated either P-1 by Xxxxx'x Investors Services, Inc. or A-1 by Standard & Poor's Corporation maturing within one (1) year from 270 days of the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’xissuance thereof; (ec) demand deposits, and time deposits maturing within one (1) year from the date investments in certificates of creation thereof, with or deposit issued by any Lender United States commercial bank or any office a branch located in the United States of any other a foreign commercial bank in each case having capital and surplus of not less than $500,000,000 which have a maturity of one year or trust company which is organized under the laws less; (d) investments in repurchase obligations with a term of not more than thirty (30) days for underlying securities of the United States or types described in subsection (a) above entered into with any state thereofbank meeting the qualifications specified in subsection (c) above, has capital, surplus and undivided profits aggregating at least $100,000,000 (as provided all such agreements require physical delivery of the date securities securing such repurchase agreement, except those delivered through the Federal Reserve Book Entry System; (e) investments in money market funds that invest solely, and which are restricted by their respective charters to invest solely, in investments of such bank or trust company’s most recent financial reportsthe type described in the immediately preceding subsections (a), (b), (c) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectively(d) above; (f) Investments in money market funds investing at least 95% marketable general obligations of their assets (measured by value) in Investments a state, a territory or a possession of the types described United States, or any political subdivision of any of the foregoing, or the District of Columbia, unconditionally secured by the full faith and credit of such state, territory, possession, political subdivision or district provided that such state, territory, possession, political subdivision or district has general taxing authority and the power to levy such taxes as may be required for the payment of principal and interest thereof; provided that such obligations are rated in Section 9.05(c), Section 9.05(d) or Section 9.05(e)either of the two top rating categories established by the national rating agencies for such obligations; (g) Investments made marketable corporate debt securities having an A credit rating or better by any Loan Party in Standard & Poor's Corporation or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party)Xxxxx'x Investors Service; (h) Investments investments shown on the financial statements referred to in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,0005.2; (i) Investments constituting Indebtedness permitted under Section 9.02; loans and advances from any Borrower to any Subsidiary except Triad (j) non-hostile purchases or acquisitions made by any Loan Party on or after the June 2015 Delivery Date, whether in one or more related transactions, of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower Triad is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be madeexistence), as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties provided that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate outstanding amount of all such Investments under this clause (k) loans and advances to Subsidiaries that are not Guarantors or Borrowers shall not exceed $7,500,000 in the aggregate 35,000,000 at any time; (lj) Investments other investments in any Restricted Joint Venture, so long as at and acquisitions (other than by merger or consolidation) of the time Property or business of any such Investment, before and after giving effect thereto: (i) no Default exists Person or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day majority of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions equity interests of any other Contribution Agreement with respect to any Permitted Drop Down; Person, provided that: (i) such Investment is approved by Person shall be in the appropriate conflicts committee same or a related line of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, business as the case may beBorrowers or one or more Subsidiaries; (ii) the board of directors (or equivalent governing body) of such Person shall have given its prior effective written consent or approval of such acquisition; and (iii) no Potential Default or Event of Default shall exist before and or after giving effect to such acquisition: (A) no Default exists or would result therefrom; (Bk) the Borrower so long as Triad is in pro forma compliance existence, investments, loans and advances made by the Borrowers to Triad in an aggregate amount not to exceed (i) $12,500,000 at any one time outstanding from and including the date hereof to and including December 31, 1997 and (ii) $5,000,000 in any fiscal year thereafter; (l) investments in or loans to Farmland MissChem Ltd. in connection with the financial covenants set forth Farmland MissChem Project in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculationsan aggregate amount not exceeding $100,000,000 at any one time outstanding; and (Cm) the Loan Parties have Liquidity of investments, loans and advances not less than otherwise permitted under this Section 7.11 in an aggregate amount not exceeding 10% of Availability; and (iii) within 30 days after the consummation Tangible Net Worth of such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver a Mortgage in favor of the Administrative Agent with respect to such real Property, and (C) with respect to any acquired real Property constituting a Processing Plant, shall, if requested by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative Agent; and (o) other Investments made by the Loan Parties not to exceed $2,500,000 in the aggregate Chemical at any timeone time outstanding.

Investments, Loans, Advances and Acquisitions. The Borrower will not, and will not permit any Loan Party Subsidiary to, make or permit to remain outstanding retain any Investments investment (whether through the purchase of stock, obligations or otherwise) in or make any loan or advance to, any other Person, or acquire substantially as an entirety the Property or business of any other Person, other than: (a) Investments that are disclosed investments in Schedule 9.05; (b) accounts receivable arising in the ordinary course of business; (c) direct obligations of the United States of America or of any agency thereof, or instrumentality thereof whose obligations guaranteed by constitute full faith and credit obligations of the United States or of America, provided that any agency thereof, in each case maturing such obligations shall mature within one (1) year from of the date of acquisition issuance thereof; (db) investments in commercial paper rated either P-1 by Xxxxx'x Investors Services, Inc. or A-1 by Standard & Poor's Corporation maturing within one (1) year from 270 days of the date of acquisition thereof rated in the highest or second highest grade by S&P or Xxxxx’xissuance thereof; (ec) demand deposits, and time deposits maturing within one (1) year from the date investments in certificates of creation thereof, with or deposit issued by any Lender United States commercial bank or any office a branch located in the United States of any other a foreign commercial bank in each case having capital and surplus of not less than $500,000,000 which have a maturity of one year or trust company which is organized under the laws less; (d) investments in repurchase obligations with a term of not more than thirty (30) days for underlying securities of the United States or types described in subsection (a) above entered into with any state thereofbank meeting the qualifications specified in subsection (c) above, has capital, surplus and undivided profits aggregating at least $100,000,000 (as provided all such agreements require physical delivery of the date securities securing such repurchase agreement, except those delivered through the Federal Reserve Book Entry System; (e) investments in money market funds that invest solely, and which are restricted by their respective charters to invest solely, in investments of such bank or trust company’s most recent financial reportsthe type described in the immediately preceding subsections (a), (b), (c) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or Xxxxx’x, respectively(d) above; (f) Investments in money market funds investing at least 95% marketable general obligations of their assets (measured by value) in Investments a state, a territory or a possession of the types described United States, or any political subdivision of any of the foregoing, or the District of Columbia, unconditionally secured by the full faith and credit of such state, territory, possession, political subdivision or district provided that such state, territory, possession, political subdivision or district has general taxing authority and the power to levy such taxes as may be required for the payment of principal and interest thereof; provided that such obligations are rated in Section 9.05(c), Section 9.05(d) or Section 9.05(e)either of the two top rating categories established by the national rating agencies for such obligations; (g) Investments made marketable corporate debt securities having an A credit rating or better by any Loan Party in Standard & Poor's Corporation or to any other Loan Party (including in each case any guarantees or contingent obligations of a Loan Party with respect to any liabilities of any other Loan Party)Xxxxx'x Investors Service; (h) Investments investments shown on the financial statements referred to in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05 owing to the Borrower or any other Loan Party as a result of a proceeding of the obligor under any Debtor Relief Laws in respect of such debts or upon the enforcement of such debts or of any Lien in favor of the Borrower or any other Loan Party securing such debts; provided that the Borrower shall give the Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section 9.05(h) exceeds $2,000,0005.2; (i) Investments constituting Indebtedness permitted under Section 9.02investments by the Borrower or any Subsidiary in, and loans and advances from the Borrower or any Subsidiary to, any Subsidiary; (j) non-hostile purchases other investments by the Borrower in and acquisitions (other than by merger or acquisitions made consolidation) by any Loan Party on the Borrower of the Property or after the June 2015 Delivery Date, whether in one or more related transactions, business of any Person or group of Persons or any business unit or a majority of the Equity Interests of any Person or group of Persons, so long as at the time of the making of any such purchase or acquisition, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the target Person or group of Persons, business unit or Equity Interests, as applicable, are in the same or similar line of business as the Loan Parties; (iii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such purchase or acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iv) the Loan Parties have Liquidity of not less than 10% of Availability; and (v) the Loan Party making such purchase or acquisition promptly complies with its obligations under Sections 8.12 and 8.14, as applicable; (k) Investments in any Subsidiary in a similar business to the Loan Parties that is designated as an Unrestricted Subsidiary, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Unrestricted Subsidiary owned or held of record by any Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) the aggregate Investments in any Unrestricted Subsidiary shall not at any time exceed $2,500,000, individually, and the aggregate amount of such Investments under this clause (k) shall not exceed $7,500,000 in the aggregate at any time; (l) Investments in any Restricted Joint Venture, so long as at the time of any such Investment, before and after giving effect thereto: (i) no Default exists or would result therefrom; (ii) the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day of the fiscal quarter during which such Investment is to be made, as evidenced by a certificate executed by a Responsible Officer attaching the supporting detail for such calculations; (iii) the Loan Parties have Liquidity of not less than 10% of Availability; (iv) all of the present and future capital stock or other Equity Interests in such Restricted Joint Venture owned or held of record by a Loan Party are subject to a perfected first-priority security interest in favor of the Administrative Agent; and (v) Investments made in any Restricted Joint Venture under this clause (l) during the term of this Agreement shall not exceed an aggregate amount of $10,000,000 for each Restricted Joint Venture, individually, and the total amount of all such Investments under this clause (l) shall not exceed an aggregate amount of $30,000,000 for all Restricted Joint Ventures; and (m) Investments made by the Borrower pursuant to and in accordance with the terms and conditions of the IPO Contribution Agreement; (n) Investments made by the Borrower after the Qualifying IPO Effective Date pursuant to and in accordance with the terms and conditions equity interests of any other Contribution Agreement with respect to any Permitted Drop Down; Person, provided that: (i) such Investment is approved by Person shall be in the appropriate conflicts committee same or a related line of each acquiring Loan Party and each Person transferring the relevant Midstream Properties or Equity Interests, business as the case may beBorrower or one or more Subsidiaries; (ii) the board of directors (or equivalent governing body) of such Person shall have given its prior effective written consent or approval of such acquisition; and (iii) no Potential Default or Event of Default shall exist before and or after giving effect to such acquisition: (A) no Default exists or would result therefrom; (Bk) investments in or loans to Farmland MissChem Ltd. in connection with the Farmland MissChem Project in an aggregate amount not exceeding $100,000,000 at any one time outstanding; (l) investments, loans and advances by the Borrower is not otherwise permitted under this Section 7.11 in pro forma compliance with the financial covenants set forth in Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) applicable to the Rolling Period ending on the last day an aggregate amount not exceeding 10% of the fiscal quarter during which such acquisition is to be made, as evidenced by a certificate executed by a Responsible Officer attaching Tangible Net Worth of the supporting detail for such calculationsBorrower at any one time outstanding; and (Cm) loans and advances to employees in the Loan Parties have Liquidity ordinary course of not less than 10% business, provided the aggregate principal amount of Availability; and (iii) within 30 days after the consummation of all such Permitted Drop Down (or such later date as the Administrative Agent agrees in its sole discretion), the acquiring Loan Party and, if applicable, any acquired Subsidiary (A) shall comply with its obligations under Sections 8.12 through 8.14, as applicable, with respect to such acquired Midstream Properties and/or Equity Interests, as the case may be, (B) with respect to any acquired Midstream Properties constituting real Property, shall deliver a Mortgage in favor of the Administrative Agent with respect to such real Property, loans and (C) with respect to any acquired real Property constituting a Processing Plant, shall, if requested by the Administrative Agent, deliver a mortgagee title insurance policy and survey with respect to such Processing Plant, in each case in form and substance reasonably satisfactory to the Administrative Agent; and (o) other Investments advances made by the Loan Parties Borrower's Subsidiaries shall not to exceed $2,500,000 in the aggregate 500,000 at any time.