Common use of Investments, Loans and Advances Clause in Contracts

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other Person, except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the Guarantors; (b) Permitted Investments; (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g); (h) investments consisting of Capital Expenditures permitted under Section 6.09; and (i) the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority).

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests, evidences of indebtedness Indebtedness or other securities of, make or permit to exist any loans or advances toto or Guarantees of the obligations of, another Person or make or permit to exist any investment inAcquisition (each, any other Personan “Investment”), except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the GuarantorsTransactions; (b) Investments among the Borrower and Subsidiary Guarantors in accordance with the Approved Budget; provided, that, in each case, if any such Investment is in the form of Indebtedness of a Loan Party, such Investment shall be subordinated to the Secured Obligations on terms reasonably satisfactory to the Administrative Agent; (c) Permitted Investments; (cd) loans or advances made (i) among Investments arising out of the Borrowers and the Subsidiary Guarantors and (ii) receipt by any Subsidiary that is not a Guarantor to the Borrower or any Subsidiary of its Subsidiaries, in each case subject to the provisions of promissory notes and other non-cash consideration for Dispositions permitted under Section 6.176.05; (de) investments received in connection with accounts receivable, notes receivable, security deposits and prepayments arising and trade credit or notes receivable granted in the ordinary course of business and investments any Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of Investments in existence on the receipt by such party of non-cash consideration for any Asset Sale permitted hereunderdate hereof and described in Schedule 6.04; (g) guarantees Investments resulting from pledges and any other contingent obligations deposits permitted under by Section 6.01(g6.02(b)(ii), (e) and (f); (h) investments consisting Guarantees (i) permitted by Sections 6.01(i) and (ii) of leases (other than Capital Expenditures permitted under Section 6.09; andLease Obligations) or of other obligations not constituting Indebtedness, in each case in the ordinary course of business; (i) Investments received in connection with the Borrower bankruptcy or reorganization of any Person, or settlement of obligations of, or other disputes with or judgments against, or foreclosure or deed in lieu of foreclosure with respect to any Lien held as security for an obligation, in each case in the ordinary course of business; (j) Investments consisting of Liens permitted under Section 6.02; (k) Investments in the ordinary course of business consisting of (i) endorsements for collection or deposit or (ii) customary trade arrangements with customers, in accordance with the Approved Budget; or (l) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client and customer contracts and loans or advances made to, and guarantees with respect to obligations of, distributors, suppliers, licensors and licensees in the Subsidiary Guarantors may make investments ordinary course of business, in community development projects to each case, in accordance with the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority)Approved Budget.

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests, evidences of indebtedness Indebtedness or other securities of, make or permit to exist any loans or advances toto or Guarantees of the obligations of, another Person or make or permit to exist any investment inAcquisition (each, any other Personan “Investment”), except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the GuarantorsTransactions; (b) Investments among the Borrower and Subsidiary Guarantors in accordance with the Approved Budget; provided, that, in each case, if any such Investment is in the form of Indebtedness of a Loan Party, such Investment shall be subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent; (c) Permitted Investments; (cd) loans or advances made (i) among Investments arising out of the Borrowers and the Subsidiary Guarantors and (ii) receipt by any Subsidiary that is not a Guarantor to the Borrower or any Subsidiary of its Subsidiaries, in each case subject to the provisions of promissory notes and other non-cash consideration for Dispositions permitted under Section 6.176.05; (de) investments received in connection with accounts receivable, notes receivable, security deposits and prepayments arising and trade credit or notes receivable granted in the ordinary course of business and investments any Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of Investments in existence on the receipt by such party of non-cash consideration for any Asset Sale permitted hereunderdate hereof and described in Schedule 6.04; (g) guarantees Investments resulting from pledges and any other contingent obligations deposits permitted under by Section 6.01(g6.02(b), (e), (f) and (t); (h) investments consisting Guarantees (i) permitted by Sections 6.01(i) and (ii) of leases (other than Capital Expenditures permitted under Section 6.09; andLease Obligations) or of other obligations not constituting Indebtedness, in each case in the ordinary course of business; (i) Investments received in connection with the Borrower bankruptcy or reorganization of any Person, or settlement of obligations of, or other disputes with or judgments against, or foreclosure or deed in lieu of foreclosure with respect to any Lien held as security for an obligation, in each case in the ordinary course of business; (j) Investments consisting of Liens permitted under Section 6.02; (k) Investments in the ordinary course of business consisting of (i) endorsements for collection or deposit or (ii) customary trade arrangements with customers, in accordance with the Approved Budget; or (l) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client and customer contracts and loans or advances made to, and guarantees with respect to obligations of, distributors, suppliers, licensors and licensees in the Subsidiary Guarantors may ordinary course of business, in each case, in accordance with the Approved Budget. Notwithstanding the foregoing, the Loan Parties shall not make investments in community development projects to any Investments of Collateral without the extent required by any Governmental Authority (including prior written consent of the Casino Reinvestment Development Authority)Administrative Agent.

Investments, Loans and Advances. Purchase, hold or acquire (including pursuant to any merger, consolidation or amalgamation with a person that is not a wholly owned Subsidiary immediately prior to such merger, consolidation or amalgamation) any Equity Interests, evidences of indebtedness Indebtedness or other securities of, make or permit to exist any loans or advances toto or Guarantees of the obligations of, or make or permit to exist any investment inor any other interest in (each, an “Investment”), any other Personperson, except:except the following (collectively, “Permitted Investments”): (ai) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date Investments in the Equity Interests of Borrower Holdco, any Borrower or any other Loan Party, (ii) intercompany loans to the Lead Borrower or any other Loan Party and the Guarantors(iii) Guarantees of Indebtedness expressly permitted hereunder; (b) Cash and Permitted InvestmentsCash Equivalent Investments and Investments that were Permitted Investments when made; (c) loans or advances made (i) among Investments arising out of the Borrowers and receipt of non-cash consideration for the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any sale of its Subsidiaries, in each case subject to the provisions of assets permitted under Section 6.177.05; (d) investments received in connection with trade credit any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or the bankruptcy or reorganization of, or settlement of delinquent accounts limit loss and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (e) Swap Contracts; (f) each Loan Party may make investments arising out of Investments existing on, or contractually committed as of, the receipt by such party of non-cash consideration for any Asset Sale permitted hereunderClosing Date and set forth on Schedule 7.04; (g) guarantees Investments resulting from pledges and any other contingent obligations permitted under Section 6.01(g)deposits constituting Permitted Encumbrances; (h) investments consisting of Capital Expenditures permitted under Section 6.09; andInvestments constituting Permitted Business Acquisitions; (i) (i) intercompany loans among Foreign Subsidiaries, (ii) Guarantees by Foreign Subsidiaries permitted by Section 7.01, and (iii) trade receivables owing to any Borrower or any Subsidiary, if created or acquired in the ordinary course of business; (j) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business and Investments acquired as a result of a foreclosure by Borrower and the Subsidiary Guarantors may make investments Holdco or any of its Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority).default;

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interestscapital stock, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Personperson, except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors (i) existing on the Petition Date date hereof in the Equity Interests capital stock of the Borrower and the Guarantors; (b) Permitted Investments; (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and Subsidiaries; (ii) by BarTech or any Subsidiary in any Subsidiary that is a Guarantor (so long as such Guarantor shall remain a Wholly Owned Subsidiary after giving effect to such investment); (iii) by any Subsidiary in any Subsidiary that is a Guarantor; (iv) by any Subsidiary that is not a Guarantor in any Wholly Owned Subsidiary that is not a Guarantor (so long as such Subsidiary shall remain a Wholly Owned Subsidiary after giving effect to such investment); (b) Permitted Investments and investments that were Permitted Investments when made; (c) investments arising out of the Borrower receipt by BarTech or any Subsidiary of its Subsidiariesnoncash consideration for the sale of assets permitted under Section 6.05; (d) intercompany loans permitted to be incurred as Indebtedness under Section 6.01; (e) (i) loans and advances to officers or employees of BarTech or any Subsidiary not to exceed $600,000 in the aggregate at any time outstanding to be used to pay taxes in connection with stay bonuses or compensation in the form of restricted stock and (ii) other loans and advances to officers or employees of BarTech or any Subsidiary not to exceed $250,000 in the aggregate at any time outstanding, in each case subject to the provisions of Section 6.176.07; (di) investments received in connection with accounts receivable arising and trade credit or notes receivable granted in the ordinary course of business and investments any securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or the bankruptcy or reorganization of, or settlement of delinquent accounts limit loss and disputes with, customers and suppliers, in each case in the ordinary course of business; (eii) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out business consistent with the past practices of BarTech and the receipt by such party of non-cash consideration for any Asset Sale permitted hereunderSubsidiaries; (g) guarantees and any other contingent obligations Interest/Exchange Rate Protection Agreements permitted under pursuant to Section 6.01(g6.01(f); (h) investments, other than investments consisting listed in paragraphs (a) through (g) of this Section 6.04, existing on the Closing Date and set forth on Schedule 6.04; (i) investments resulting from pledges and deposits referred to in Section 6.02(g) or (h); (j) loans and advances to an employee stock ownership plan or to officers or employees made solely to fund purchases of Capital Stock of BarTech on arm's-length terms to the extent the proceeds therefrom are concurrently received by BarTech, in an aggregate amount not to exceed $2,000,000 at any time outstanding; (k) investments in evidences of Indebtedness, securities or other property received by BarTech or any Subsidiary from a customer or supplier in connection with any bankruptcy or reorganization of such person or by reason of a composition or readjustment of debt of such person or as a result of foreclosure, perfection or enforcement of any Lien on any property of such person, in each case in the ordinary course of business and in the exercise of the reasonable business judgment of BarTech or such Subsidiary; (l) investments constituting Permitted Business Acquisitions made as Capital Expenditures permitted under by Section 6.096.11; and (im) the Borrower and the Subsidiary Guarantors may make investments in community development projects constituting Permitted Business Acquisitions to the extent made with proceeds of the issuance of Capital Stock of BarTech (to the extent not previously used to prepay Indebtedness (other than Loans) make any investment or capital expenditure or otherwise for any purpose resulting in a deduction to Excess Cash Flow in any Fiscal Year) issued after the Closing Date (after any required by any Governmental Authority (including application of the Casino Reinvestment Development AuthorityNet Cash Proceeds of such issuance to prepay Obligations in accordance with Section 2.10(h).);

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interestscapital stock, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other PersonPerson (all of the foregoing, except: "Investments"), except for: (ai) investments ownership by Holdingsthe Borrower or such Subsidiary, as the Borrowercase may be, of the capital stock of each of the Subsidiaries listed on Schedule 3.05; (ii) Permitted Investments; (iii) advances and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of loans among the Borrower and the Guarantors; ; (biv) Permitted Investments; (cx) advances and loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any of its SubsidiariesGuarantor to any Foreign Subsidiary, in each case subject to the provisions of extent they constitute Indebtedness permitted by Section 6.17; 6.03(iv)(A) or Section 6.03(ii) and (dy) advances and loans made by any Foreign Subsidiary to any other Foreign Subsidiary; (v) existing Investments described on Schedule 6.10; (vi) investments by wholly-owned Foreign Subsidiaries in other wholly-owned Foreign Subsidiaries; (vii) Investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; ; (eviii) deposits, prepayments and other credits investments in the form of Indebtedness permitted by Section 6.03; (ix) investments constituting guarantees permitted by Section 6.06; (x) loans to suppliers made employees in the ordinary course of business; business consistent with past practices for travel and entertainment expenses, relocation costs and similar purposes in an aggregate amount not exceeding $500,000 at any time; (fxi) each Loan Party may make investments arising out of not permitted by the receipt foregoing clauses in an aggregate amount not exceeding $1,000,000 at any time outstanding; and (xii) any Investment by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and a Foreign Subsidiary in a Receivables Subsidiary or by a Receivables Subsidiary in any other contingent obligations permitted under Section 6.01(g); (h) investments consisting of Capital Expenditures permitted under Section 6.09; and (i) the Borrower and the Subsidiary Guarantors may make investments Person in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority)connection with a Qualified Receivables Transaction.

Investments, Loans and Advances. Purchase, hold or acquire any Equity InterestsCapital Stock, evidences of indebtedness Indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Personperson, except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors Borrower or any Subsidiary existing on the Petition Closing Date in the Equity Interests Capital Stock of the Borrower and the Guarantorsany Subsidiary; (b) Permitted Investmentsinvestments, loans or advances made by (i) any Subsidiary in or to the Borrower or (ii) the Borrower or any Subsidiary in or to the Borrower or any other Subsidiary; (c) loans Permitted Investments, and purchases and repurchases of Capital Stock pursuant to Article IV, Section 2.5 or advances made (i) among Section 2.6 of the Borrowers and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17Stockholders' Agreement; (d) investments consisting of non-cash consideration received in connection with trade credit a sale of assets permitted by Section 6.05; (e) investments arising from transactions by any Loan Party or notes receivable and investments received in satisfaction any of the Subsidiaries with customers or partial satisfaction thereof from financially troubled account debtors or suppliers (including Affiliates to the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case extent permitted by Section 6.07) in the ordinary course of business, including endorsements of negotiable instruments and debt obligations and other investments received in connection with the bankruptcy or reorganization of customers and suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers, arising in the ordinary course of business, and in the exercise of the reasonable business judgment of such Borrower or such Subsidiary; (ef) depositsadvances not exceeding $250,000 in the aggregate outstanding at any time to employees made to cover payroll, prepayments travel and other credits similar expenses that are expected at the time of such advances ultimately to suppliers be treated as expenses in accordance with GAAP and that are made in the ordinary course of business; (fg) each Loan Party may make investments arising out loans or advances to employees made in the ordinary course of business not exceeding $250,000 in the aggregate outstanding at any time; (h) investments, loans or advances made by any Foreign Subsidiary in or to any other Foreign Subsidiary; (i) Permitted Foreign Investments in APX-Brazil (as such term is defined in the Acquisition Agreement) not to exceed $3,000,000 in any fiscal year of the receipt by such party of non-cash consideration for any Asset Sale Borrower; (j) Capital Expenditures and other purchases permitted hereunder; (gk) guarantees investments, loans and advances existing on the date hereof and as set forth on Schedule 6.04(k) and renewals, replacements and extensions thereof, provided that the amount of any other contingent obligations permitted under Section 6.01(g)such renewed, replaced or extended investment, loan or advance shall be for an amount no greater than the amount of the investment, loan or advance being renewed or extended; (hl) investments consisting of Capital Expenditures permitted under Section 6.09investments, loans and advances in or to Joint Ventures not exceeding in the aggregate $1,000,000 at any time outstanding; and (im) investments, loans or advances in addition to those permitted by clauses (a) through (l) above not exceeding in the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required by aggregate $1,000,000 at any Governmental Authority (including the Casino Reinvestment Development Authority)time outstanding.

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests, evidences of indebtedness Indebtedness or other securities of, make or permit to exist any loans or advances toto or Guarantees of the obligations of, another Person, or make or permit to exist any investment inAcquisition (each, any other Personan “Investment”), except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of Investments among the Borrower and the Subsidiary Guarantors; (b) Permitted InvestmentsInvestments by the Borrower and the Subsidiary Guarantors in Subsidiaries that are not Subsidiary Guarantors; provided that (i) no Event of Default shall have occurred and be continuing at the time any such Investment is made and (ii) the sum of all such Investments (valued at the time of the making thereof and without giving effect to any write-downs or write-offs thereof, but net in the case of intercompany loans, and in any event, after giving effect to any returns, profits, distributions, and similar amounts, repayment of loans and the release of guarantees) made on or after the Closing Date shall not exceed an aggregate net amount equal to $5.0 million outstanding at any time; and provided further that intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of the Borrower and its Subsidiaries shall not be included in calculating the limitation in this paragraph at any time; (c) loans or advances made (i) among the Borrowers Permitted Investments and the Subsidiary Guarantors and (ii) by any Subsidiary investments that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17were Permitted Investments when made; (d) investments received Investments arising out of the receipt by the Borrower or any Subsidiary of promissory notes and other non-cash consideration for Dispositions permitted under Section 6.05 (excluding clauses (a), (b), (d), (e), (f)(i), (j), (k), (p), (r), (u), and (v) of Section 6.05); (e) (i) loans and advances to directors, officers, employees, members of management or consultants of Holdings (or any Parent Entity), the Borrower or any Subsidiary in connection with the ordinary course of business not to exceed $1.0 million in the aggregate at any time outstanding (calculated without regard to write-downs or write-offs thereof) and (ii) advances of payroll payments and expenses to directors, officers, employees, members of management or consultants in the ordinary course of business; (f) accounts receivable, notes receivable, security deposits and prepayments arising and trade credit or notes receivable granted in the ordinary course of business and investments any Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations Investments under Swap Agreements permitted under pursuant to Section 6.01(g)6.01; (h) investments consisting Investments existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.04 and any modification, replacement, renewal or extension thereof so long as any such modification, renewal or extension thereof does not increase the amount of such Investment except by terms thereof or as otherwise permitted by this Section 6.04; (i) Investments resulting from pledges and deposits permitted by Section 6.02(b)(ii), (f) and (g); (j) Investments (i) constituting Permitted Business Acquisitions and (ii) by any Subsidiary that is not a Subsidiary Guarantor in any other Subsidiary that is not a Subsidiary Guarantor; (k) Guarantees (i) permitted by Section 6.01(k) and (ii) of leases (other than Capital Expenditures Lease Obligations) or of other obligations not constituting Indebtedness, in each case in the ordinary course of business; (l) Investments received in connection with the bankruptcy or reorganization of any Person, or settlement of obligations of, or other disputes with or judgments against, or foreclosure or deed in lieu of foreclosure with respect to any Lien held as security for an obligation, in each case in the ordinary course of business; (m) [reserved;]the purchase of Obligations contemplated by the Second Amendment on the Second Amendment Effective Date; (n) [reserved;] (o) Investments in Holdings in amounts and for purposes for which Restricted Payments to Holdings would have been permitted under Section 6.096.06, in lieu of such Restricted Payments; (p) to the extent constituting Investments, (i) Sale and Lease-Back Transactions, (ii) Restricted Payments, and (iii) prepayments and repurchases of Indebtedness expressly permitted under Section 6.03 and/or 6.06; (q) so long as no Default or Event of Default shall have occurred any be continuing, Investments made in cash by the Borrower or any Subsidiary in an outstanding aggregate amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed $7.5 million, (plus any returns, profits, distributions and similar amounts, and the repayments of loans in respect of Investments theretofore made by it pursuant to this paragraph Section 6.04(q)); (r) other Investments (other than Guarantees) made in cash by the Borrower or any Subsidiary not to exceed $2.0 million during the term of this Agreement; and (s) Investments in the ordinary course of business consisting of (i) endorsements for collection or deposit or (ii) customary trade arrangements with customers; and (t) Investments to the extent the consideration paid therefor consists solely of Equity Interests of any Parent Entity not resulting in a Change in Control. Notwithstanding anything to the contrary in this Agreement, in no event shall any Loan Party make any Investment consisting of, or otherwise contribute or transfer, any Material Intellectual Property to any Person that is not a Loan Party other than to the extent constituting non-exclusive outbound licenses of patents, copyrights, trademarks and other intellectual property rights granted by a Loan Party in the ordinary course of business and not interfering in any respect with the ordinary conduct of or materially detracting from the value of the Term Loan Priority Collateral or the business of the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority)its Subsidiaries.

Investments, Loans and Advances. Purchase, hold Make or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other Person, an Investment except: (a) investments by HoldingsInvestments in a joint venture, when taken together with all other Investments made pursuant to this Section 6.3 that are at the Borrowertime outstanding (and not otherwise converted or applied to another clause of this Section 6.3), the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the Guarantorsnot to exceed [REDACTED – Dollar Amount] at any one time outstanding; (b) Permitted Investments[Reserved]; (c) loans or advances made (i) among the Borrowers Cash Equivalents and the Subsidiary Guarantors and (ii) by any Subsidiary Investments that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17were Cash Equivalents when made; (d) investments received Investments arising out of the receipt by the Borrower or any Restricted Subsidiary of non-cash consideration for the sale or other disposition of assets permitted under Section 6.4; (e) loans and advances to officers, directors, employees or consultants of the Borrower or any Restricted Subsidiary (i) not to exceed in connection with the aggregate [REDACTED – Dollar Amount] at any time outstanding, (ii) for reasonable and customary business and related travel, entertainment, relocation and analogous ordinary business purposes, or (iii) in respect of payroll payments and expenses in the ordinary course of business; (f) accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business and any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g)Hedge Agreements not entered into for speculative purposes; (h) investments Investments existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.3(h); (i) Investments resulting from pledges and deposits referred to in Sections 6.2(h), (i), (x), (z), (cc) and (gg); (j) repurchases of the 7.0% Senior Notes, the 9.50% Senior Notes, the Extended Bridge Loans and/or the Equity Bridge Loans in each case permitted pursuant to Section 6.8(a)(1); (k) Investments constituting Permitted Acquisitions; (l) Investments of the Borrower in any Restricted Subsidiary or any entity that becomes a Restricted Subsidiary in connection and substantially concurrently with such Investment and of any Restricted Subsidiary in the Borrower or in any other Restricted Subsidiary or any entity that becomes a Restricted Subsidiary in connection and substantially concurrently with such Investment; provided that the aggregate principal amount of such Investments (including intercompany loans and other Investments) made pursuant to this Section 6.3(l) by Credit Parties in Restricted Subsidiaries that are not Credit Parties and will not become a Credit Party in connection with the incurrence of such Investment, when aggregated with Indebtedness incurred by Restricted Subsidiaries that are not Credit Parties owing to a Credit Party pursuant to Section 6.1(g)(ii) and acquisitions of Persons that do not become Credit Parties pursuant to Section 6.3(k), shall not exceed the greater of (x) [REDACTED – Dollar Amount] and (y) [REDACTED – Percentage] of Consolidated Total Assets; (m) the Transactions; (n) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers, distributors and suppliers, or Investments acquired by the Borrower or any Restricted Subsidiary as a result of a foreclosure by the Borrower or any of the Restricted Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default; (o) Investments of a Restricted Subsidiary acquired after the Closing Date or of an entity merged into, or amalgamated or consolidated with, the Borrower or merged into or amalgamated or consolidated with a Restricted Subsidiary in accordance with Section 6.4 after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence or had been committed to be made on the date of such acquisition, merger or consolidation; (p) Investments in exchange for Equity Interests of the Borrower; (q) guarantees by the Borrower or any Restricted Subsidiary of obligations that do not constitute Indebtedness and are not otherwise prohibited hereunder, in each case, entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business; (r) Investments consisting of Capital Expenditures the redemption, purchase, repurchase or retirement of any Equity Interests permitted under Section 6.096.5; provided that any such Investments shall constitute a utilization of the applicable provision or provisions (without double counting) under Section 6.5; (s) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers and foreign law equivalent interests; (t) advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Borrower or any Restricted Subsidiary; (u) Investments by the Borrower or any Restricted Subsidiaries, if the Borrower or any Restricted Subsidiary would otherwise be permitted to make a Restricted Payment in such amount (provided that the amount of any such Investment shall also be deemed to be a Restricted Payment under the appropriate clause of Section 6.5 for all purposes of this Agreement); (v) acquisitions by any Credit Party of Investments evidencing obligations owed by one or more officers or other employees of the Borrower, such Credit Party or its subsidiaries in connection with such officer’s or employee’s acquisition of Equity Interests of the Borrower, so long as no cash is actually advanced in connection with the acquisition of any such obligations; (w) guarantees permitted under Section 6.1 (except to the extent such guarantee is expressly subject to this Section 6.3); (x) Investments consisting of the licensing, sublicensing, covenants not to xxx, releases or other rights under Intellectual Property (including in connection with distribution, license and supply agreements) in the ordinary course of business or in the reasonable business judgment of the Borrower or the Restricted Subsidiaries; (y) Investments consisting of purchases and acquisitions of inventory, supplies, goods, materials and equipment or purchases of contract rights or leases, in each case, in the ordinary course of business; (z) Investments consisting of purchases and acquisitions of Intellectual Property in the ordinary course of business or in the reasonable business judgment of the Borrower or the Restricted Subsidiaries; (aa) Investments in assets useful in the business of the Borrower and any of its Restricted Subsidiaries made with the proceeds of any Reinvestment Deferred Amount or Below Threshold Asset Sale Proceeds; provided that if the underlying Asset Sale or Casualty Event was with respect to the Borrower or a Guarantor, then such Investment shall be consummated by the Borrower or a Guarantor; (bb) Investments in the Term Loans and other permitted Indebtedness of the Borrower and its Restricted Subsidiaries, in each case, solely (i) to the extent permitted hereunder and under the definitive documentation governing any such other permitted Indebtedness and (ii) consummated in accordance with the terms and conditions set forth in Section 10.4(i) hereof or pursuant to the corresponding provisions of the definitive documentation governing any such other permitted Indebtedness, as applicable; (cc) other Investments by the Borrower or any Restricted Subsidiary; provided that, after giving effect to such Investment, the aggregate amount of all Investments made pursuant to this paragraph (cc) (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) shall not exceed the greater of (x) [REDACTED – Dollar Amount] and (y) [REDACTED – Percentage] of Consolidated Total Assets; and (idd) so long as no Event of Default has occurred and is continuing, and after giving effect to any such Investment on a Pro Forma Basis, the Total Net Leverage Ratio shall not exceed 6.00:1.00, Investments made with any portion of the Cumulative Credit. For purposes of determining compliance with this Section 6.3 and subject to the immediately following proviso, (A) Investments need not be permitted solely by reference to one category of permitted Indebtedness described in Sections 6.3(a) through (dd) but may be permitted in part under any combination thereof and (B) in the event that an Investment (or any portion thereof) meets the criteria of one or more of the categories of permitted Investments described in Sections 6.3(a) through (dd), the Borrower shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Investment (or any portion thereof) in any manner that complies with this Section 6.3 and will only be required to include the Subsidiary Guarantors may make investments amount and type of such Investment (or any portion thereof) in community development projects one of the above clauses and such Investment shall be treated as having been made or existing pursuant to the extent required by only one of such clauses; provided, however, that no such reclassification shall be permitted with respect to any Governmental Authority (including the Casino Reinvestment Development AuthorityInvestment made pursuant to Section 6.3(dd).

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interestscapital stock, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other Person, except: Person (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests all of the Borrower and the Guarantors; (b) Permitted foregoing, “Investments; (c) loans or advances made ”), except for (i) among ownership by the Borrowers and the Subsidiary Guarantors and (ii) by of the capital stock or membership interests of each of the Subsidiaries listed on Schedule 3.05, provided that no further equity investments may be made in any Subsidiary such Person that is not a Guarantor Borrower or Guarantor; (ii) Permitted Investments; (iii) advances and loans to Kaiser Canada (other than loans and advances pursuant to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (dSettlement and Release Agreement) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; business consistent with past practices; (eiv) depositsadvances to QAL and KAAC for, prepayments among other things, the purchase of bauxite and other credits to suppliers made the payment of tolling charges and taxes in return for which the applicable Borrower or Guarantor, as the case may be, receives alumina product, all occurring in the ordinary course of business; business consistent with past practices; (fv) each Loan Party may make investments arising out advances and loans to Trochus Insurance Company in the ordinary course of business consistent with past practices, provided that in no event shall the receipt by such party amount of advances or loans be greater than $5,000,000 at any one time outstanding; (vi) Investments received in connection with dispositions of assets, and Investments in escrows established in connection with dispositions of assets which are permitted hereby; (vii) Investments in the form of advance payments in connection with any Permitted Commodity Swap Agreement; (viii) non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g); (h) investments Investments consisting of Capital Expenditures permitted under Section 6.09transfers, offsets, and releases of intercompany claims pursuant to, and in accordance with, the Settlement and Release Agreement; and (iix) contributions to voluntary employee beneficiary associations established for the benefit of certain hourly retirees and for the benefit of certain salaried retirees pursuant to agreements, as amended and/or modified, that the Company and Kaiser Bellwood negotiated with (A) the Borrower United Steelworkers of America, the International Association of Machinists and Aerospace Workers, and the Subsidiary Guarantors may make investments Official Committee of Retired Employees in community development projects the Cases and approved by a final order of the Bankruptcy Court signed Mxxxx 00, 0000, (X) the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America and/or its Local Union No. 1186 and approved by a final order of the Bankruptcy Court signed May 24, 2004, and (C) the Paper, Allied-Industrial, Chemical and Energy Workers International Union, AFL-CIO, CLC and the International Chemical Workers Union Council-United Food & Commercial Workers and approved by a final order of the Bankruptcy Court signed May 24, 2004; (x) existing Investments described on Schedule 6.08 hereto, but no extensions, renewals or increases of such Investments; and (xi) Investments consisting of payment of any out-of-pocket third party costs of Subsidiaries that are debtors under the Bankruptcy Code to the extent required by that (A) such payments constitute payment of any Governmental Authority out-of-pocket third party costs incurred solely in connection with the administration of such Subsidiaries’ cases under the Bankruptcy Code, (including B) such Subsidiaries have an obligation to reimburse the Casino Reinvestment Development Authority)Borrowers and the Guarantors therefor and (C) such Investments are made pursuant to, and in accordance with, the Settlement and Release Agreement.

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests, Interests or evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, in any other Personperson, or purchase or otherwise acquire all or substantially all the assets or business of any other person or assets constituting a business unit, line of business or division of another person (collectively, an “Investment”), except: (a) investments Investments by Holdings, the Borrower, Borrower and the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of Holdings, the Borrower and the Guarantors;Subsidiaries; provided, that (i) the aggregate amount of Investments made after the Closing Date by Loan Parties in (b) Investment in assets that were Permitted InvestmentsInvestments at the time made; (c) loans Investments received in connection with the bankruptcy or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) by reorganization of, or settlement of delinquent accounts or other disputes with, any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiariesperson, in each case subject in the ordinary course of business and upon foreclosure with respect to the provisions any secured Investment or other transfer of Section 6.17title with respect to any secured Investment; (d) investments Holdings and its Subsidiaries may make loans and advances in the ordinary course of business to their respective directors, officers, members of management, employees and consultants in an aggregate principal amount at any time outstanding (determined without regard to any write-downs or write-offs of such loans and advances) not to exceed $5,000,000; (e) the Borrower and the Subsidiaries may enter into Hedging Agreements that (i) are required by Section 5.10 or (ii) are not speculative in nature and are entered into to hedge or mitigate risks to which the Borrower or a Subsidiary is exposed in the conduct of its business; (f) Permitted Acquisitions; (g) Investments consisting of non-cash consideration received from an Asset Sale in connection compliance with trade Section 6.05; (h) Investments consisting of 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 Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case other credits to suppliers in the ordinary course of business; (ei) depositsInvestments consisting of Indebtedness, prepayments Liens, sale and leaseback transactions, fundamental changes, Asset Sales and Restricted Payments permitted under Section 6.01, 6.02, 6.03, 6.05 and 6.06, respectively; (j) Investments existing or contemplated on the date hereof and set forth on Schedule 6.04 and any modification, replacement, renewal or extension thereof; provided, that the amount of the original Investment is not increased (k) loans and advances to Holdings in lieu of, and not in excess of the amount of (after giving effect to any other credits loans, advances or Restricted Payments in respect thereof), Restricted Payments permitted to suppliers be made to Holdings in accordance with Section 6.06; (l) advances of payroll payments to employees in the ordinary course of business; (fm) each Loan Party may make investments arising out Guarantees by Holdings or any of its Subsidiaries of leases (other than Capital Lease Obligations) entered into in the receipt by such party ordinary course of non-cash consideration for any Asset Sale permitted hereunderbusiness; (gn) guarantees and any other contingent obligations permitted under Section 6.01(g); (h) investments Investments in the ordinary course consisting of Capital Expenditures permitted under Section 6.09endorsements for collection or deposit; and (o) additional Investments (net of any cash repayment of or return on such Investments theretofore received) (i) the Borrower and the Subsidiary Guarantors may make investments not to exceed $15,000,000 in community development projects any fiscal year (provided, that to the extent required that the aggregate amount of Investments made by Holdings and its Subsidiaries in any Governmental Authority fiscal year pursuant to this Section 6.04(o) (x) is less than the amount permitted for such fiscal year, the amount of such difference may be carried forward and used to make Investments in the succeeding fiscal years, and (y) is greater than the amount permitted for such fiscal year (including any amount carried forward pursuant to clause (x)), an amount of up to 100% of the Casino Reinvestment Development Authority)amount otherwise permitted for the immediately succeeding fiscal year may be reallocated to such current fiscal year) and (ii) up to an amount equal to the sum of (A) the aggregate amount of Net Cash Proceeds from any issuance of Equity Interests (other than Disqualified Equity Issuances) after the Closing Date, plus (B) the Cumulative Excess Cash Flow, but only to the extent the amounts described in clauses (A) and (B) above are Not Otherwise Applied.

Investments, Loans and Advances. PurchaseNo Credit Party will, hold directly or acquire any Equity Interests, evidences of indebtedness or other securities ofindirectly, make or permit to exist any loans or advances toInvestment, or make or permit to exist any investment in, any other Person, exceptexcept for the following: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing Investments outstanding on the Petition Closing Date and any Investments received in respect thereof without the Equity Interests payment of additional consideration (other than through the Borrower and the Guarantorsissuance of or exchange of Qualified Capital Stock); (b) Permitted InvestmentsInvestments in cash and Cash Equivalents (including Investments that were Cash Equivalents when made); (c) loans or advances made Borrower may enter into Swap Contracts to the extent permitted by Section 10.01(c); (d) Investments (i) among the Borrowers and the Subsidiary Guarantors and by Borrower in any Guarantor, (ii) by any Subsidiary that is not Guarantor in Borrower and (iii) by a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17another Guarantor; (de) investments the Credit Parties may sell or transfer assets to the extent permitted by Section 10.05; (f) Investments in securities of trade creditors or customers received in connection with trade credit pursuant to any plan of reorganization or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or similar arrangement upon the bankruptcy or reorganization of, insolvency of such trade creditors or customers or in settlement of delinquent or overdue accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (eg) Investments made by a Credit Party with, or as a result of, consideration received in connection with an Asset Sale made in compliance with Section 10.05; (h) Investments made to officers, directors and employees in the ordinary course of business not to exceed $10.0 million in the aggregate at any time outstanding; (i) Permitted Acquisitions; (j) accounts receivable, security deposits, prepayments (including prepayments of expenses), credits and other credits extensions of trade credit (including to suppliers made gaming customers) in the ordinary course of business; (fk) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale Investments resulting from pledges and deposits permitted hereunderunder Section 10.02; (gl) guarantees in addition to Investments otherwise permitted by this Section 10.04, Investments by any Credit Party; provided that (i) immediately before and after giving effect thereto, no Event of Default specified in Section 11.01(b) or 11.01(c) or Event of Default specified in Section 11.01(g) or 11.01(h) with respect to Borrower has occurred and is continuing and (ii) (x) on or prior to the later of (A) the Xxxx Massachusetts Project Opening Date and (B) December 31, 2019, the Consolidated Total Leverage Ratio shall not exceed 5.50 to 1.00 on a Pro Forma Basis as of the most recent Calculation Date and (y) thereafter, the Consolidated Total Leverage Ratio shall not exceed 5.00 to 1.00 on a Pro Forma Basis as of the most recent Calculation Date; (m) payments with respect to any other contingent obligations Qualified Contingent Obligations, so long as, at the time such Qualified Contingent Obligation was incurred or, if earlier, the agreement to incur such Qualified Contingent Obligations was entered into, such Investment was permitted under Section 6.01(gthis Agreement; (n) Investments of a Guarantor acquired after the Closing Date or of a Person merged or consolidated with or into a Credit Party, in each case in accordance with the terms of this Agreement to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation; (o) Investments in the nature of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business; (p) [reserved]; (q) Investments in an aggregate amount not in excess of an amount equal to $1.0 billion (plus the amounts received by a Credit Party with respect to such Investments (including principal, interest, dividends, distributions, sale proceeds or other similar amounts)); (hr) investments Investments to the extent that payment for such Investments is made with (or such Investments are received substantially contemporaneously in exchange for) Qualified Capital Stock of any Credit Party; (s) Investments in the ordinary course of business consisting of Capital Expenditures permitted Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices; (t) Investments consisting of the licensing of intellectual property pursuant to joint marketing or other arrangements with other persons in the ordinary course of business; (u) Investments in any Subsidiary or Joint Venture of a Guarantor; (v) Borrower and the Guarantors may make Investments in an aggregate amount not in excess of an amount equal to $50.0 million (plus the amounts received by Borrower and the Guarantors with respect to such Investments (including with respect to contracts related to such Investments and including principal, interest, dividends, distributions, sale proceeds, payments under contracts relating to such Investments or other amounts)) minus the aggregate amount of Restricted Payments made pursuant to Section 6.0910.06(l) and the aggregate amount of Junior Prepayments made pursuant to Section 10.09(j); (w) Investments in any Subsidiary made in the ordinary course of business and that, in the reasonable good faith belief of the Credit Parties, will be returned, repaid, or otherwise distributed by such Subsidiary to the Credit Parties within eighteen (18) months of such Investments being made; and (ix) in addition to Investments otherwise permitted by this Section 10.04, Investments by Borrower or any Guarantor in an amount not to exceed the Available Equity Amount determined at the time such Investment is made; provided that if any Investment pursuant to this clause (x) is made in any person that is not a Credit Party at the date of the making of such Investment and such person becomes a Credit Party after such date, such Investment shall, upon the election of Borrower, thereafter be deemed to have been made pursuant to clause (d) above and shall cease to have been made pursuant to this clause (x) for so long as such person continues to be a Credit Party. Any Investment in any person other than a Guarantor that is otherwise permitted by this Section 10.04 may be made through intermediate Investments in Subsidiaries that are not Guarantors and such intermediate Investments shall be disregarded for purposes of determining the outstanding amount of Investments pursuant to any clause set forth above. The amount of any Investment made other than in the form of cash or cash equivalents shall be the fair market value thereof (as determined by Borrower in good faith) valued at the time of the making thereof, and without giving effect to any subsequent write-downs or write-offs thereof. For purposes of determining compliance with this Section 10.04, (A) Investments need not be permitted solely by reference to one category of permitted Investments described in Sections 10.04(a) through (x) but may be permitted in part under any combination thereof and (B) in the Subsidiary Guarantors event that an item of Investments (or any portion thereof) meets the criteria of one or more of the categories of permitted Investments described in Sections 10.04(a) through (x), Borrower shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Investment (or any portion thereof) in any manner that complies with this Section 10.04 and will only be required to include the amount and type of such item of Investments (or any portion thereof) in one of the above clauses and such item of Investments (or any portion thereof) shall be treated as having been incurred or existing pursuant to only one of such clauses, provided, that all Investments under this Agreement outstanding on the Closing Date shall at all times be deemed to have been incurred pursuant to clause (a) of this Section 10.04 and may make investments in community development projects to the extent required not be reclassified. In addition, Investments by any Governmental Authority Credit Party in any Person that is not a Credit Party at the date of the making of such Investment and such person becomes a Credit Party after such date, such Investment shall, upon the election of Borrower, thereafter be deemed to have been made pursuant to clause (including the Casino Reinvestment Development Authority)d) above and shall cease to have been made pursuant to any other clause of this Section 10.04 for so long as such person continues to be a Credit Party.

Investments, Loans and Advances. PurchaseNot, hold and not permit any other Loan Party to, purchase or otherwise acquire any Equity InterestsCapital Securities of or other ownership interest in, or debt securities of or other evidences of indebtedness or other securities Debt of, any other Person; nor make any loan or permit to exist advance of any loans of its funds or advances property or make any other extension of credit to, or make any other investment or permit to exist contribution or acquire any investment interest whatsoever in, any other Person, except; nor incur any Contingent Liability except to the extent permitted under Section 11.1 nor permit any Subsidiary to do any of the foregoing; other than: (a) investments contributions by Holdingsthe Company to the capital of any Wholly-Owned Subsidiary, or by any Subsidiary to the Borrowercapital of any other domestic Wholly-Owned Subsidiary, so long as the Subsidiaries recipient of any such capital contribution has guaranteed the Obligations and the Affiliated Guarantors existing on the Petition Date such guaranty is secured by a pledge of all of its Capital Securities and substantially all of its real and personal property, in the Equity Interests of the Borrower and the Guarantorseach case in accordance with Section 10.8; (b) Permitted Investmentscontributions to non-Wholly-Owned Subsidiaries and Joint Ventures in the ordinary course of business consistent with past practices not in excess of $2,000,000 in the aggregate; (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) investments constituting Debt permitted by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17;11.1 (d) Contingent Liabilities constituting Debt permitted by Section 11.1 or Liens permitted by Section 11.2 (e) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case Cash Equivalents; (f) bank deposits in the ordinary course of business; (eg) depositsinvestments in securities of Account Debtors received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such account debtors; (h) investments to consummate Permitted Acquisitions; (i) those investments, prepayments loans, advances and other credits to suppliers transactions described in Schedule 11.10 as of the Closing Date, but no extension or renewal thereof shall be permitted; (j) extensions of trade credit made in the ordinary course of business on customary credit terms and commissions, relocation, travel and similar advances made to officers and employees and to consultants for consulting services and reimbursable expenses, all in the ordinary course of business, provided that advances to officers, employees and to consultants for purposes other than commission, relocation and travel shall not exceed $250,000 in aggregate at any time outstanding; (fk) each Loan Party may make investments arising out acquire and own stock, obligations or securities received in settlement of debts owing to the receipt by such party of non-cash Company or its Subsidiaries or as consideration for any Asset Sale Dispositions otherwise permitted hereunderunder Section 11.4; (gl) guarantees advances made by the Company or its Subsidiaries or Joint Ventures to clients in connection with Facility Leases and any other contingent obligations permitted under Section 6.01(g)Facility Management Agreements of the Company in the ordinary course of business consistent with past practices; (hm) other loans, advances or investments consisting (except to (i) the Principals, or (ii) other Affiliates of Capital Expenditures permitted under Section 6.09the Company) in an aggregate amount not to exceed three percent (3%) of Total Assets; and (in) as otherwise permitted pursuant to Sections 11.6. provided that (x) any Investment which when made complies with the Borrower and requirements of the Subsidiary Guarantors definition of the term "Cash Equivalent Investment" may make investments in community development projects continue to the extent required be held notwithstanding that such Investment if made thereafter would not comply with such requirements; (y) no new Investment which would otherwise be permitted by clause (c), (d), or (h) shall be permitted to be made if, immediately before or after giving effect thereto, any Governmental Authority (including the Casino Reinvestment Development Authority)Event of Default or Unmatured Event of Default exists.

Investments, Loans and Advances. Purchase, hold or acquire (including pursuant to any merger, consolidation or amalgamation with a person that is not a wholly owned Subsidiary immediately prior to such merger, consolidation or amalgamation) any Equity Interests, evidences of indebtedness Indebtedness or other securities of, make or permit to exist any loans or advances toto or Guarantees of the obligations of, or make or permit to exist any investment inor any other interest in (each, an “Investment”), any other Personperson, except:except the following (collectively, “Permitted Investments”): (ai) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date Investments in the Equity Interests of Borrower Holdco, any Borrower or any other Loan Party, (ii) intercompany loans to the Lead Borrower or any other Loan Party and the Guarantors(iii) Guarantees of Indebtedness expressly permitted hereunder; (b) Cash and Permitted InvestmentsCash Equivalent Investments and Investments that were Permitted Investments when made; (c) loans or advances made (i) among Investments arising out of the Borrowers and receipt of non-cash consideration for the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any sale of its Subsidiaries, in each case subject to the provisions of assets permitted under Section 6.177.057.05; (d) investments received in connection with trade credit any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or the bankruptcy or reorganization of, or settlement of delinquent accounts limit loss and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (e) Swap Contracts; (f) each Loan Party may make investments arising out of Investments existing on, or contractually committed as of, the receipt by such party of non-cash consideration for any Asset Sale permitted hereunderClosing Date and set forth on Schedule 7.04; (g) guarantees Investments resulting from pledges and any other contingent obligations permitted under Section 6.01(g)deposits constituting Permitted Encumbrances; (h) investments consisting of Capital Expenditures permitted under Section 6.09; andInvestments constituting Permitted Business Acquisitions; (i) (i) intercompany loans among Foreign Subsidiaries, (ii) Guarantees by Foreign Subsidiaries permitted by Section 7.01,7.01, and (iii) trade receivables owing to any Borrower or any Subsidiary, if created or acquired in the ordinary course of business; (j) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business and Investments acquired as a result of a foreclosure by Borrower and the Subsidiary Guarantors may make investments Holdco or any of its Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority).default;

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interestscapital stock, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Personperson, except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors Borrower existing or committed to on the Petition Date date hereof in the Equity Interests capital stock of the Borrower and the Guarantors; Subsidiaries; (b) Permitted Investments; ; (c) loans the Connector Purchase; (d) so long as the Gilbert Credit Agreement is effective, investments, loanx xx xxvances by Connector and its subsidiaries permitted by the Gilbert Credit Agreement; (e) investments, xxxxx xr advances in or advances made to Guarantors; provided, however, that in no event shall proceeds of the Loans be invested, loaned or advanced in or to Connector and its subsidiaries other than pursuant to the Connector Purchase; (f) the Acquisition; (g) Permitted Other Acquisitions; (h) investments by Lasertron existing or committed to on the date hereof; (i) among the Borrowers purchase by the Borrower of shares of the Capital Stock of Gilbert pursuant to the Management Stockholders Agreement; xxxxxxed, however, that the cash consideration paid by the Borrower for such shares shall not exceed $1,000,000 in any fiscal year; (j) loans to officers or employees of the Borrower in the ordinary course not in excess of $1,000,000 principal amount at any time outstanding; (k) additional loans and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to advances from the Borrower or any Guarantor to Subsidiaries listed on Schedule 6.04(k) not in excess of its Subsidiaries$20,000,000 aggregate principal amount outstanding at any time minus loans and advances pursuant to Section 6.04(f) of the Gibert Credit Agreement; provided, in each case subject however, that all such xxxxx and advances are evidenced by a note or notes which are pledged to the provisions of Section 6.17; Collateral Agent under the Pledge Agreement; (dl) additional investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization ofin, or settlement loans or advances to, WTD in a net amount not in excess of delinquent accounts and disputes with, customers and suppliers, $1,000,000 outstanding at any time (in each case addition to those described in the ordinary course of business; (e) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g); clause (h) of this Section 6.04); (m) investments consisting in, or loans or advances to, foreign joint ventures existing or committed to on the date hereof; and (n) other investments in, or loans or advances to, or Guarantees of Capital Expenditures permitted under Section 6.09; and (i) the Borrower and the Subsidiary Guarantors may make investments Indebtedness of, Subsidiaries or foreign joint ventures in community development projects to the extent required by a net amount not in excess of $10,000,000 outstanding at any Governmental Authority (including the Casino Reinvestment Development Authority)time.

Investments, Loans and Advances. Purchase, hold or acquire any Equity InterestsInvestments, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other Person, except: except for: (a) investments ownership by Holdingsthe Parent of the capital stock of the Borrower or any Guarantor, subject in each case to Section 6.02; (b) ownership by the Borrower, Borrower and the Guarantors of the capital stock of each of the Subsidiaries subject in each case to Section 6.02; (c) Permitted Investments and Cash Equivalents; (d) advances and loans among the Borrower and the Affiliated Guarantors existing on the Petition Date in the Equity Interests ordinary course of business; (e) Investments in the Escrow Accounts and other trust accounts; (f) Investments described on Schedule 6.10 hereto; (g) Investments in connection with (i) currency swap agreements, currency future or option contracts and other similar agreements designed to hedge against fluctuations in foreign interest rates and currency values, (ii) interest rate swap, cap or collar agreements and interest rate future or option contracts, and (iii) fuel xxxxxx and other derivatives contracts, in each case to the extent that such agreement or contract is entered into in the ordinary course of business for bona fide hedging purposes; (h) Investments received (i) in settlement of amounts due to any of the Borrower and the Guarantors effected in the ordinary course of business (including as a result of dispositions permitted by this Agreement) or (ii) in connection with the bankruptcy or the reorganization of any customers or suppliers; (i) Investments in an amount not to exceed $500,000,000 in the aggregate at any one time outstanding in connection with (1) Investments in travel or airline related businesses made in connection with marketing and promotion agreements, alliance agreements, distribution agreement, agreements with respect to fuel consortiums, agreements relating to flight training, agreement relating to insurance arrangements, agreement relating to parts management systems and other similar agreements, (2) additional Investments in joint ventures listed on Schedule 6.10 or Investments in new joint ventures made after the Closing Date together with any guaranty of Indebtedness of joint ventures pursuant to Section 6.07(d), (j) advances to officers, directors and employees of the Borrower and the Guarantors in the ordinary course of business; (k) Investments held or invested in by any of the Borrower and the Guarantors in the form of foreign cash equivalents in the ordinary course of business; (l) advances to officers, directors and employees of the Borrower and the Guarantors in connection with (1) relocation expenses or signing bonuses for newly hired officers, directors or employees of the Borrower and the Guarantors; , (b2) Permitted Investments; (c) loans or advances made (i) among travel expenses incurred in the Borrowers ordinary course of business of the Borrower and the Subsidiary Guarantors and (ii3) by any Subsidiary that is not a Guarantor pre-vacation payroll advances to the extent required by the collective bargaining agreements of the Borrower and the Guarantors; (m) Investments in the form of lease, utility and other similar deposits or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case other deposits permitted hereunder in the ordinary course of business; ; (en) deposits, prepayments pledges and other credits deposits by the Borrower and the Guarantors permitted under Sections 6.01 or 6.03; (o) Investments and guarantees by the Borrower and the Guarantors permitted under Sections 6.01 or 6.03; (p) loans or Investments by the Borrower or any Guarantor that could otherwise be made as a distribution permitted under Section 6.08; (q) Investments held by the Borrower or any Guarantor to suppliers made the extent such Investments reflect an increase in the value of Investments; (r) Investments by the Borrower and the Guarantors creating new Subsidiaries so long as they comply with Section 5.15 hereof; (s) Investments in (1) Subsidiaries which are not Guarantors in the ordinary course of business; business and (f2) each Loan Party may make investments arising out in Four Star Insurance Co. Ltd., to the extent reasonably necessary to support its working capital insurance obligations in respect of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g); (h) investments consisting of Capital Expenditures permitted under Section 6.09; and (i) the Borrower and the Subsidiary Guarantors; (u) any Permitted Acquisition by the Borrower or any Guarantor so long as the Borrower and the Guarantors may make investments shall be in community development projects compliance on a Pro Forma Basis with Section 6.04; (t) any Investments acquired in connection with Permitted Acquisitions; (u) capitalization or forgiveness of any Indebtedness owed to the Borrower or any Guarantor by any other Guarantor; and (v) cancellation, forgiveness, set-off, or acceptance of prepayments by the Borrower or any Guarantor with respect to debt, other obligations and/or equity securities in the ordinary course of business and to the extent required not otherwise prohibited by the terms of this Agreement; (w) investments in connection with outsourcing initiatives; (x) other investments in an aggregate amount not to exceed $100,000,000. The amount of any Governmental Authority (including investment or loan shall be the Casino Reinvestment Development Authority)initial amount of such investment less all returns of principal, capital, dividends and other cash returns thereof and less all liabilities expressly assumed by another person in connection with the sale of such investment.

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests, evidences of indebtedness Indebtedness or other securities of, make or permit to exist any loans or advances toto or Guarantees of the obligations of, or make or permit to exist any investment inor any other interest in (each, an “Investment”), any other Personperson, except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the GuarantorsTransactions; (b) Permitted InvestmentsInvestments of amounts on deposit in the Interest Reserve Account and Investments that were Permitted Investments when made; (c) loans or advances made (i) among Investments arising out of the Borrowers and the Subsidiary Guarantors and (ii) receipt by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to non-cash consideration for the provisions sale of assets permitted under Section 6.176.05; (d) investments received in connection with accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business and any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or the bankruptcy or reorganization of, or settlement of delinquent accounts limit loss and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (e) Investments resulting from pledges and deposits under Sections 6.02(e), (f), (h) and (n); (f) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers and suppliers, in each Loan Party may make investments arising out case in the ordinary course of business or Investments acquired by the receipt Borrower as a result of a foreclosure by such party the Borrower with respect to any secured Investments or other transfer of non-cash consideration for title with respect to any Asset Sale permitted hereundersecured Investment in default; (g) guarantees Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and any other contingent obligations permitted under Section 6.01(g)Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices; (h) investments consisting of Capital Expenditures Investments by the Borrower, if the Borrower would otherwise be permitted under Section 6.09to make a Restricted Payment in such amount; and (i) Investments consisting of purchases and acquisitions of supplies, materials and equipment or purchases of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business. Notwithstanding any other provision of this Section 6.04, in no event shall the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required by form or acquire any Governmental Authority (including the Casino Reinvestment Development Authority)subsidiary.

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests, evidences of indebtedness Indebtedness or other securities of, make or permit to exist any loans or advances toto or Guarantees of the obligations of, another Person, or make or permit to exist any investment inAcquisition (each, any other Personan “Investment”), except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of Investments among the Borrower and the Subsidiary Guarantors; (b) Permitted InvestmentsInvestments by the Borrower and the Subsidiary Guarantors in Subsidiaries that are not Subsidiary Guarantors; provided that (i) no Event of Default shall have occurred and be continuing at the time any such Investment is made and (ii) the sum of all such Investments (valued at the time of the making thereof and without giving effect to any write-downs or write-offs thereof, but net in the case of intercompany loans, and in any event, after giving effect to any returns, profits, distributions, and similar amounts, repayment of loans and the release of guarantees) made on or after the Closing Date shall not exceed an aggregate net amount equal to $5.0 million outstanding at any time; and provided further that intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of the Borrower and its Subsidiaries shall not be included in calculating the limitation in this paragraph at any time; (c) loans or advances made (i) among the Borrowers Permitted Investments and the Subsidiary Guarantors and (ii) by any Subsidiary investments that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17were Permitted Investments when made; (d) investments received Investments arising out of the receipt by the Borrower or any Subsidiary of promissory notes and other non-cash consideration for Dispositions permitted under Section 6.05 (excluding clauses (a), (b), (d), (e), (f)(i), (j), (k), (p), (r), (u), and (v) of Section 6.05); (e) (i) loans and advances to directors, officers, employees, members of management or consultants of Holdings (or any Parent Entity), the Borrower or any Subsidiary in connection with the ordinary course of business not to exceed $1.0 million in the aggregate at any time outstanding (calculated without regard to write-downs or write-offs thereof) and (ii) advances of payroll payments and expenses to directors, officers, employees, members of management or consultants in the ordinary course of business; (f) accounts receivable, notes receivable, security deposits and prepayments arising and trade credit or notes receivable granted in the ordinary course of business and investments any Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations Investments under Swap Agreements permitted under pursuant to Section 6.01(g)6.01; (h) investments consisting Investments existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.04 and any modification, replacement, renewal or extension thereof so long as any such modification, renewal or extension thereof does not increase the amount of such Investment except by terms thereof or as otherwise permitted by this Section 6.04; (i) Investments resulting from pledges and deposits permitted by Section 6.02(b)(ii), (f) and (g); (j) Investments (i) constituting Permitted Business Acquisitions and (ii) by any Subsidiary that is not a Subsidiary Guarantor in any other Subsidiary that is not a Subsidiary Guarantor; (k) Guarantees (i) permitted by Section 6.01(k) and (ii) of leases (other than Capital Expenditures Lease Obligations) or of other obligations not constituting Indebtedness, in each case in the ordinary course of business; (l) Investments received in connection with the bankruptcy or reorganization of any Person, or settlement of obligations of, or other disputes with or judgments against, or foreclosure or deed in lieu of foreclosure with respect to any Lien held as security for an obligation, in each case in the ordinary course of business; (m) [reserved;] (n) [reserved;] (o) Investments in Holdings in amounts and for purposes for which Restricted Payments to Holdings would have been permitted under Section 6.096.06, in lieu of such Restricted Payments; (p) to the extent constituting Investments, (i) Sale and Lease-Back Transactions, (ii) Restricted Payments, and (iii) prepayments and repurchases of Indebtedness expressly permitted under Section 6.03 and/or 6.06; (q) so long as no Default or Event of Default shall have occurred any be continuing, Investments made in cash by the Borrower or any Subsidiary in an outstanding aggregate amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed $7.5 million, (plus any returns, profits, distributions and similar amounts, and the repayments of loans in respect of Investments theretofore made by it pursuant to this paragraph (q)); (r) other Investments (other than Guarantees) made in cash by the Borrower or any Subsidiary not to exceed $2.0 million during the term of this Agreement; and (s) Investments in the ordinary course of business consisting of (i) endorsements for collection or deposit or (ii) customary trade arrangements with customers; and (t) Investments to the extent the consideration paid therefor consists solely of Equity Interests of any Parent Entity not resulting in a Change in Control. Notwithstanding anything to the contrary in this Agreement, in no event shall any Loan Party make any Investment consisting of, or otherwise contribute or transfer, any Material Intellectual Property to any Person that is not a Loan Party other than to the extent constituting non-exclusive outbound licenses of patents, copyrights, trademarks and other intellectual property rights granted by a Loan Party in the ordinary course of business and not interfering in any respect with the ordinary conduct of or materially detracting from the value of the Term Loan Priority Collateral or the business of the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority)its Subsidiaries.

Investments, Loans and Advances. Purchase, hold or acquire any Equity InterestsInvestments, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other Person, except: except for: (a) investments ownership by Holdingsthe Parent of the capital stock of the Borrower or any Guarantor, subject in each case to Section 6.02; (b) ownership by the Borrower, Borrower and the Guarantors of the capital stock of each of the Subsidiaries subject in each case to Section 6.02; (c) Permitted Investments; (d) advances and loans among the Borrower and the Affiliated Guarantors existing on the Petition Date in the Equity Interests ordinary course of business; (e) Investments in the Escrow Accounts and other trust accounts; (f) Investments described on Schedule 6.10 hereto; (g) Investments in connection with (i) currency swap agreements, currency future or option contracts and other similar agreements designed to hedge against fluctuations in foreign interest rates and currency values, (ii) interest rate swap, cap or collar agreements and interest rate future or option contracts, and (iii) fuel xxxxxx and other derivatives contracts, in each case to the extent that such agreement or contract is entered into in the ordinary course of business for bona fide hedging purposes; (h) Investments received (i) in settlement of amounts due to any of the Borrower and the Guarantors effected in the ordinary course of business (including as a result of dispositions permitted by this Agreement) or (ii) in connection with the bankruptcy or the reorganization of any customers or suppliers; (i) Investments in an amount not to exceed $150,000,000 in the aggregate at any one time outstanding in connection with (1) Investments in travel or airline related businesses made in connection with marketing and promotion agreements, alliance agreements, distribution agreement, agreements with respect to fuel consortiums, agreements relating to flight training, agreement relating to insurance arrangements, agreement relating to parts management systems and other similar agreements, (2) additional Investments in joint ventures listed on Schedule 6.10 or Investments in new joint ventures made after the Closing Date together with any guaranty of Indebtedness of joint ventures pursuant to Section 6.07(d), and (3) Investments by the Borrower and the Guarantors not otherwise permitted under this Agreement; (j) advances to officers, directors and employees of the Borrower and the Guarantors in an aggregate not to exceed (i) $10,000 at any time outstanding to any individual officer, director or employee or (ii) $500,000 in the aggregate at any time outstanding for all such advances; (k) Investments held or invested in by any of the Borrower and the Guarantors in the form of foreign cash equivalents in the ordinary course of business; (l) advances to officers, directors and employees of the Borrower and the Guarantors in connection with relocation expenses or signing bonuses for newly hired officers, directors or employees of the Borrower and the Guarantors; ; (bm) Permitted Investments; the ownership of the A, B and C tranches of indebtedness under the 1997 EETC Facility by the Borrower; (cn) loans or advances made (i) among Investments in the Borrowers form of lease, utility and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower other similar deposits or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case other deposits permitted hereunder in the ordinary course of business; ; (eo) depositspledges and deposits by the Borrower and the Guarantors permitted under Sections 6.01 or 6.03; (p) Investments and guarantees by the Borrower and the Guarantors permitted under Sections 6.01 or 6.03; (q) loans or Investments by the Borrower or any Guarantor that could otherwise be made as a distribution permitted under Section 6.08; (r) Investments held by the Borrower or any Guarantor to the extent such Investments reflect an increase in the value of Investments; (s) Investments by the Borrower and the Guarantors creating new Subsidiaries so long as they comply with Section 5.15 hereof; (t) Investments in (1) Subsidiaries which are not Guarantors in an aggregate amount not to exceed $10,000,000 in the aggregate at any one time outstanding and (2) in Four Star Insurance Co. Ltd., to the extent reasonably necessary to support its working capital insurance obligations in respect of the Borrower and the Guarantors; (u) any Permitted Acquisition by the Borrower or any Guarantor in an aggregate amount not to exceed $250,000,000; (v) any Investments acquired in connection with Permitted Acquisitions; (w) capitalization or forgiveness of any Indebtedness owed to the Borrower or any Guarantor by any other Guarantor; and (x) cancellation, forgiveness, set-off, or acceptance of prepayments and by the Borrower or any Guarantor with respect to debt, other credits to suppliers made obligations and/or equity securities in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees business and any other contingent obligations permitted under Section 6.01(g); (h) investments consisting of Capital Expenditures permitted under Section 6.09; and (i) the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required not otherwise prohibited by the terms of this Agreement. The amount of any Governmental Authority (including investment or loan shall be the Casino Reinvestment Development Authority)initial amount of such investment less all returns of principal, capital, dividends and other cash returns thereof and less all liabilities expressly assumed by another person in connection with the sale of such investment.

Investments, Loans and Advances. Purchase, hold Purchase or otherwise acquire any Equity InterestsCapital Securities of or other ownership interest in, or debt securities of or other evidences of indebtedness or other securities Debt of, any other Person; nor make any loan or permit to exist advance of any loans of its funds or advances property or make any other extension of credit to, or make any other investment or permit to exist contribution or acquire any investment interest whatsoever in, any other Person, except; nor incur any Contingent Liability except to the extent permitted under Section 11.1; nor permit any Subsidiary to do any of the foregoing; other than: (a) investments contributions by Holdingsthe Company to the capital of any Wholly-Owned Subsidiary, or by any Subsidiary to the Borrowercapital of any other domestic Wholly-Owned Subsidiary, so long as the Subsidiaries recipient of any such capital contribution has guaranteed the Obligations and the Affiliated Guarantors existing on the Petition Date such guaranty is secured by a pledge of all of its Capital Securities and substantially all of its real and personal property, in the Equity Interests of the Borrower and the Guarantorseach case in accordance with Section 10.9; (b) Permitted Investmentscontributions to non-Wholly-Owned Subsidiaries and Joint Ventures in the ordinary course of business consistent with past practices not in excess of $1,000,000 in the aggregate; (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) investments constituting Debt permitted by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.1711.1; (d) Contingent Liabilities constituting Debt permitted by Section 11.1 or Liens permitted by Section 11.2; (e) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case Cash Equivalents; (f) bank deposits in the ordinary course of business; (eg) depositsinvestments in securities of Account Debtors received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such account debtors; (h) investments to consummate Permitted Acquisitions; (i) those investments, prepayments loans, advances and other credits to suppliers transactions described in Schedule 11.11 as of the Closing Date, but no extension or renewal thereof shall be permitted; (j) extensions of trade credit made in the ordinary course of business on customary credit terms and commission, relocation, travel and similar advances made to officers, employees and to Shoreline Enterprises, LLC, a Delaware limited liability company (the majority ownership of which is held by Xxxxx X. Xxxxxxxxx) (“Shoreline”), for consulting services and reimbursable expenses, all in the ordinary course of business, provided that advances to officers, employees and Shoreline for purposes other than commission, relocation and travel shall not exceed $250,000 in aggregate amount; (fk) each Loan Party may make investments arising out acquire and own stock, obligations or securities received in settlement of debts owing to the receipt by such party of non-cash Company or its Subsidiaries or as consideration for any Asset Sale Dispositions otherwise permitted hereunderunder Section 11.4; (gl) guarantees advances made by the Company or its Subsidiaries or Joint Ventures to customers in connection with Facility Leases and any other contingent obligations permitted under Section 6.01(g)Facility Management Agreements of the Company in the ordinary course of business consistent with past practices; (hm) other loans, advances or investments consisting (except to (i) the Principals, or (ii) other Affiliates of Capital Expenditures permitted under Section 6.09the Company) in an aggregate amount not to exceed three percent (3%) of Total Assets; and (in) as otherwise permitted pursuant to Sections 11.6. provided that (x) any Investment which when made complies with the Borrower and requirements of the Subsidiary Guarantors definition of the term “Cash Equivalent Investment” may make investments in community development projects continue to the extent required be held notwithstanding that such Investment if made thereafter would not comply with such requirements; (y) no new Investment which would otherwise be permitted by clause (c), (d), or (h) shall be permitted to be made if, immediately before or after giving effect thereto, any Governmental Authority (including the Casino Reinvestment Development Authority)Event of Default or Unmatured Event of Default exists.

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interestscapital stock, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Personperson, except: (a) investments by Holdings, Terex and its Restricted Subsidiaries existing on the Borrower, Restatement Closing Date in the capital stock of the Subsidiaries and the Affiliated Guarantors other investments by Terex and its Restricted Subsidiaries existing on the Petition Restatement Closing Date and set forth in the Equity Interests of the Borrower and the GuarantorsSchedule 6.04; (b) Permitted Investments; (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) by investments in XX Xxxxx not exceeding $25,000,000 at any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17time outstanding; (d) investments received in connection Terex may make any Permitted Acquisition; provided that Terex complies, and causes any acquired entity to comply, with trade credit the applicable provisions of Section 5.11 and the Security Documents with respect to the person or notes receivable assets so acquired; (e) the Borrowers and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization oftheir respective Restricted Subsidiaries (other than Inactive Subsidiaries) may make loans and advances to employees for moving, or settlement of delinquent accounts entertainment, travel and disputes with, customers and suppliers, in each case other similar expenses in the ordinary course of businessbusiness not to exceed $5,000,000 in the aggregate at any time outstanding; (ef) depositsConsolidated Capital Expenditures permitted pursuant to Section 6.10; (g) cash collateral provided to the Collateral Agent pursuant to the Loan Documents; (h) promissory notes issued by any purchaser in connection with any Asset Sale permitted pursuant to Section 6.05(b); (i) provided that no Default or Event of Default shall have occurred and be continuing at the time of such payment or after giving effect thereto, prepayments (A) the purchase by Terex of shares of its common stock (for not more than fair market value) in connection with the delivery of such stock to grantees under any stock option plan (upon the exercise by such grantees of their stock options) or any other deferred compensation plan of Terex approved by its board of directors and other credits (B) the repurchase of shares of, or options to suppliers made purchase shares of, common stock of Terex or any of its Subsidiaries from employees, former employees, directors or former directors of Terex or any of its Subsidiaries (or permitted transferees of such employees, former employees, directors or former directors) pursuant to the terms of the agreements (including employment agreements) or plans (or amendments thereto) approved by its board of directors under which such individuals purchase or sell or are granted the option to purchase or sell, such common stock; provided that the aggregate amount of all such purchases and repurchases permitted under this paragraph (i) shall not exceed $2,400,000 per year or $16,800,000 in the aggregate on and after the Restatement Closing Date; (j) accounts receivable arising in the ordinary course of businessbusiness from the sale of inventory; (fk) each Loan Party may make investments arising out of the receipt Guarantees constituting Indebtedness permitted by such party of non-cash consideration for any Asset Sale permitted hereunderSection 6.01; (gl) guarantees investments in joint ventures in Related Businesses and investments in Unrestricted Subsidiaries (including XX Xxxxx) in a combined aggregate amount (without giving effect to any other contingent obligations write down or write off thereof) not exceeding $75,000,000 at any time outstanding; (m) intercompany loans and advances constituting Indebtedness permitted under by Section 6.01(g6.01(e); (hn) provided that no Default or Event of Default shall have occurred and be continuing or would result therefrom, investments consisting made by Terex or any Restricted Subsidiary to the extent the consideration paid by Terex or such Restricted Subsidiary for such investment consists of Capital Expenditures permitted under Section 6.09equity of Terex; and (io) the Borrower and the Subsidiary Guarantors may make other investments in community development projects an aggregate amount (without giving effect to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority)write down or write off thereof) not exceeding $75,000,000 at any time outstanding.

Investments, Loans and Advances. Purchase, hold or acquire any Equity InterestsCapital Stock, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other PersonPerson ("INVESTMENTS"), except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the GuarantorsPermitted Investments; (b) Permitted Investmentsloans or advances to employees in the ordinary course of business in an aggregate amount to any single employee not in excess of $75,000 (or, if and to the extent such loans or advances shall be used by such employee for relocation expenses, $100,000) and in an aggregate amount for all employees of the Company and the Subsidiaries not in excess of $500,000 at any one time outstanding; (c) loans or advances made (i) among the Borrowers trade credits and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case arising in the ordinary course of business; (d) loans or advances by the Company or any wholly owned Subsidiary to the Company or any wholly owned Subsidiary that are permitted under Section 8.1(e); (e) depositsInvestments in any Subsidiary formed after the date hereof by the Company, prepayments provided that the Company and such Subsidiary comply with the provisions of Section 7.8; (f) interest rate and commodity price protection agreements permitted under Section 8.1(d) and (h); (g) Investments made as a result of the receipt of non-cash consideration from an asset sale that was made pursuant to and in compliance with Section 8.5; (h) Investments made in any debtor of the Company as a result of the receipt of stock, obligations or securities in settlement of debts created in the ordinary course of business and owing to the Company or any of its Subsidiaries; (i) Investments made pursuant to the requirements of farm-out, farm-in, joint operating, joint venture or area of mutual interest agreements, gathering systems, pipelines or other credits similar or customary arrangements entered into in the ordinary course of business (including, without limitation, advances to suppliers made operators under operating agreements entered into by Borrower in the ordinary course of business; ) (f) each Loan Party may make investments arising out provided that any such single Investment in excess of $1,000,000 shall be approved by the Board of Directors of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(gCompany); (hj) investments consisting of Capital Expenditures Investments made in connection with Acquisitions permitted under Section 6.098.4; (k) any other Investments in any Person having an aggregate fair market value (measured on the date each such investment was made and without giving effect to subsequent changes in value), when taken together with all other investments made pursuant to this clause (k) not to exceed $1,000,000; and (il) any other Investment made by the Borrower and Company or any of its Subsidiaries with the Subsidiary Guarantors may make investments in community development projects consent of the Required Investors (such consent not to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authoritybe unreasonably withheld).

Investments, Loans and Advances. Purchase, hold Make or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other Person, an Investment except: (a) investments by HoldingsInvestments in a joint venture, when taken together with all other Investments made pursuant to this Section 6.3 that are at the Borrowertime outstanding (and not otherwise converted or applied to another clause of this Section 6.3), the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the Guarantorsnot to exceed $25,000,000 at any one time outstanding; (b) Permitted Investments[Reserved]; (c) loans or advances made (i) among the Borrowers Cash Equivalents and the Subsidiary Guarantors and (ii) by any Subsidiary Investments that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17were Cash Equivalents when made; (d) investments received Investments arising out of the receipt by the Borrower or any Restricted Subsidiary of non-cash consideration for the sale or other disposition of assets permitted under Section 6.4; (e) loans and advances to officers, directors, employees or consultants of the Borrower or any Restricted Subsidiary (i) not to exceed in connection with the aggregate $20,000,000 at any time outstanding, (ii) for reasonable and customary business and related travel, entertainment, relocation and analogous ordinary business purposes, or (iii) in respect of payroll payments and expenses in the ordinary course of business; (f) accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business and any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g)Hedge Agreements not entered into for speculative purposes; (h) investments consisting of Capital Expenditures permitted under Section 6.09; andInvestments existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.3(h); (i) Investments resulting from pledges and deposits referred to in Sections 6.2(h), (i), (x), (z), (cc) and (gg); (j) repurchases of the 7.0% Senior Notes, the 9.50% Senior Notes, the Extended Bridge Loans and/or the Equity Bridge Loans in each case permitted pursuant to Section 6.8(a)(1); (k) Investments constituting Permitted Acquisitions; (l) Investments of the Borrower in any Restricted Subsidiary or any entity that becomes a Restricted Subsidiary in connection and substantially concurrently with such Investment and of any Restricted Subsidiary in the Borrower or in any other Restricted Subsidiary Guarantors may make investments or any entity that becomes a Restricted Subsidiary in community development projects to connection and substantially concurrently with such Investment; provided that the extent required by any Governmental Authority aggregate principal amount of such Investments (including intercompany loans and other Investments) made pursuant to this Section 6.3(l) by Credit Parties in Restricted Subsidiaries that are not Credit Parties and will not become a Credit Party in connection with the Casino Reinvestment Development Authorityincurrence of such Investment, when aggregated with Indebtedness incurred by Restricted Subsidiaries that are not Credit Parties owing to a Credit Party pursuant to Section 6.1(g)(ii) and acquisitions of Persons that do not become Credit Parties pursuant to Section 6.3(k)., shall not exceed the greater of (x) $150,000,000 and (y) 2.5% of Consolidated Total Assets; (m) the Transactions; (n) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers, distributors and suppliers, or Investments acquired by the Borrower or any Restricted Subsidiary as a result of a foreclosure by the Borrower or any of the Restricted Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default;

Investments, Loans and Advances. PurchaseEach of the Loan Parties will not, hold or acquire and will not permit any Equity Interests, evidences of indebtedness or other securities ofits Subsidiaries to, make or permit to exist remain outstanding any loans Investments in or advances toto any Person or acquire by purchase or otherwise (other than purchases or other acquisitions of inventory, or make or permit to exist materials and equipment and Capital Expenditures permitted hereunder in the ordinary course of business consistent with past practice) any investment in, Property from any other Person, exceptexcept that the foregoing restriction shall not apply to: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date Investments in the Equity Interests of the Borrower and the GuarantorsLoan Parties or any Person that becomes a Loan Party in accordance with Section 9.12(a); (b) Permitted InvestmentsInvestments in accounts receivable arising in the ordinary course of business (including any instrument evidencing the same and any instrument, security or other asset acquired through bona fide collection efforts with respect to the same); (c) loans or advances made Investments in cash (iincluding, for the avoidance of doubt, cash in the account set forth in clause (c) among of the Borrowers definition of “Excluded Account”) and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17Cash Equivalents; (d) investments received in connection with trade credit guarantees permitted by Section 10.02; (e) Investments existing on the date hereof as set forth on Schedule 10.05 hereto; (f) loans or notes receivable and investments received in satisfaction advances to employees, officers or partial satisfaction thereof from financially troubled account debtors directors of any Loan Party or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case Subsidiary in the ordinary course of businessbusiness of the Loan Parties and Subsidiaries for travel, relocation, and other related ordinary course of business expenses; provided, that, the aggregate amount of all such loans and advances does not exceed five hundred thousand Dollars ($500,000) in the aggregate at any time outstanding; (eg) depositsHedging Agreements permitted by Section 10.02; (h) Investments in Deposit Accounts, prepayments Securities Accounts and other credits to suppliers made Commodities Accounts in the name of a Loan Party or Subsidiary opened in the ordinary course of businessbusiness of the Loan Parties and Subsidiaries, and bank deposits, in each case established and maintained in accordance with the Loan Documents; (fi) each () extensions of credit in the nature of accounts receivables, notes receivables and/or similar Investments arising from the grant of trade credit to customers and/or suppliers that are not Affiliates of any Loan Party may make investments arising out or Subsidiary in the ordinary course of business of the receipt Loan Parties and Subsidiaries; and () Investments received in (full or partial) satisfaction thereof or of other disputes with financially troubled account debtors, suppliers and/or customers that are not Affiliates of any Loan Party, in each case of the foregoing of this clause (i)(ii), to the extent reasonably necessary in order to prevent or limit loss(es) to the Loan Parties and Subsidiaries; (j) solely to the extent made or entered into (as applicable) in the ordinary course of business of the Loan Parties and Subsidiaries, (i) guarantees and endorsements made in connection with the 102563340 66 deposit of negotiable instruments and other items for collection or credit and (ii) prepaid expenses, utility and workers’ compensation, performance and other similar deposits; (k) to the extent permitted under Section 10.03, any Loan Party or Subsidiary may make: () deposits in the ordinary course of business of the Loan Parties and Subsidiaries, as reasonably necessary to secure the performance of operating leases and payment of utility contracts; and () good faith deposits required by Persons that are not Affiliates of any Loan Party or Subsidiary in connection with Investments that are otherwise expressly permitted under this Section 10.05; (l) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and/or customers of any Loan Party or Subsidiary, or otherwise in settlement of delinquent obligations of (and/or other good faith commercial disputes with) any such party suppliers and/or customers or other Persons, in each case of the foregoing of this clause (l), arising in the ordinary course of business of the Loan Parties and Subsidiaries; (m) Investments (i) constituting deposits, prepayments, trade credits and/or credits to suppliers that are not Affiliates of any Loan Party, (ii) made in connection with obtaining, maintaining or renewing contracts with clients and/or customers that are not Affiliates of any Loan Party or (iii) made in distributors, suppliers, licensors and licensees that are not Affiliates of any Loan Party, in each case, in the ordinary course of business of the Loan Parties and Subsidiaries or, in the case of clause (m)(iii), to the extent necessary for the purchase of supplies for any Loan Party or Subsidiary thereof in the ordinary course of business of the Loan Parties and Subsidiaries; (n) Investments consisting of non-cash consideration for received by any Asset Sale Loan Party or Subsidiary in connection with the consummation of any Disposition permitted hereunderunder, and consummated in reliance upon, Section 10.10, to the extent that receipt of such non-cash consideration in connection therewith is permitted under Section 10.10; (go) guarantees and any other contingent obligations permitted under Section 6.01(g)Permitted Acquisitions; (hp) investments consisting of Capital Expenditures permitted under Section 6.09other Investments (valued at the time each such Investment is made) in the aggregate at any time outstanding, not to exceed one million Dollars ($1,000,000); and (iq) Investments in any Excluded Subsidiary not to exceed two million five hundred thousand Dollars ($2,500,000) in the Borrower aggregate per fiscal year; provided that any amount of the foregoing that is not used in any fiscal year (a “Non-Utilized Amount”) may be carried over and the Subsidiary Guarantors may make investments applied to subsequent fiscal years in community development projects an amount not to exceed such Non-Utilized Amount. Notwithstanding anything to the extent required contrary herein, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly, make any Investment if the effect of such transaction is to, directly or indirectly, Dispose of any Intellectual Property owned by any Governmental Authority (including the Casino Reinvestment Development Authority)Loan Party to any Person other than a Loan Party.

Investments, Loans and Advances. Purchase, hold Make or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other Person, an Investment except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date Investments in joint ventures not to exceed in the Equity Interests of the Borrower and the Guarantorsaggregate $100.0 million at any one time outstanding; (b) Permitted Investments by the Borrower or any Restricted Subsidiary in the Borrower or any Restricted Subsidiary made for tax planning and reorganization purposes, so long as the value of the Collateral after giving Pro Forma Effect to such Investments, taken as a whole, is not materially impaired (as reasonably determined by the Borrower, which determination shall be conclusive); (c) loans or advances made (i) among the Borrowers Cash Equivalents and the Subsidiary Guarantors and (ii) by any Subsidiary Investments that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17were Cash Equivalents when made; (d) investments received Investments arising out of the receipt by the Borrower or any Restricted Subsidiary of non-cash consideration for the sale or other disposition of assets permitted under Section 6.4; (e) loans and advances to officers, directors, employees or consultants of the Borrower or any Restricted Subsidiary (i) not to exceed in connection with the aggregate $10.0 million at any time outstanding, (ii) for reasonable and customary business and related travel, entertainment, relocation and analogous ordinary business purposes, or (iii) in respect of payroll payments and expenses in the ordinary course of business; (f) accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business and any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g)Hedge Agreements not entered into for speculative purposes; (h) investments Investments existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.3(h); (i) Investments resulting from pledges and deposits referred to in Sections 6.2(h), (i), (x), (z), (cc) and (gg); (j) repurchases of Junior Financing permitted pursuant to Section 6.8(a)(1); (k) Investments constituting Permitted Acquisitions; (l) Investments of the Borrower in any Restricted Subsidiary or any entity that becomes a Restricted Subsidiary in connection and substantially concurrently with such Investment and of any Restricted Subsidiary in the Borrower or in any other Restricted Subsidiary or any entity that becomes a Restricted Subsidiary in connection and substantially concurrently with such Investment; provided that the aggregate principal amount of such Investments (including intercompany loans and other Investments) made pursuant to this Section 6.3(l) by Credit Parties in Restricted Subsidiaries that are not Credit Parties and will not become a Credit Party in connection with the incurrence of such Investment, when aggregated with Indebtedness incurred by Restricted Subsidiaries that are not Credit Parties owing to a Credit Party pursuant to Section 6.1(g)(ii) and acquisitions of Persons that do not become Credit Parties pursuant to Section 6.3(k), outstanding shall not exceed the greater of (x) $100 million and (y) 8.50% of Consolidated Total Assets; (m) the Transactions; (n) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers, distributors and suppliers, or Investments acquired by the Borrower or any Restricted Subsidiary as a result of a foreclosure by the Borrower or any of the Restricted Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default; (o) Investments of a Restricted Subsidiary acquired after the Closing Date or of an entity merged into, or amalgamated or consolidated with, the Borrower or merged into or amalgamated or consolidated with a Restricted Subsidiary in accordance with Section 6.4 after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence or had been committed to be made on the date of such acquisition, merger or consolidation; (p) Investments in exchange for Equity Interests of the Borrower or of any Parent Holding Company; (q) guarantees by the Borrower or any Restricted Subsidiary of obligations that do not constitute Indebtedness and are not otherwise prohibited hereunder, in each case, entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business; (r) Investments consisting of Capital Expenditures the redemption, purchase, repurchase or retirement of any Equity Interests permitted under Section 6.096.5; provided that any such Investments shall constitute a utilization of the applicable provision or provisions (without double counting) under Section 6.5; (s) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers and foreign law equivalent interests; (t) advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Borrower or any Restricted Subsidiary; (u) Investments by the Borrower or any Restricted Subsidiaries, if the Borrower or any Restricted Subsidiary would otherwise be permitted to make a Restricted Payment in such amount (provided that the amount of any such Investment shall also be deemed to be a Restricted Payment under the appropriate clause of Section 6.5 for all purposes of this Agreement); (v) acquisitions by any Credit Party of Investments evidencing obligations owed by one or more officers or other employees of the Borrower, such Credit Party or its subsidiaries in connection with such officer’s or employee’s acquisition of Equity Interests of the Borrower or of any Parent Holding Company, so long as no cash is actually advanced in connection with the acquisition of any such obligations; (w) guarantees permitted under Section 6.1 (except to the extent such guarantee is expressly subject to this Section 6.3); (x) Investments consisting of the licensing, sublicensing, covenants not to xxx, releases or other rights under Intellectual Property (including in connection with distribution, license and supply agreements) in the ordinary course of business or in the reasonable business judgment of the Borrower or the Restricted Subsidiaries; (y) Investments consisting of purchases and acquisitions of inventory, supplies, goods, materials and equipment or purchases of contract rights or leases, in each case, in the ordinary course of business; (z) Investments consisting of purchases and acquisitions of Intellectual Property in the ordinary course of business or in the reasonable business judgment of the Borrower or the Restricted Subsidiaries; (aa) Investments in assets useful in the business of the Borrower and any of its Restricted Subsidiaries made with the proceeds of any Reinvestment Deferred Amount or Below Threshold Asset Sale Proceeds; provided that if the underlying Asset Sale or Casualty Event was with respect to the Borrower or a Guarantor, then such Investment shall be consummated by the Borrower or a Guarantor; (bb) Investments in the Term Loans and other permitted Indebtedness of the Borrower and its Restricted Subsidiaries, in the case of Term Loans, solely consummated in accordance with the terms and conditions set forth in Section 10.4(o) hereof; provided that the aggregate principal amount of such Investments made pursuant to this Section 6.3(bb) by Credit Parties in Restricted Subsidiaries that are not Credit Parties, shall not exceed the greater of (x) $25.0 million and (y) 1.45% of Consolidated Total Assets. (cc) other Investments by the Borrower or any Restricted Subsidiary; provided that, after giving effect to such Investment, the aggregate amount of all Investments outstanding pursuant to this paragraph (cc) (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof, but giving effect to an return or distribution of capital or repayments of principal in respect thereof) shall not exceed the greater of (x) $125.0 million and (y) 8.50% of Consolidated Total Assets; (dd) so long as no Event of Default has occurred and is continuing, Investments made with any portion of the Cumulative Credit; (ee) any Investments; provided that (A) the Total Net Leverage Ratio (calculated on a Pro Forma Basis) shall not exceed 2.75:1.00 and (B) no Specified Event of Default shall exist after giving effect to such Investment; and (iff) payments under and pursuant to the Acquisition Agreement, as in effect on the date hereof. For purposes of determining compliance with this Section 6.3 and subject to the immediately following proviso, (A) Investments need not be permitted solely by reference to one category of permitted Indebtedness described in Sections 6.3(a) through (ff) but may be permitted in part under any combination thereof and (B) in the event that an Investment (or any portion thereof) meets the criteria of one or more of the categories of permitted Investments described in Sections 6.3(a) through (ff), the Borrower shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Investment (or any portion thereof) in any manner that complies with this Section 6.3 and will only be required to include the Subsidiary Guarantors may make investments amount and type of such Investment (or any portion thereof) in community development projects one of the above clauses and such Investment shall be treated as having been made or existing pursuant to the extent required by only one of such clauses; provided, however, that no such reclassification shall be permitted with respect to any Governmental Authority (including the Casino Reinvestment Development AuthorityInvestment made pursuant to Section 6.3(dd).

Investments, Loans and Advances. PurchaseNot, hold and not permit any other Loan Party or acquire any Equity Interests, evidences of indebtedness or other securities ofSubsidiary to, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any Investments; other Person, exceptthan: (a) investments contributions by Holdingsthe Company to the capital of any Wholly-Owned Subsidiary, or by any Subsidiary to the Borrowercapital of any other Wholly-Owned Domestic Subsidiary, so long as the Subsidiaries recipient of any such capital contribution has guaranteed the Obligations and the Affiliated Guarantors existing on the Petition Date such guaranty is secured by a pledge of all of its Capital Securities and all of its real and personal property (other than Excluded Property), in the Equity Interests of the Borrower and the Guarantorseach case in accordance with Section 10.9; (b) Permitted to the extent constituting Investments, pledges and deposits of the type described in Section 11.2(c) in the ordinary course of business, in each case, to the extent permitted by Section 11.2(c); (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) Investments constituting Debt permitted by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.1711.1; (d) investments received Contingent Liabilities constituting Debt permitted by Section 11.1 and Liens permitted by Section 11.2; (e) Investments in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case Cash Equivalent Investments; (f) bank deposits in the ordinary course of business; (eg) deposits, prepayments and other credits Investments in securities of Account Debtors received pursuant to suppliers any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such account debtors or settlement of delinquent accounts; (h) Permitted Acquisitions; (i) those Investments described in Schedule 11.10 as of the Closing Date (including any reinvestments thereof); (j) extensions of trade credit made in the ordinary course of business on customary credit terms and commissions, relocation, travel and similar advances made to officers and employees and to consultants for consulting services and reimbursable expenses, all in the ordinary course of business, provided that advances to officers, employees and to consultants for purposes other than commission, relocation and travel shall not exceed $2,500,000 in aggregate at any time outstanding; (fk) each Loan Party may make investments arising out Investments received in settlement of debts owing to the Company or its Subsidiaries or as consideration for Asset Dispositions otherwise permitted under Section 11.4; (l) advances made by the Company or its Subsidiaries or Joint Ventures to clients in connection with Facility Leases and Facility Management Agreements of the receipt by Company in the ordinary course of business consistent with past practices; (m) to the extent any Capital Expenditure permitted to be made pursuant to Section 11.18 herein would constitute an Investment, such party of Capital Expenditure; (n) Investments received as the non-cash portion of consideration for any Asset Sale received in connection with transactions permitted hereunder; (g) guarantees and any other contingent obligations permitted under pursuant to Section 6.01(g11.4(b); (o) Investments in the Company or any Guarantor; (p) the Company or any Guarantor may purchase or otherwise acquire any Capital Securities of or other ownership interest in, or debt securities of or other evidences of Debt of, any Subsidiary or Joint Venture that is not a Guarantor; or make any loan or advance of any of its funds or property or make any other extension of credit to, or make any other Investment or contribution or acquire any interest whatsoever in, any Subsidiary or Joint Venture that is not a Guarantor, in the aggregate for all such transactions not to exceed at any time outstanding an aggregate amount equal to the book value of five percent (5%) of Total Assets; provided, that any of the foregoing transactions shall reduce, dollar for dollar, the available Debt permitted by Section 11.1(k); (q) Investments in Hedging Agreements entered into in the ordinary course of business for bona fide hedging purposes and not for speculation; (r) the Central Parking Acquisition; (s) other Investments in an aggregate amount not to exceed at any time outstanding the book value of five percent (5%) of Total Assets; provided that (x) any Investment which when made complies with the requirements of the definition of the term “Cash Equivalent Investment” may continue to be held notwithstanding that such Investment if made thereafter would not comply with such requirements; and (y) no new Investment which would otherwise be permitted by clause (c), (d), or (h) investments consisting shall be permitted to be made if, immediately before or after giving effect thereto, any Event of Capital Expenditures permitted under Section 6.09; and (i) the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority)Default or Unmatured Event of Default exists.

Investments, Loans and Advances. Purchase, hold Purchase or otherwise acquire any Equity InterestsCapital Stock of or other ownership interest in, or debt securities of or other evidences of indebtedness or other securities Indebtedness of, any other person; nor make any loan or permit to exist advance of any loans of its funds or advances property or make any other extension of credit to, or make or permit to exist any investment or acquire any interest whatsoever in, any other person; nor incur any Contingent Liability owing by or constituting an obligation of another Person; provided, excepthowever, that this Section 5.2(i) shall not apply to: (ai) investments Permitted OEM Divestiture Purchases governed by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower permitted under Section 5.2(q) and the Guarantorsthose transactions that are governed by and permitted under Section 5.2(f); (bii) Permitted Investments; (c) loans or extensions of trade credit made in the ordinary course of business on customary credit terms and commission, travel and similar advances made (i) among the Borrowers to officers and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case employees in the ordinary course of business; (eiii) demand deposit accounts, escrow deposits, prepayments and other credits to suppliers made or retainer deposits maintained in the ordinary course of business; (fiv) each Loan Party may make investments arising out commercial paper of any United States issuer having the receipt highest rating then given by such party Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratixxx Xxxup, a division of nonThe McGraw-cash consideration for any Asset Sale permitted hereunder; Hill Companies (g) guarantees and any other contingent obligations permitted under Section 6.01(g"S&P"), or Fitch Investors Service, L.P. ("Fxxxx"); (hv) direct obligations of or obligations fully guaranteed by the United States of America or any agency or instrumentality thereof, or direct obligations of or obligations fully guaranteed by a state of the United States of America or any political subdivision or instrumentality thereof having one of the two highest ratings then given by Moody's, S&P, or Fitch; (vi) repurchase agreements relating to a security having one of the three highest ratings then given by Moody's, S&P, or Fitch; (vii) time deposits, certificates of deposit, or bankers' acceptances of any commercial bank which is a member of the Federal Reserve System or any OECD country's equivalent thereof and which has capital, surplus and undivided profit (as shown on its most recently published statement of condition) aggregating not less than $100,000,000; (viii) Money market instruments having maturities of no more than 35 days collateralized with student loans and having the highest rating then given by S&P, Moody's, or Fitch; (ix) Money market, mutual fund, or similar funds having net assets in excess of $500,000,000 and substantially all of whose assets are of the types described in (iii) through (viii) above; (x) those investments, loans, advances and other transactions described in Schedule 5.2(i) hereto, having the same terms as existing on the date of this Agreement, together with extensions and renewals thereof, but no increase in the amount of such investment, loan or advance shall be permitted, unless otherwise permitted pursuant to clause (xii) hereof; (xi) investments consisting in, or loans and advances to, any Subsidiary which was a Subsidiary prior to such investment, loan or advance; (xii) other investments, loans and advances not exceeding an aggregate amount of Capital Expenditures $50,000,000 at any time; (xiii) Contingent Liabilities permitted under Section 6.095.2(d); and (ixiv) Rate Management Obligations otherwise permitted under this Agreement; provided, however, that each of the Borrower investments described in clauses (iv) through (vii) and clause (ix) above has a maturity date not later than 365 days after the Subsidiary Guarantors may make investments in community development projects to acquisition thereof by the extent required by Company or any Governmental Authority (including the Casino Reinvestment Development Authority)of its Subsidiaries.

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interestscapital stock, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other PersonPerson (all of the foregoing, except: "Investments"), except for: (ai) investments ownership by Holdingsthe Parent of the capital stock of the Borrower or any Guarantor, the Borroweras listed on Schedule 3.06, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of (ii) ownership by the Borrower and the Guarantors; Guarantors of the capital stock of each of the Subsidiaries listed on Schedule 3.06; (biii) Permitted Investments; ; (civ) advances and loans or advances made (i) among the Borrowers Borrower and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; ; (ev) deposits, prepayments Investments in the Escrow Accounts and other credits trust accounts; (vi) Investments existing on the Filing Date and described on Schedule 6.10 hereto; (vii) Investments in connection with (A) currency swap agreements, currency future or option contracts and other similar agreements designed to suppliers made hedge against fluctuations in foreign interest rates and currency values, (B) interest rate swap, cap or collar agreements and interest rate future or option contracts, and (C) fuel xxxxxx and other derivatives contracts, in each case to the extent that such agreement or contract is permitted by order of the Bankruptcy Court and by Section 6.03 and entered into in the ordinary course of business; business consistent with past practices; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g); (hviii) investments consisting received in settlement of Capital Expenditures permitted under Section 6.09; and (i) amounts due to any of the Borrower and the Subsidiary Guarantors may make investments effected in community development projects to the extent required by any Governmental Authority ordinary course of business (including as a result of dispositions permitted by this Agreement); (ix) Investments in an amount not to exceed $10,000,000 in the Casino Reinvestment Development Authorityaggregate in travel or airline related businesses made in connection with marketing and promotion agreements, alliance agreements, distribution agreement, agreements with respect to fuel consortiums, agreements relating to flight training, agreement relating to insurance arrangements, agreement relating to parts management systems and other similar agreements; (x) advances to officers, directors and employees of the Borrower and the Guarantors in an aggregate not to exceed (A) $10,000 at any time outstanding to any individual officer, director or employee or (B) $500,000 in the aggregate at any time outstanding for all such advances; (xi).

Investments, Loans and Advances. PurchaseDirectly or indirectly lend money or credit (by way of guarantee or otherwise) or make advances to any person, hold or purchase or acquire any Equity Interestsstock, evidences of indebtedness bonds, notes, debentures or other obligations or securities of, make or permit to exist any loans or advances toother interest in, or make or permit to exist any investment incapital contribution to, any other Personperson, exceptor purchase or own a futures contract or otherwise become liable for the purchase or sale of currency or other commodities at a future date in the nature of a futures contract (all of the foregoing, collectively, "INVESTMENTS"), except that the following shall be permitted: (a) investments by Holdings, the Borrower, Companies may consummate the Subsidiaries and Transactions in accordance with the Affiliated Guarantors existing on the Petition Date in the Equity Interests provisions of the Borrower and the GuarantorsTransaction Documents; (b) Permitted InvestmentsInvestments outstanding on the Closing Date and identified on Schedule 6.04(b) and any renewal or extension thereof or reinvestment of the proceeds received in connection therewith; (c) loans or advances made the Companies may (i) among acquire and hold accounts receivables owing to any of them if created or acquired in the Borrowers ordinary course of business and the Subsidiary Guarantors and payable or dischargeable in accordance with customary terms, (ii) by any Subsidiary that is not a Guarantor to invest in, acquire and hold cash and Cash Equivalents, (iii) endorse negotiable instruments held for collection in the Borrower ordinary course of business or any of its Subsidiaries(iv) make lease, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit utility and other similar deposits or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization ofprepayments, or settlement of delinquent accounts and disputes with, customers and deposits or prepayments to suppliers, in each case in the ordinary course of business; (ed) depositsTo the extent constituting Investments, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g); (h) investments consisting of Capital Expenditures permitted under Section 6.09; and (i) Hedging Obligations, Guarantees and other Contingent Obligations in compliance with Section 6.01, (ii) mergers and consolidations in compliance with Section 6.05, (iii) Permitted Acquisitions in compliance with Section 6.07, (iv) Dividends in compliance with Section 6.08 and (v) the Borrower and the Subsidiary Guarantors may make investments creation of Subsidiaries in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority).compliance with Section 6.14

Investments, Loans and Advances. PurchaseNot, hold and not permit any other Loan Party or acquire any Equity Interests, evidences of indebtedness or other securities ofSubsidiary to, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any Investments; other Person, exceptthan: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date Investments in the Equity Interests of the Borrower and the GuarantorsCompany or any Guarantor; (b) Permitted to the extent constituting Investments, pledges and deposits of the type described in Section 11.2(c) in the ordinary course of business, in each case, to the extent permitted by Section 11.2(c); (c) loans or advances made Investments constituting Debt permitted by Section 11.1 (i) among the Borrowers and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of other than Section 6.1711.1(n)); (d) investments received Contingent Liabilities constituting Debt permitted by Section 11.1 (other than Section 11.1(n)) and Liens permitted by Section 11.2; (e) Investments in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case Cash Equivalent Investments; (f) bank deposits in the ordinary course of business; (eg) deposits, prepayments and other credits Investments in securities of Account Debtors received pursuant to suppliers any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such account debtors or settlement of delinquent accounts; (h) Permitted Acquisitions; (i) those Investments described in Schedule 11.10 as of the Restatement Date (including any reinvestments thereof); (j) extensions of trade credit made in the ordinary course of business on customary credit terms and commissions, relocation, travel and similar advances made to officers and employees and to consultants for consulting services and reimbursable expenses, all in the ordinary course of business, provided, that, advances to officers, employees and to consultants for purposes other than commission, relocation and travel shall not exceed $2,500,000 in aggregate at any time outstanding; (fk) each Loan Party may make investments arising out Investments received in settlement of debts owing to the Company or its Subsidiaries or as consideration for Asset Dispositions otherwise permitted under Section 11.4; (l) advances made by the Company or its Subsidiaries or Joint Ventures to clients in connection with Facility Leases and Facility Management Agreements of the receipt by Company in the ordinary course of business consistent with past practices; (m) to the extent any Capital Expenditure would constitute an Investment, such party of Capital Expenditure; (n) Investments received as the non-cash portion of consideration for any Asset Sale received in connection with transactions permitted hereunder; pursuant to Section 11.4(b) (g) guarantees and any other contingent obligations permitted under than Section 6.01(g11.4(b)(iv)); (o) [reserved]; (p) the Company or any Guarantor may purchase or otherwise acquire any Capital Securities of or other ownership interest in, or debt securities of or other evidences of Debt of, any Subsidiary or Joint Venture that is not a Guarantor; or make any loan or advance of any of its funds or property or make any other extension of credit to, or make any other Investment or contribution or acquire any interest whatsoever in, any Subsidiary or Joint Venture that is not a Guarantor, in the aggregate for all such transactions not to exceed at any time outstanding an aggregate amount equal to the book value of five percent (5%) of Total Assets; provided, that any of the foregoing transactions shall reduce, dollar for dollar, the available Debt permitted by Section 11.1(k); (q) Investments in Hedging Agreements entered into in the ordinary course of business for bona fide hedging purposes and not for speculation; (r) other Investments in an aggregate amount not to exceed at any time outstanding the book value of five percent (5%) of Total Assets; provided, that (x) any Investment which when made complies with the requirements of the definition of the term “Cash Equivalent Investment” may continue to be held notwithstanding that such Investment if made thereafter would not comply with such requirements; and (y) no new Investment which would otherwise be permitted by clause (c), (d), or (h) investments consisting shall be permitted to be made if, immediately before or after giving effect thereto, any Event of Capital Expenditures permitted under Section 6.09; and (i) the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority)Default or Unmatured Event of Default exists.

Investments, Loans and Advances. Purchase, hold or acquire (including pursuant to any merger, consolidation or amalgamation with another Person) any Equity Interests, evidences of indebtedness Indebtedness or other securities of, make or permit to exist any loans or advances toto or Guarantees of Indebtedness of or a Permitted Non-Recourse Guarantee of or in respect of, or make or permit to exist any investment inin (each, an “Investment”), any other Person, except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the GuarantorsTransactions; (b) Permitted Investments; (c) loans or advances made (i) Investments between and among the Borrowers and the Subsidiary Guarantors Loan Parties and (ii) Investments by any Loan Party in any Subsidiary that is not a Guarantor Loan Party; provided, that Investments made after the Closing Date by any Loan Party in Subsidiaries that are not Loan Parties shall not exceed in the aggregate at any time, together with all Investments in Subsidiaries that are not Loan Parties outstanding pursuant to Sections 6.04(k), the Borrower or any greater of its Subsidiaries, in each case subject to the provisions $100,000,000 and 2.33% of Section 6.17Adjusted Total Assets; (c) Permitted Investments and Investments that were Permitted Investments when made; (d) investments received Investments arising out of the receipt by the Borrower or any Subsidiary of noncash consideration for the sale of assets permitted under Section 6.05 (other than Section 6.05(e)); (e) loans and advances to officers, directors, employees or consultants of the Borrower or any Subsidiary (i) in the ordinary course of business not to exceed $6,000,000 in the aggregate at any time outstanding (calculated without regard to write downs or write offs thereof), (ii) in respect of payroll payments and expenses in the ordinary course of business, and (iii) in connection with such Person’s purchase of Equity Interests of the Borrower (or its direct or indirect parent) solely to the extent that the amount of such loans and advances shall be contributed to the Borrower in cash as common equity; (f) accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business and any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or the bankruptcy or reorganization of, or settlement of delinquent accounts limit loss and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g)Swap Agreements that are not entered into for speculative purposes; (h) Investments existing on, or contractually committed as of, the Closing Date or as set forth on Schedule 6.04 and any extensions, renewals or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause (h) is not increased at any time above the amount of such Investment existing or committed on the Closing Date (other than pursuant to an increase as required by the terms of any such Investment as in existence on the Closing Date or otherwise permitted); (i) Investments resulting from any Permitted Liens; (j) other Investments by the Borrower or any Subsidiary in an aggregate amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed the portion, if any, of the Cumulative Credit on the date of such election that the Borrower elects to apply to this Section 6.04(j); provided that if any Investment pursuant to this clause (j) is made in any Person that is not a Subsidiary of the Borrower at the date of the making of such Investment and such Person becomes a Subsidiary of the Borrower after such date, such Investment shall, upon the election of the Borrower, thereafter be deemed to have been made pursuant to clause (b) above (to the extent permitted to be made thereunder) and shall cease to have been made pursuant to this clause (j) for so long as such Person continues to be a Subsidiary of the Borrower; (k) Investments constituting Permitted Business Acquisitions; (l) [reserved]; (m) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business or Investments acquired by the Borrower as a result of a foreclosure by the Borrower or any of the Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default; (n) Investments of a Subsidiary acquired after the Closing Date or of an entity merged into the Borrower or merged into or consolidated with a Subsidiary after the Closing Date, in each case, (i) to the extent such acquisition, merger or consolidation was or is permitted under this Section 6.04 and Section 6.05 (other than Section 6.05(e)), and (ii) to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, consolidation or amalgamation and were in existence on the date of such acquisition, merger, consolidation or amalgamation; (o) [reserved]; (p) Guarantees by the Borrower or any Subsidiary of operating leases (other than Capitalized Lease Obligations) or of other obligations that do not constitute Indebtedness (other than Permitted Non-Recourse Guarantees), in each case entered into by the Borrower or any Subsidiary in the ordinary course of business; (q) Investments to the extent that payment for such Investments is made with Qualified Equity Interests or proceeds of Qualified Equity Interests of the Borrower (or any Parent Entity); (r) additional Investments in an amount not to exceed the greater of $100,000,000 and 2.33% of Adjusted Total Assets (plus any returns of capital (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the respective investor in respect of investments theretofore made by it pursuant to this clause (r)); (s) [reserved]; (t) Investments consisting of Capital Expenditures Restricted Payments permitted by Section 6.06; (u) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices; (v) [reserved]; (w) Guarantees (other than Permitted Non-Recourse Guarantees) permitted under Section 6.096.01 (except to the extent such Guarantee is expressly subject to Section 6.04); (x) advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Borrower or any Subsidiary; (y) Investments by the Borrower and its Subsidiaries, including loans and advances to any direct or indirect parent of the Borrower, if the Borrower or any other Subsidiary would otherwise be permitted to make a Restricted Payment in such amount (provided that the amount of any such Investment shall also be deemed to be a Restricted Payment under the appropriate paragraph of Section 6.06 for all purposes of this Agreement); (i) Investments in tenants and property managers (A) in an aggregate amount not to exceed the greater of (x) $45,000,000 and (y) 1.00% of Adjusted Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment or (B) constituting advances to fund the alteration, improvement, exchange, replacement, modification or expansion of leased improvements or fixtures required to be made pursuant to the Master Lease or comparable or similar lease and (ii) Investments in joint ventures established to develop or operate properties or facilities within a Project not to exceed at any one time in the aggregate outstanding under this clause (z) the greater of (x) $45,000,000 and (y) 1.00% of Adjusted Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment; (aa) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing or other arrangements with other Persons; (bb) Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or purchases, sales, licenses or sublicenses (including in respect of gaming licenses) or leases of intellectual property; (cc) Permitted Mortgage Investments; (dd) Investments consisting of the ownership interest in, or the transfer of (whether by a contribution or otherwise) some or all of the Undeveloped Land to a Development Unrestricted Subsidiary or joint venture formed for the purpose of developing such Undeveloped Land; (ee) any Investment (i) made pursuant to or in connection with the Lease Agreements or the Management and Lease Support Agreement, (ii) in connection with the Transactions or (iii) made pursuant to any tax matters or tax sharing agreement, employee matters agreement, transition services agreement or other agreement as contemplated by the Plan of Reorganization; (ff) Investments in joint ventures and Unrestricted Subsidiaries (and in the case of Permitted Non-Recourse Guarantees, operators) not in excess of (x) the greater of $75,000,000 and 1.50% of Adjusted Total Assets plus (y) an aggregate amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the respective investor in respect of investments theretofore made by it pursuant to this clause (ff); provided that if any Investment pursuant to this clause (ff) is made in any Person that is not a Subsidiary of the Borrower at the date of the making of such Investment and such Person becomes a Subsidiary of the Borrower after such date, such Investment shall, upon the election of the Borrower, thereafter be deemed to have been made pursuant to paragraph (b) above and shall cease to have been made pursuant to this clause (ff) for so long as such Person continues to be a Subsidiary of the Borrower; (gg) Investments that are made with Excluded Contributions; and (hh) any Investment (i) deemed to exist as a result of a Subsidiary that is not a Loan Party distributing a note or other intercompany debt to a parent of such Subsidiary that is a Loan Party (to the extent there is no cash consideration or services rendered for such note), (ii) consisting of intercompany current liabilities in connection with the cash management, tax and accounting operations of the Borrower and the Subsidiary Guarantors may Subsidiaries, and (iii) consisting of intercompany loans, advances or Indebtedness having a term not exceeding 364 days (inclusive of any roll-overs or extensions of terms) and made in the ordinary course of business. provided, however, that the Borrower shall not, and shall not permit any of its Subsidiaries to, make investments Investments in community development projects Unrestricted Subsidiaries, other than (A) pursuant to Section 6.04(a), (q), (dd), (ff) and (gg) and (B) Permitted Non-Recourse Guarantees that are permitted by Sections 6.04(a) through (hh) (to the extent not prohibited by such clause). Any Investment in any Person other than a Loan Party that is otherwise permitted by this Section 6.04 may be made through intermediate Investments in Subsidiaries that are not Loan Parties (provided such Investment is promptly made by such intermediate Subsidiary in or to the relevant Loan Party) and such intermediate Investments shall be disregarded for purposes of determining the outstanding amount of Investments pursuant to any clause set forth above. The amount of any Investment made other than in the form of cash or Permitted Investments shall be the Fair Market Value thereof (as determined by an Officer of the Borrower in good faith) valued at the time of the making thereof, and without giving effect to any subsequent write-downs or write-offs thereof. For purposes of determining compliance with this Section 6.04, (A) Investments need not be permitted solely by reference to one category of permitted Investments described in Sections 6.04(a) through (hh) but may be permitted in part under any combination thereof, (B) in the event that an Investment (or any portion thereof) meets the criteria of one or more of the categories of permitted Investments described in Sections 6.04(a) through (hh), the Borrower shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Investment (or any portion thereof) in any manner that complies with this Section 6.04 and will only be required to include the amount and type of such Investment (or any portion thereof) in one of the above clauses and such Investment (or any portion thereof) shall be treated as having been incurred or existing pursuant to only one of such clauses and (C) the amount of any Investment outstanding at any time shall be the original cost of such Investment reduced by any Governmental Authority dividends, distributions, interest, fees, premium, return of capital, repayment of principal, income, profits (including from a disposition or otherwise) and other amounts received or realized in respect of such Investment (provided that, with respect to amounts received other than in the Casino Reinvestment Development Authorityform of cash or Permitted Investments, such amount shall be equal to the Fair Market Value of such consideration).

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interestscapital stock, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other PersonPerson (all of the foregoing, except: "Investments"), except for: (ai) investments ownership by Holdingsthe Parent of the capital stock of the Borrower or any Guarantor, as listed on Schedule 3.06, (ii) ownership by the Borrower, Borrower and the Guarantors of the capital stock of each of the Subsidiaries listed on Schedule 3.06; (iii) Permitted Investments; (iv) advances and loans among the Borrower and the Affiliated Guarantors in the ordinary course of business; (v) Investments in the Escrow Accounts and other trust accounts; (vi) Investments existing on the Petition Filing Date and described on Schedule 6.10 hereto; (vii) Investments in connection with (A) currency swap agreements, currency future or option contracts and other similar agreements designed to hedge against fluctuations in foreign interest rates and currency values, (B) interest rate swap, cap or collar agreements and interest rate future or option contracts, and (C) fuel xxxxxx and other derivatives contracts, in each case to the extent that such agreement or contract is permitted by order of the Bankruptcy Court and by Section 6.03 and entered into in the ordinary course of business consistent with past practices; (viii) investments received in settlement of amounts due to any of the Borrower and the Guarantors effected in the ordinary course of business (including as a result of dispositions permitted by this Agreement); (ix) Investments in an amount not to exceed $10,000,000 in the aggregate in travel or airline related businesses made in connection with marketing and promotion agreements, alliance agreements, distribution agreement, agreements with respect to fuel consortiums, agreements relating to flight training, agreement relating to insurance arrangements, agreement relating to parts management systems and other similar agreements; (x) advances to officers, directors and employees of the Borrower and the Guarantors in an aggregate not to exceed (A) $10,000 at any time outstanding to any individual officer, director or employee or (B) $500,000 in the aggregate at any time outstanding for all such advances; (xi) additional Investments in joint ventures listed on Schedule 6.10 or Investments in new joint ventures made after the Filing Date in an aggregate amount thereof at any one time not to exceed $10,000,000 for all Investments made pursuant to this clause together with any guaranty of Indebtedness pursuant to Section 6.06(iv); (xii) Investments held or invested in by any of the Equity Interests Borrower and the Guarantors in the form of foreign cash equivalents in the ordinary course of business and consistent with past practices of the Borrower and the Guarantors; ; (bxiii) Permitted Investments; (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) Investments by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g); (h) investments consisting of Capital Expenditures permitted under Section 6.09; and (i) the Borrower and the Subsidiary Guarantors may make investments not otherwise permitted under this Agreement in community development projects an aggregate amount not to exceed $5,000,000; and (xiv) advances to officers, directors and employees of the extent required by any Governmental Authority (including Borrower and the Casino Reinvestment Development Authority)Guarantors in connection with relocation expenses or signing bonuses for newly hired officers, directors or employees of the Borrower and the Guarantors. The term "Investments" shall not include deposits to secure the performance of leases.

Investments, Loans and Advances. Purchase, hold Make or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other Person, an Investment except: (a) investments by HoldingsInvestments in a joint venture, when taken together with all other Investments made pursuant to this Section 6.3 that are at the Borrowertime outstanding (and not otherwise converted or applied to another clause of this Section 6.3), the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the Guarantorsnot to exceed [REDACTED – Dollar Amount]at any one time outstanding; (b) Permitted Investments[Reserved]; (c) loans or advances made (i) among the Borrowers Cash Equivalents and the Subsidiary Guarantors and (ii) by any Subsidiary Investments that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17were Cash Equivalents when made; (d) investments received Investments arising out of the receipt by the Borrower or any Restricted Subsidiary of non-cash consideration for the sale or other disposition of assets permitted under Section 6.4; (e) loans and advances to officers, directors, employees or consultants of the Borrower or any Restricted Subsidiary (i) not to exceed in connection with the aggregate [REDACTED – Dollar Amount]at any time outstanding, (ii) for reasonable and customary business and related travel, entertainment, relocation and analogous ordinary business purposes, or (iii) in respect of payroll payments and expenses in the ordinary course of business; (f) accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business and any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g)Hedge Agreements not entered into for speculative purposes; (h) investments consisting of Capital Expenditures permitted under Section 6.09; andInvestments existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.3(h); (i) Investments resulting from pledges and deposits referred to in Xxxxxxxx 0.0, (x), (x), (x), (x), (xx) and (gg); (j) repurchases of the Senior Notes permitted pursuant to Section 6.8(a)(1); (k) Investments constituting Permitted Acquisitions; (l) Investments of the Borrower in any Restricted Subsidiary or any entity that becomes a Restricted Subsidiary in connection and substantially concurrently with such Investment and of any Restricted Subsidiary in the Borrower or in any other Restricted Subsidiary Guarantors may make investments or any entity that becomes a Restricted Subsidiary in community development projects to connection and substantially concurrently with such Investment; provided that the extent required by any Governmental Authority aggregate principal amount of such Investments (including intercompany loans and other Investments) made pursuant to this Section 6.3(l) by Credit Parties in Restricted Subsidiaries that are not Credit Parties and will not become a Credit Party in connection with the Casino Reinvestment Development Authorityincurrence of such Investment, when aggregated with Indebtedness incurred by Restricted Subsidiaries that are not Credit Parties owing to a Credit Party pursuant to Section 6.1(g)(ii) and acquisitions of Persons that do not become Credit Parties pursuant to Section 6.3(k)., shall not exceed the greater of (x) [REDACTED – Dollar Amount]and (y) [REDACTED – Percentage] of Consolidated Total Assets; (m) the Transactions; (n) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers, distributors and suppliers, or Investments acquired by the Borrower or any Restricted Subsidiary as a result of a foreclosure by the Borrower or any of the Restricted Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default;

Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other Person, except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Effective Date in the Equity Interests of the Borrower and the Guarantors; (b) Permitted Investments; (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) Investments in any Person that is not a Subsidiary of the Borrower, to the extent such Person becomes a Guarantor; (g) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (gh) guarantees and any other contingent obligations permitted under Section 6.01(g); (hi) investments consisting of Capital Expenditures permitted under Section 6.09; and; (ij) the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority); and specifically as set forth in the Lease Agreement among the City of Evansville, Indiana, Aztar Indiana Gaming Company, LLC and Aztar (as such Lease Agreement is amended from time to time); and (k) any investment in a Permitted Business so long as a majority of the Board and the Investment Committee of the Board approves such investment.

Investments, Loans and Advances. PurchaseDirectly or indirectly, hold lend money or credit (by way of guarantee or otherwise) or make advances to any person, or purchase or acquire any Equity Interestsstock, evidences of indebtedness bonds, notes, debentures or other obligations or securities of, make or permit to exist any loans or advances toother interest in, or make or permit to exist any investment incapital contribution to, any other Personperson, exceptor purchase or own a futures contract or otherwise become liable for the purchase or sale of currency or other commodities at a future date in the nature of a futures contract (all of the foregoing, collectively, “Investments”), except that the following shall be permitted: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing Investments outstanding on the Petition Date in the Equity Interests date of the Borrower this Agreement and the Guarantorsidentified on Schedule 6.03(a); (b) Permitted Investments; (c) loans or advances made the Borrower may (i) among acquire and hold accounts receivable owing to any of them if created or acquired in the Borrowers ordinary course of business and the Subsidiary Guarantors payable or dischargeable in accordance with customary terms and historical practice, (ii) by any Subsidiary that is not a Guarantor to invest in, acquire and hold cash and Cash Equivalents, (iii) endorse negotiable instruments held for collection in the Borrower ordinary course of business or any of its Subsidiaries(iv) make lease, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable utility and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case other similar deposits in the ordinary course of business; (c) Hedging Obligations incurred pursuant to Section 6.01(c); (d) loans and advances to directors, employees and officers of the Borrower for bona fide business purposes, in an aggregate amount not to exceed $50,000 at any time outstanding; (e) deposits, prepayments and other credits to suppliers made [Reserved]; (f) Investments in securities of trade creditors or customers in the ordinary course of business; (f) each Loan Party may make investments arising out business and consistent with Borrower’s past practices that are received in settlement of bona fide disputes or pursuant to any plan of reorganization or liquidation or similar arrangement upon the receipt by bankruptcy or insolvency of such party of non-cash consideration for any Asset Sale permitted hereundertrade creditors or customers; (g) guarantees and any other contingent obligations permitted under Investments made by the Borrower as a result of consideration received in connection with an Asset Sale made in compliance with Section 6.01(g)6.05; (h) other investments consisting in an aggregate amount not to exceed the amounts set forth in, and for the purposes set forth in the 13-Week Budget; provided, however, that it shall not be deemed a breach of Capital Expenditures permitted under Section 6.09this clause (h) if the amount of any such investments exceed the limits set forth in the 13- Week Budget by amounts less than the Permitted Variance; and (i) by the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authorityconsisting of Contingent Obligations permitted under Section 6.01(g).

Investments, Loans and Advances. Purchase, hold or acquire any Equity InterestsCapital Stock, comparable ownership interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Person, except: (a) (i) loans, advances, capital contributions, guarantees and other investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date date hereof and (ii) loans, advances, capital contributions, guarantees and other investments by the Borrower or any Restricted Subsidiary in the Equity Interests capital stock or comparable ownership interests of the Borrower and the Guarantorsany Subsidiary (other than with respect to Unrestricted Subsidiaries), including by means of contributions by any Subsidiary of Hotel Properties; (b) Permitted Investmentsloans, advances, capital contributions, guarantees and other investments by the Borrower to Restricted Subsidiaries or by Subsidiaries to the Borrower or any Restricted Subsidiary, in each case to the extent no Default or Event of Default would result after giving effect thereto; (c) Permitted Liquid Investments; (d) so long as no Default or Event of Default has occurred and is continuing, loans or and advances made by the Borrower and its Restricted Subsidiaries to their employees, officers, and directors in the ordinary course of business in an aggregate amount outstanding at any time not in excess of $2,000,000; (i) among other investments, capital contributions, guarantees, loans and advances made in connection with hospitality-related business activities and ancillary business activities reasonably related thereto (other than with respect to Unrestricted Subsidiaries), (ii) loans, advances, capital contributions, guarantees and 72 Choice Hotels – Credit Agreement (2018) other investments by the Borrowers Borrower or any Restricted Subsidiary in any Unrestricted Subsidiary on an Arms-Length Basis, (iii) capital contributions to Unrestricted Subsidiaries to the extent permitted by clause (b) of Section 6.07 and (iv) Permitted Non-Arms-Length Unrestricted Subsidiary Investments; provided that, in each case of this clause (e), at the time that any such investment is incurred, (x) no Default or Event of Default has occurred and is continuing, or would exist after giving effect thereto and (y) the Borrower is in compliance with Sections 6.11 and 6.12 (both immediately before and immediately after giving effect thereto); (f) so long as no Default or Event of Default has occurred and is continuing, repurchases of the outstanding stock of the Borrower in accordance with Section 6.10; (g) other investments, capital contributions, guarantees, loans and advances not otherwise permitted pursuant to this Section 6.04 in an aggregate amount outstanding at any time not in excess of $50,000,000; (h) subject to the satisfaction of the requirements of the definition of “Qualified Securitization Financing”, (i) loans, advances, capital contributions, guarantees and other investments in or relating to a Securitization Subsidiary Guarantors that, in the good faith determination of the Borrower are necessary or advisable to effect any Qualified Securitization Financing (including any contribution of replacement or substitute assets to such subsidiary) or any repurchase obligation in connection therewith and (ii) by any Subsidiary that is not distributions or payments of Securitization Fees and purchases of Securitization Assets in connection with a Guarantor to Qualified Securitization Financing; (i) Hedging Agreements of the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case Restricted Subsidiaries entered into by such Person in the ordinary course of business; (e) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of business for non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g); (h) investments consisting of Capital Expenditures permitted under Section 6.09speculative purposes; and (ij) the Borrower and the Subsidiary Guarantors may make investments in community development projects to To the extent required by constituting an investment, obligations of the Company arising under Article X hereof. For purposes of Section 5.09(b) and clauses (d), (e)(iii) and (g) of this Section 6.04, calculations shall be on the basis of amounts actually invested, net of any Governmental Authority (including return on investment or return of capital with respect to such investments, and without regard to any write-up or write-down of the Casino Reinvestment Development Authority)value of such investments.

Investments, Loans and Advances. Purchase, hold Make or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other Person, an Investment except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date Investments in joint ventures not to exceed in the Equity Interests of the Borrower and the Guarantorsaggregate $100.0 million at any one time outstanding; (b) Permitted Investments by the Borrower or any Restricted Subsidiary in the Borrower or any Restricted Subsidiary made for tax planning and reorganization purposes, so long as the value of the Collateral after giving Pro Forma Effect to such Investments, taken as a whole, is not materially impaired (as reasonably determined by the Borrower, which determination shall be conclusive); (c) loans or advances made (i) among the Borrowers Cash Equivalents and the Subsidiary Guarantors and (ii) by any Subsidiary Investments that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17were Cash Equivalents when made; (d) investments received Investments arising out of the receipt by the Borrower or any Restricted Subsidiary of non-cash consideration for the sale or other disposition of assets permitted under Section 6.4; (e) loans and advances to officers, directors, employees or consultants of the Borrower or any Restricted Subsidiary (i) not to exceed in connection with the aggregate $10.0 million at any time outstanding, (ii) for reasonable and customary business and related travel, entertainment, relocation and analogous ordinary business purposes, or (iii) in respect of payroll payments and expenses in the ordinary course of business; (f) accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business and any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g)Hedge Agreements not entered into for speculative purposes; (h) investments Investments existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.3(h); (i) Investments resulting from pledges and deposits referred to in Sections 6.2(h), (i), (x), (z), (cc) and (gg); (j) repurchases of Junior Financing permitted pursuant to Section 6.8(a)(1); (k) Investments constituting Permitted Acquisitions; (l) Investments of the Borrower in any Restricted Subsidiary or any entity that becomes a Restricted Subsidiary inCredit Party in connection and substantially concurrently with such Investment and of any Restricted Subsidiary in the Borrower or in any other Restricted Subsidiary or any entity that becomes a Restricted Subsidiary in connection and substantially concurrently with such Investment; provided that the aggregate principal amount of such Investments (including intercompany loans and other Investments) made pursuant to this Section 6.3(l) by Credit Parties in Restricted Subsidiaries that are not Credit Parties and will not become a Credit Party in connection with the incurrence of such Investment, when aggregated with Indebtedness incurred by Restricted Subsidiaries that are not Credit Parties owing to a Credit Party pursuant to Section 6.1(g)(ii) and acquisitions of Persons that do not become Credit Parties pursuant to Section 6.3(k), outstanding shall not exceed the greater of (x) $100 million and (y) 8.50% of Consolidated Total Assets; (m) the Transactions; (n) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers, distributors and suppliers, or Investments acquired by the Borrower or any Restricted Subsidiary as a result of a foreclosure by the Borrower or any of the Restricted Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default; (o) Investments of a Restricted SubsidiaryCredit Party acquired after the ClosingFourth Amendment Effective Date or of an entity merged into, or amalgamated or consolidated with, the Borrower or merged into or amalgamated or consolidated with a Restricted SubsidiaryCredit Party in accordance with Section 6.4 after the ClosingFourth Amendment Effective Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence or had been committed to be made on the date of such acquisition, merger or consolidation; (p) Investments in exchange for Equity Interests of the Borrower or of any Parent Holding Company; (q) guarantees by the Borrower or any Restricted Subsidiary of obligations that do not constitute Indebtedness and are not otherwise prohibited hereunder, in each case, entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business; (r) Investments consisting of Capital Expenditures the redemption, purchase, repurchase or retirement of any Equity Interests permitted under Section 6.096.5; provided that any such Investments shall constitute a utilization of the applicable provision or provisions (without double counting) under Section 6.5; (s) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers and foreign law equivalent interests; (t) advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Borrower or any Restricted Subsidiary; (u) Investments by the Borrower or any Restricted Subsidiaries, if the Borrower or any Restricted Subsidiary would otherwise be permitted to make a Restricted Payment in such amount (provided that the amount of any such Investment shall also be deemed to be a Restricted Payment under the appropriate clause of Section 6.5 for all purposes of this Agreement); (v) acquisitions by any Credit Party of Investments evidencing obligations owed by one or more officers or other employees of the Borrower, such Credit Party or its subsidiaries in connection with such officer’s or employee’s acquisition of Equity Interests of the Borrower or of any Parent Holding Company, so long as no cash is actually advanced in connection with the acquisition of any such obligations; (w) guarantees permitted under Section 6.1 (except to the extent such guarantee is expressly subject to this Section 6.3); (x) Investments consisting of the licensing, sublicensing, covenants not to sxx, releases or other rights under Intellectual Property (including in connection with distribution, license and supply agreements) in the ordinary course of business or in the reasonable business judgment of the Borrower or the Restricted Subsidiaries; (y) Investments consisting of purchases and acquisitions of inventory, supplies, goods, materials and equipment or purchases of contract rights or leases, in each case, in the ordinary course of business; (z) Investments consisting of purchases and acquisitions of Intellectual Property in the ordinary course of business or in the reasonable business judgment of the Borrower or the Restricted Subsidiaries; (aa) Investments in assets useful in the business of the Borrower and any of its Restricted Subsidiaries made with the proceeds of any Reinvestment Deferred Amount or Below Threshold Asset Sale Proceeds; provided that if the underlying Asset Sale or Casualty Event was with respect to the Borrower or a Guarantor, then such Investment shall be consummated by the Borrower or a Guarantor; (bb) Investments in the Term Loans and other permitted Indebtedness of the Borrower and its Restricted Subsidiaries, in the case of Term Loans, solely consummated in accordance with the terms and conditions set forth in Section 10.4(o) hereof; provided that the aggregate principal amount of such Investments made pursuant to this Section 6.3(bb) by Credit Parties in Restricted Subsidiaries that are not Credit Parties, shall not exceed the greater of (x) $25.0 million and (y) 1.45% of Consolidated Total Assets. (cc) other Investments by the Borrower or any Restricted Subsidiary in Persons that are Credit Parties or that will become Credit Parties in connection with such Investment; provided that, after giving effect to such Investment, the aggregate amount of all Investments outstanding pursuant to this paragraph (cc) (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof, but giving effect to an return or distribution of capital or repayments of principal in respect thereof) shall not exceed the greater of (x) $125.0 million and (y) 8.50% of Consolidated Total Assets; (dd) so long as no Event of Default has occurred and is continuing, Investments made with any portion of the Cumulative Credit; (ee) any Investments in Persons that are Credit Parties or that will become Credit Parties in connection with such Investment; provided that (A) the Total Net Leverage Ratio (calculated on a Pro Forma Basis) shall not exceed 2.75:1.00 and (B) no Specified Event of Default shall exist after giving effect to such Investment; and (iff) payments under and pursuant to the Acquisition Agreement, as in effect on the date hereof. For purposes of determining compliance with this Section 6.3 and subject to the immediately following proviso, (A) Investments need not be permitted solely by reference to one category of permitted Indebtedness described in Sections 6.3(a) through (ff) but may be permitted in part under any combination thereof and (B) in the event that an Investment (or any portion thereof) meets the criteria of one or more of the categories of permitted Investments described in Sections 6.3(a) through (ff), the Borrower shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Investment (or any portion thereof) in any manner that complies with this Section 6.3 and will only be required to include the Subsidiary Guarantors may make investments amount and type of such Investment (or any portion thereof) in community development projects one of the above clauses and such Investment shall be treated as having been made or existing pursuant to the extent required by only one of such clauses; provided, however, that no such reclassification shall be permitted with respect to any Governmental Authority (including the Casino Reinvestment Development AuthorityInvestment made pursuant to Section 6.3(dd).

Investments, Loans and Advances. Purchase, hold or acquire (including pursuant to any merger, consolidation or amalgamation with another Person) any Equity Interests, evidences of indebtedness Indebtedness or other securities of, make or permit to exist any loans or advances toto or Guarantees of Indebtedness of or a Permitted Non-Recourse Guarantee of or in respect of, or make or permit to exist any investment inin (each, an “Investment”), any other Person, except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the GuarantorsTransactions; (b) Permitted Investments; (c) loans or advances made (i) Investments between and among the Borrowers and the Subsidiary Guarantors Loan Parties and (ii) Investments by any Loan Party in any Subsidiary that is not a Guarantor Loan Party; provided, that Investments made after the Closing Date by any Loan Party in Subsidiaries that are not Loan Parties shall not exceed in the aggregate at any time, together with all Investments in Subsidiaries that are not Loan Parties outstanding pursuant to Sections 6.04(k), the Borrower or any greater of its Subsidiaries, in each case subject to the provisions $100,000,000 and 2.33% of Section 6.17Adjusted Total Assets; (c) Permitted Investments and Investments that were Permitted Investments when made; (d) investments received Investments arising out of the receipt by the Borrower or any Subsidiary of noncash consideration for the sale of assets permitted under Section 6.05 (other than Section 6.05(e)); (e) loans and advances to officers, directors, employees or consultants of the Borrower or any Subsidiary (i) in the ordinary course of business not to exceed $6,000,000 in the aggregate at any time outstanding (calculated without regard to write downs or write offs thereof), (ii) in respect of payroll payments and expenses in the ordinary course of business, and (iii) in connection with such Person’s purchase of Equity Interests of the Borrower (or its direct or indirect parent) solely to the extent that the amount of such loans and advances shall be contributed to the Borrower in cash as common equity; (f) accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business and any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or the bankruptcy or reorganization of, or settlement of delinquent accounts limit loss and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g)Swap Agreements that are not entered into for speculative purposes; (h) Investments existing on, or contractually committed as of, the Closing Date or as set forth on Schedule 6.04 and any extensions, renewals or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause (h) is not increased at any time above the amount of such Investment existing or committed on the Closing Date (other than pursuant to an increase as required by the terms of any such Investment as in existence on the Closing Date or otherwise permitted); (i) Investments resulting from any Permitted Liens; (j) other Investments by the Borrower or any Subsidiary in an aggregate amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed the portion, if any, of the Cumulative Credit on the date of such election that the Borrower elects to apply to this Section 6.04(j); provided that if any Investment pursuant to this clause (j) is made in any Person that is not a Subsidiary of the Borrower at the date of the making of such Investment and such Person becomes a Subsidiary of the Borrower after such date, such Investment shall, upon the election of the Borrower, thereafter be deemed to have been made pursuant to clause (b) above (to the extent permitted to be made thereunder) and shall cease to have been made pursuant to this clause (j) for so long as such Person continues to be a Subsidiary of the Borrower; (k) Investments constituting Permitted Business Acquisitions; (l) [reserved]; (m) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business or Investments acquired by the Borrower as a result of a foreclosure by the Borrower or any of the Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default; (n) Investments of a Subsidiary acquired after the Closing Date or of an entity merged into the Borrower or merged into or consolidated with a Subsidiary after the Closing Date, in each case, (i) to the extent such acquisition, merger or consolidation was or is permitted under this Section 6.04 and Section 6.05 (other than Section 6.05(e)), and (ii) to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, consolidation or amalgamation and were in existence on the date of such acquisition, merger, consolidation or amalgamation; (o) [reserved]; (p) Guarantees by the Borrower or any Subsidiary of operating leases (other than Capitalized Lease Obligations) or of other obligations that do not constitute Indebtedness (other than Permitted Non-Recourse Guarantees), in each case entered into by the Borrower or any Subsidiary in the ordinary course of business; (q) Investments to the extent that payment for such Investments is made with Qualified Equity Interests or proceeds of Qualified Equity Interests of the Borrower (or any Parent Entity); (r) additional Investments in an amount not to exceed the greater of $100,000,000 and 2.33% of Adjusted Total Assets (plus any returns of capital (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the respective investor in respect of investments theretofore made by it pursuant to this clause (r)); (s) [reserved]; (t) Investments consisting of Capital Expenditures Restricted Payments permitted by Section 6.06; (u) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices; (v) [reserved]; (w) Guarantees (other than Permitted Non-Recourse Guarantees) permitted under Section 6.096.01 (except to the extent such Guarantee is expressly subject to Section 6.04); (x) advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Borrower or any Subsidiary; (y) Investments by the Borrower and its Subsidiaries, including loans and advances to any direct or indirect parent of the Borrower, if the Borrower or any other Subsidiary would otherwise be permitted to make a Restricted Payment in such amount (provided that the amount of any such Investment shall also be deemed to be a Restricted Payment under the appropriate paragraph of Section 6.06 for all purposes of this Agreement); (i) Investments in tenants and property managers (A) in an aggregate amount not to exceed the greater of (x) $45,000,000 and (y) 1.00% of Adjusted Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment or (B) constituting advances to fund the alteration, improvement, exchange, replacement, modification or expansion of leased improvements or fixtures required to be made pursuant to the Lease Agreements or comparable or similar lease and (ii) Investments in joint ventures established to develop or operate properties or facilities within a Project not to exceed at any one time in the aggregate outstanding under this clause (z) the greater of (x) $45,000,000 and (y) 1.00% of Adjusted Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment; (aa) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing or other arrangements with other Persons; (bb) Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or purchases, sales, licenses or sublicenses (including in respect of gaming licenses) or leases of intellectual property; (cc) Permitted Mortgage Investments; (dd) Investments consisting of the ownership interest in, or the transfer of (whether by a contribution or otherwise) some or all of the Undeveloped Land to a Development Unrestricted Subsidiary or joint venture formed for the purpose of developing such Undeveloped Land; (ee) any Investment (i) made pursuant to or in connection with the Lease Agreements or the Management and Lease Support Agreement, (ii) in connection with the Transactions or (iii) made pursuant to any tax matters or tax sharing agreement, employee matters agreement, transition services agreement or other agreement as contemplated by the Plan of Reorganization; (ff) Investments in joint ventures and Unrestricted Subsidiaries (and in the case of Permitted Non-Recourse Guarantees, operators) not in excess of (x) the greater of $75,000,000 and 1.50% of Adjusted Total Assets plus (y) an aggregate amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the respective investor in respect of investments theretofore made by it pursuant to this clause (ff); provided that if any Investment pursuant to this clause (ff) is made in any Person that is not a Subsidiary of the Borrower at the date of the making of such Investment and such Person becomes a Subsidiary of the Borrower after such date, such Investment shall, upon the election of the Borrower, thereafter be deemed to have been made pursuant to paragraph (b) above and shall cease to have been made pursuant to this clause (ff) for so long as such Person continues to be a Subsidiary of the Borrower; (gg) Investments that are made with Excluded Contributions; and (hh) any Investment (i) deemed to exist as a result of a Subsidiary that is not a Loan Party distributing a note or other intercompany debt to a parent of such Subsidiary that is a Loan Party (to the extent there is no cash consideration or services rendered for such note), (ii) consisting of intercompany current liabilities in connection with the cash management, tax and accounting operations of the Borrower and the Subsidiary Guarantors may Subsidiaries, and (iii) consisting of intercompany loans, advances or Indebtedness having a term not exceeding 364 days (inclusive of any roll-overs or extensions of terms) and made in the ordinary course of business. provided, however, that the Borrower shall not, and shall not permit any of its Subsidiaries to, make investments Investments in community development projects Unrestricted Subsidiaries, other than (A) pursuant to Section 6.04(a), (q), (dd), (ff) and (gg) and (B) Permitted Non-Recourse Guarantees that are permitted by Sections 6.04(a) through (hh) (to the extent not prohibited by such clause). Any Investment in any Person other than a Loan Party that is otherwise permitted by this Section 6.04 may be made through intermediate Investments in Subsidiaries that are not Loan Parties (provided such Investment is promptly made by such intermediate Subsidiary in or to the relevant Loan Party) and such intermediate Investments shall be disregarded for purposes of determining the outstanding amount of Investments pursuant to any clause set forth above. The amount of any Investment made other than in the form of cash or Permitted Investments shall be the Fair Market Value thereof (as determined by an Officer of the Borrower in good faith) valued at the time of the making thereof, and without giving effect to any subsequent write-downs or write-offs thereof. For purposes of determining compliance with this Section 6.04, (A) Investments need not be permitted solely by reference to one category of permitted Investments described in Sections 6.04(a) through (hh) but may be permitted in part under any combination thereof, (B) in the event that an Investment (or any portion thereof) meets the criteria of one or more of the categories of permitted Investments described in Sections 6.04(a) through (hh), the Borrower shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Investment (or any portion thereof) in any manner that complies with this Section 6.04 and will only be required to include the amount and type of such Investment (or any portion thereof) in one of the above clauses and such Investment (or any portion thereof) shall be treated as having been incurred or existing pursuant to only one of such clauses and (C) the amount of any Investment outstanding at any time shall be the original cost of such Investment reduced by any Governmental Authority dividends, distributions, interest, fees, premium, return of capital, repayment of principal, income, profits (including from a disposition or otherwise) and other amounts received or realized in respect of such Investment (provided that, with respect to amounts received other than in the Casino Reinvestment Development Authorityform of cash or Permitted Investments, such amount shall be equal to the Fair Market Value of such consideration).

Investments, Loans and Advances. Purchase, hold (i) Purchase or acquire (including pursuant to any merger with a person that is not a Wholly-Owned Subsidiary immediately prior to such merger) any Equity Interests, evidences of indebtedness Indebtedness or other securities ofof any other person, (ii) make or permit to exist any loans or advances toto or Guarantees of the Indebtedness of any other person, or make (iii) purchase or permit to exist any investment inotherwise acquire, any other Personin one transaction or a series of related transactions, (x) all or substantially all of the property and assets or business of another person or (y) assets constituting a business unit, line of business or division of such person (each of the foregoing, an “Investment”), except: (a) investments by Holdings, Investments to effect the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the GuarantorsTransactions; (b) Permitted InvestmentsInvestments by the Borrower or any Subsidiary in the Borrower or any Subsidiary; (c) loans or advances made (i) among the Borrowers Permitted Investments and the Subsidiary Guarantors and (ii) by any Subsidiary Investments that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17were Permitted Investments when made; (d) investments received Investments arising out of the receipt by the Borrower or any Subsidiary of non-cash consideration for the Disposition of assets permitted under Section 6.05; (e) loans and advances to officers, directors, employees or consultants of the Borrower or any Subsidiary (i) in the ordinary course of business in an aggregate outstanding amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed $25,000,000, (ii) in respect of payroll payments and expenses in the ordinary course of business and (iii) in connection with such person’s purchase of Equity Interests of the Borrower; (f) accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business and any assets or notes receivable and investments securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or the bankruptcy or reorganization of, or settlement of delinquent accounts limit loss and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of business; (fg) each Loan Party may make investments arising out of the receipt by such party of Hedging Agreements entered into for non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g)speculative purposes; (h) investments Investments (not in Subsidiaries, which are provided in clause (b) above) existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.04 of the Effective Date Certificate and any extensions, renewals, replacements or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause (h) is not increased at any time above the amount of such Investment existing or committed on the Closing Date (other than pursuant to an increase as required by the terms of any such Investment as in existence on the Closing Date or as otherwise permitted by this Section 6.04); (i) Investments resulting from pledges and deposits under Sections 6.02(f), (g), (n), (q), (r), (dd) and (ii); (j) other Investments by the Borrower or any Subsidiary in an aggregate outstanding amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed the greater of (x) $500,000,000 and (y) 5.5% of Pro Forma LTM EBITDA (measured at the time of the making of any such Investment); provided, that if any Investment pursuant to this Section 6.04(j) is made in any person that was not a Subsidiary on the date on which such Investment was made but becomes a Subsidiary thereafter, then such Investment may, at the option of the Borrower, upon such person becoming a Subsidiary and so long as such person remains a Subsidiary, be deemed to have been made pursuant to Section 6.04(b) (to the extent permitted by the provisions thereof) and not in reliance on this Section 6.04(j); (k) Investments constituting Permitted Business Acquisitions; (l) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business or Investments acquired by the Borrower or a Subsidiary as a result of a foreclosure by the Borrower or any of the Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default; (m) Investments of a Subsidiary acquired after the Closing Date or of a person merged into the Borrower or merged into or consolidated with a Subsidiary after the Closing Date, in each case, (i) to the extent such acquisition, merger, amalgamation or consolidation is permitted under this Section 6.04, (ii) in the case of any acquisition, merger, amalgamation or consolidation, in accordance with Section 6.05 and (iii) to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; (n) acquisitions by the Borrower of obligations of one or more officers or other employees of the Borrower or its Subsidiaries in connection with such officer’s or employee’s acquisition of Equity Interests of the Borrower, so long as no cash is actually advanced by the Borrower or any of the Subsidiaries to such officers or employees in connection with the acquisition of any such obligations; (o) Guarantees by the Borrower or any Subsidiary of operating leases (other than Capitalized Lease Obligations) or of other obligations that do not constitute Indebtedness of the kind described in clauses (b), (e), (f), (g), (h), (i), (j) or (k) of the definition thereof, in each case entered into by the Borrower or any Subsidiary in the ordinary course of business; (p) Investments to the extent that payment for such Investments is made with Qualified Equity Interests of the Borrower; (q) Investments in the ordinary course of business consisting of Capital Expenditures Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers; (r) [Reserved]; (s) advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Borrower or such Subsidiary; (t) Investments by the Borrower and the Subsidiaries, if the Borrower or any Subsidiary would otherwise be permitted to make a Restricted Payment under Section 6.096.06(g) in such amount (provided, that the amount of any such Investment shall also be deemed to be a Restricted Payment under Section 6.06(g) for all purposes of this Agreement); (u) [Reserved]; (v) Investments consisting of the licensing or contribution of Intellectual Property pursuant to joint marketing or other similar arrangements with other persons; (w) to the extent constituting Investments, purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contract rights or licenses or leases of Intellectual Property in each case in the ordinary course of business; (x) any Investment in fixed income or other assets by any Subsidiary that is a so-called “captive” insurance company (each, an “Insurance Subsidiary”) consistent with its customary practices of portfolio management; and (y) additional Investments, so long as, at the time any such Investment is made and immediately after giving effect thereto, (i) no Default or Event of Default shall have occurred and is continuing and (ii) the Total Leverage Ratio on a Pro Forma Basis is not greater than (A) solely for the benefit of the Term A Facility, the Term A-1 Facility and the Revolving Facility, 4.50 to 1.00 (the “Pro Rata Only Investment Restriction”) or (B) 5.00 to 1.00. For purposes of determining compliance with this Section 6.04, (A) an Investment need not be permitted solely by reference to one category of permitted Investments (or any portion thereof) described in Sections 6.04(a) through (y) but may be permitted in part under any relevant combination thereof and (B) in the event that an Investment (or any portion thereof) meets the criteria of one or more of the categories of permitted Investments (or any portion thereof) described in Sections 6.04(a) through (y), the Borrower may, in its sole discretion, classify or divide such Investment (or any portion thereof) in any manner that complies with this Section 6.04 and will be entitled to only include the Subsidiary Guarantors may make investments amount and type of such Investment (or any portion thereof) in community development projects one or more (as relevant) of the above clauses (or any portion thereof) and such Investment (or any portion thereof) shall be treated as having been made or existing pursuant to only such clause or clauses (or any portion thereof); provided, that all Investments described in Schedule 6.04 of the extent required by Effective Date Certificate shall be deemed outstanding under Section 6.04(h). The amount of any Governmental Authority (including Investment made other than in the Casino Reinvestment Development Authority)form of cash or cash equivalents shall be the Fair Market Value thereof valued at the time of the making thereof, and without giving effect to any subsequent write-downs or write-offs thereof.

Investments, Loans and Advances. PurchaseDirectly or indirectly, hold lend money or credit (by way of guarantee or otherwise) or make advances to any Person, or purchase or acquire any Equity Interestsstock, evidences of indebtedness bonds, notes, debentures or other obligations or securities of, make or permit to exist any loans or advances toother interest in, or make or permit to exist any investment incapital contribution to, any other Person, exceptor purchase or own a futures contract or otherwise become liable for the purchase or sale of currency or other commodities at a future date in the nature of a futures contract (all of the foregoing, collectively, “Investments”), except that the following shall be permitted: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing Investments outstanding on the Petition Date in the Equity Interests of the Borrower and the Guarantorsidentified on Schedule 6.3(a); (b) Permitted Investments; (c) loans or advances made the Debtors may (i) among acquire and hold accounts receivable owing to any of them if created or acquired in the Borrowers ordinary course of business and the Subsidiary Guarantors payable or dischargeable in accordance with customary terms and historical practice, (ii) by any Subsidiary that is not a Guarantor to invest in, acquire and hold cash and Cash Equivalents, (iii) endorse negotiable instruments held for collection in the Borrower ordinary course of business or any of its Subsidiaries(iv) make lease, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable utility and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case other similar deposits in the ordinary course of business; (ec) deposits, prepayments and Investments in any other credits to suppliers made Debtor existing on the Petition Date; (d) Investments in securities of trade creditors or customers in the ordinary course of businessbusiness and consistent with such Debtor’s past practices that are received in settlement of bona fide disputes or pursuant to any plan of reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers; (e) intercompany loans by and among the Debtors; (f) each Loan Party may make investments arising out in Thermo 1 Project Entity for the purpose of making the Thermo Lenders Payment, and in Lightening Dock with the proceeds of the receipt by such party of non-cash consideration Lightning Dock Loan for any Asset Sale permitted hereunderthe purposes set forth in Section 3.7; (g) guarantees investments in an aggregate amount not to exceed the amounts set forth in, and for the purposes set forth in the 13-Week Budget; provided that it shall not be deemed a breach of this clause (e) if the amount of any other contingent obligations permitted under Section 6.01(g);such investments exceed the limits set forth in the 13-Week Budget by amounts less than the Permitted Variance or Permitted Variance Exceptions; and (h) investments Investments by a Debtor consisting of Capital Expenditures Contingent Obligations permitted under Section 6.09; and (i) the Borrower and the Subsidiary Guarantors may make investments in community development projects to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority6.1(c).

Investments, Loans and Advances. PurchaseThe Issuer will not, and will not permit any of its Subsidiaries to, directly or indirectly, purchase, hold or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment in, any other PersonInvestment, except: (a) investments Investments held by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date any Company in the Equity Interests form of the Borrower and the GuarantorsPermitted Investments or that were Permitted Investments when made; (b) loans or advances to officers, directors, employees, consultants and independent contractors of any Company (i) for travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person’s purchase of Equity Interests of the Issuer; provided that no cash or Permitted InvestmentsInvestments are actually advanced pursuant to this clause (ii), and (iii) for any other purposes not described in the foregoing clauses (i) and (ii); provided that the aggregate principal amount outstanding at any time under clauses (i) (other than for travel and entertainment in the ordinary course of business) and (iii) above shall not exceed $5,400,000; (c) loans or advances made Investments by (x) (i) among the Borrowers and the any Company in Issuer or any wholly-owned Subsidiary Guarantors of Issuer that is a Specified Subsidiary or a Broker-Dealer and (ii) by any wholly-owned Subsidiary of Issuer in Issuer or a wholly-owned Subsidiary of Issuer that is not a Guarantor to Specified Subsidiary or a Broker Dealer; provided that any such Investments by the Borrower Issuer or any a Specified Subsidiary in a Non-Specified Subsidiary shall be made in the form of its SubsidiariesIndebtedness, and (y) a Non-Specified Subsidiary in each case subject to the provisions of Section 6.17another Non-Specified Subsidiary; (d) investments to the extent constituting Investments, transactions expressly permitted (other than by reference to Section 4.11) under Sections 4.09, 4.10, 4.12 (including the receipt of noncash consideration for the dispositions of assets permitted thereunder), 4.13 and 4.14; (e) Investments (i) in existence on, or that are made pursuant to legally binding written commitments that are in existence on, the Issue Date, and (ii) any modification, replacement, renewal or extension thereof; provided no such modification, replacement, renewal or extension shall increase the amount of Investments then permitted under this Section 4.11(e) except pursuant to the terms of such Investment in existence on the Issue Date or as otherwise permitted by this Section 4.11; (f) Investments in Hedging Agreements permitted under Section 4.09; (g) promissory notes and other noncash consideration received in connection with dispositions permitted by Section 4.12(a); (h) other than in respect of any Pending Acquisition, the purchase or other acquisition (in one transaction or a series of related transactions) of all or substantially all of the property and assets or business of any Person or of assets constituting a business unit, a line of business or division of such Person, or the Equity Interests in a Person that, upon the consummation thereof, will be a Company (including as a result of a merger or consolidation and including the deferred purchase of any remaining minority interests in any such Company) (each, a “Permitted Acquisition”); provided that, with respect to each purchase or other acquisition made pursuant to this Section 4.11(h): (1) no Event of Default shall have occurred and be continuing or would result therefrom; (2) after giving Pro Forma Effect to the consummation of such Permitted Acquisition (and any Indebtedness incurred or repaid upon such consummation), the Secured Leverage Ratio shall be no greater than 3.25:1.00; and (3) any such Person so acquired or purchased (1) shall become upon such consummation of such purchase or acquisition a wholly-owned Subsidiary of Issuer that is a Broker-Dealer or become a Specified Subsidiary and any assets or business so acquired shall upon such consummation be held by Issuer or a wholly-owned Subsidiary of Issuer that is a Broker-Dealer or a Specified Subsidiary or (2) shall become upon the consummation of such purchase or acquisition a Non-Specified Subsidiary that is a Subsidiary of Issuer (provided that the aggregate consideration so expended for all purchases and acquisitions in reliance of this clause (2) of this clause (D) does not exceed $15,000,000); (i) Investments in the ordinary course of business consisting of (i) endorsements for collection or deposit and (ii) customary trade credit or notes receivable arrangements with customers; (j) Investments (including debt obligations and investments Equity Interests) received in satisfaction or partial satisfaction thereof from financially troubled account debtors or connection with the bankruptcy or reorganization of, or of suppliers and customers and in settlement of delinquent accounts obligations of, and other disputes with, customers and supplierssuppliers arising in the ordinary course of business and upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; (k) the licensing, sublicensing or contribution of material intellectual property pursuant to joint marketing arrangements with Persons other than the Companies in the ordinary course of business; (l) other Investments as valued at the fair market value of such Investment at the time each such Investment is made; provided that the aggregate amount of all such Investments made pursuant to this clause (l) measured at the time such Investment is made shall not exceed $30,000,000 (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); (m) Investments in Similar Businesses; provided that the aggregate amount of all such Investments made pursuant to this clause (m) measured at the time such Investment is made shall not exceed $30,000,000 (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); (n) Investments to the extent that payment for such Investments is made solely by the issuance of Equity Interests (other than Disqualified Stock) of the Issuer or RCAP Holdings to the seller of such Investments; (o) Investments of a Person that is acquired and becomes a Company or of a Person merged or amalgamated or consolidated into any Company, in each case after the Issue Date and in accordance with this Section 4.11 and/or Section 11.02, as applicable, to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; (p) Investments made with the portion, if any, of Cumulative Retained Equity Amount on the date that the Issuer elects to apply all or a portion thereof to this Section 4.11(p); provided that immediately after giving Pro Forma Effect to any such Investment no Event of Default shall be continuing; (q) the forgiveness or conversion to equity of any Indebtedness owed to the Issuer or Subsidiary and permitted by Section 4.09; (r) advances of payroll payments to employees, consultants or independent contractors or other advances of salaries or compensation to employees, consultants or independent contractors, in each case in the ordinary course of business; (es) deposits, prepayments and additional Companies may be established or created if any Investments in such additional Companies are permitted by the other credits to suppliers made clauses of this Section 4.11; (t) Guarantees of any Company of leases entered into in the ordinary course of business; (fu) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunderMerger; (gv) guarantees and Investments consisting of contributions by any other contingent obligations permitted under Section 6.01(g)Company and/or any Subsidiary of any Company to the capital of any Broker-Dealer to the extent such Investments are required by applicable law or regulation; (hw) investments consisting Investments by any Company in the Equity Interests of Capital Expenditures permitted under Section 6.09Persons that are affiliated with independent Financial Advisors of the Issuer or its Subsidiaries in an aggregate amount at any time outstanding not to exceed $21,500,000; (x) the Pending Acquisitions; (y) Investments in the form of ordinary course loans to Financial Advisors affiliated with the Issuer, consistent with past practice; and (iz) Investments in the Borrower and ordinary course of business consistent with practice in one or more mutual funds designated by a Financial Advisor who is affiliated with the Subsidiary Guarantors may make investments in community development projects Issuer, to the extent required by any Governmental Authority (including the Casino Reinvestment Development Authority)that such Investments comprise part of such Financial Advisor’s deferred compensation plan.

Investments, Loans and Advances. Purchase, hold (i) Purchase or acquire (including pursuant to any merger with a person that is not a Wholly Owned Subsidiary immediately prior to such merger) any Equity Interests, evidences of indebtedness Indebtedness or other securities ofof any other person, (ii) make or permit to exist any loans or advances toto or Guarantees of the Indebtedness of any other person (other than in respect of (A) intercompany liabilities incurred in connection with the cash management, Tax and accounting operations of the Borrower and the Subsidiaries, (B) intercompany loans, advances or Indebtedness having a term not exceeding 364 days (inclusive of any roll-overs or extensions of terms) and made in the ordinary course of business or consistent with industry practice and (C) accounts receivable, credit card and debit card receivables constituting Cash Equivalents, trade credit, advances to customers, commission, travel and similar advances to officers and employees, in each case made in the ordinary course of business), or make (iii) purchase or permit to exist any investment inotherwise acquire, any other Personin one transaction or a series of related transactions, (x) all or substantially all of the property and assets or business of another person or (y) assets constituting a business unit, line of business or division of such person (each of the foregoing, an “Investment”), except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the Guarantors; (b) Permitted Investments; (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors Investments by any Loan Party in any other Loan Party (or any entity that will become a Loan Party as a result of such Investment) and (ii) Investments by any Subsidiary that is not a Guarantor to the Borrower Loan Party in any Loan Party or any of its Subsidiaries, in each case subject to the provisions of Section 6.17other Subsidiary that is not a Loan Party; (db) investments received in connection with (i) Permitted Acquisitions and (ii) Cash Equivalents and Investments that were Cash Equivalents when made; (c) accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business or notes receivable consistent with industry practice and investments any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or the bankruptcy or reorganization of, or settlement of delinquent accounts limit loss and disputes with, customers and suppliers, in each case in the ordinary course of business; (e) deposits, any prepayments and other credits to suppliers made in the ordinary course of businessbusiness or consistent with industry practice; (d) Hedging Agreements entered into for non-speculative purposes; (e) Investments by the Borrower or any Subsidiary in an aggregate outstanding amount (valued at the time of the making thereof, and without giving effect to any subsequent change in value) that, immediately after giving effect to the making of such Investment (together with all other Investments made pursuant to this clause (e) and then outstanding), would not exceed the sum of (X) the greater of $25,000,000 and 25% of EBITDA of the Borrower and its Subsidiaries calculated on a pro forma basis for the then most recently ended Test Period, plus (Y) so long as, at the time thereof and immediately after giving effect thereto, no Event of Default under Section 7.01(b), (c), (h) or (i) shall have occurred and be continuing or would result therefrom, any portion of the Cumulative Credit on the date of such election that the Borrower elects to apply to this Section 6.03(e)(Y), which such election shall be set forth in a written notice of a Responsible Officer thereof, which notice shall set forth calculations in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount thereof elected to be so applied; (f) each Loan Party may make investments arising out Investments in the ordinary course of the receipt by such party business or consistent with industry practice consisting of non-cash consideration Uniform Commercial Code Article 3 endorsements for any Asset Sale permitted hereundercollection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers; (g) guarantees promissory notes and any other contingent obligations non-cash consideration received in connection with Dispositions permitted under by Section 6.01(g)6.04; (h) investments consisting any Investment so long as, (i) at the time thereof and immediately after giving effect thereto, no Event of Capital Expenditures permitted Default shall have occurred and be continuing or would result therefrom (or, in the case of an Investment constituting a Limited Condition Acquisition, no Event of Default shall have occurred and be continuing as of the applicable LCA Test Date or would result therefrom and no Event of Default shall have occurred and be continuing under Section 6.09; and7.01(b), (c), (h) or (i) as of the date the of the consummation of such Limited Condition Acquisition or would result therefrom) and (ii) subject to Section 1.06, immediately after giving effect to such Investment, the Total Net Leverage Ratio as of the end of the Test Period then most recently ended (calculated on a pro forma basis) would not exceed 4.00 to 1.00; (i) the equity Investments made by each Group Member prior to the Closing Date in any of its Subsidiaries; (j) (i) loans and advances to, or guarantees of Indebtedness of, officers, directors, employees, consultants, independent contractors and members of management, taken together with all other Investments pursuant to this clause (j)(i) that are at that time outstanding, not to exceed the greater of (a) $2,500,000 and (b) 2.5% of EBITDA of the Borrower and its Subsidiaries calculated on a pro forma basis for the then most recently ended Test Period determined at the time of making such Investment and (ii) loans and advances to employees, directors, officers, members of management, independent contractors and consultants for business-related travel expenses, moving expenses, payroll advances and other similar expenses or payroll expenses, in each case incurred in the ordinary course of business or consistent with industry practice or consistent with industry practice or to future, present and former employees, directors, officers, members of management, independent contractors and consultants to fund such person’s purchase of Equity Interests of the Borrower; (k) Investments constituting Indebtedness permitted under Section 6.01 hereof (including, for the avoidance of doubt, guarantees in respect thereof) and guarantees of leases (other than Finance Leases) or of other obligations that do not constitute Indebtedness and which are not prohibited by this Agreement, in each case entered into in the ordinary course of business; (l) Investments in which the payment made therefor is made solely with equity interests of the Borrower not resulting in a Change in Control; (m) the Investments, loans and advances existing as of the date hereof which are set forth on Schedule 6.03 hereto which are not otherwise permitted by this Section 6.03; (n) any Investment in securities or other assets not constituting Cash Equivalents or investment grade securities and received in connection with a Disposition made in accordance with Section 6.04; (o) any Investment acquired by the Borrower or any Subsidiary: (i) in exchange for any other Investment, accounts receivable or indorsements for collection or deposit held by the Borrower or any Subsidiary Guarantors may make investments in community development projects connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of, or settlement of delinquent accounts and disputes with or judgments against, the issuer of such other Investment or accounts receivable (including any trade creditor or customer); (ii) in satisfaction of judgments against other persons; (iii) as a result of a foreclosure by the Borrower or any Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; or (iv) as a result of the settlement, compromise or resolution of (A) litigation, arbitration or other disputes or (B) obligations of trade creditors or customers that were incurred in the ordinary course of business or consistent with industry practice of the Borrower or any Subsidiary, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; (p) (a) guarantees of Indebtedness permitted under Section 6.01, performance guarantees and Contingent Obligations incurred in the ordinary course of business or consistent with industry practice, and (b) the creation of Liens on the assets of the Borrower or any Subsidiary in compliance with Section 6.02; (q) any transaction to the extent required it constitutes an Investment that is permitted by and made in accordance with the provisions of Section 6.06 (except transactions described in clauses (f), (k), (n), (q) or (v) of such Section); (r) Investments consisting of purchases and acquisitions of inventory, supplies, material, services, equipment or similar assets or the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other persons in the ordinary course of business or consistent with industry practice; (s) advances, loans or extensions of trade credit or prepayments to suppliers or loans or advances made to distributors, in each case, in the ordinary course of business or consistent with industry practice by the Borrower or any Subsidiary; (t) any Investment in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related activities arising in the ordinary course of business or consistent with industry practice; (u) the purchase or other acquisition of any Indebtedness of the Borrower or any Subsidiary to the extent not otherwise prohibited hereunder; (v) Investments in joint ventures and Unrestricted Subsidiaries, taken together with all other Investments made pursuant to this clause (v) that are at that time outstanding not to exceed (as of the date such Investment is made) the greater of (i) $25,000,000 and (ii) 25% of EBITDA of the Borrower and its Subsidiaries calculated on a pro forma basis for the then most recently ended Test Period determined at the time of making such Investment; (w) Investments of assets relating to non-qualified deferred payment plans in the ordinary course of business or consistent with industry practice; (x) Investments constituting promissory notes or other non-cash proceeds of dispositions of assets to the extent permitted under Section 6.04; and (y) Investments resulting from pledges and deposits permitted pursuant to Section 6.02. The amount of any Investment outstanding at any time will be the original cost of such Investment, reduced by any Governmental Authority dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Borrower or a Subsidiary in respect of such Investment (including provided that, with respect to amounts received other than in the Casino Reinvestment Development Authorityform of Cash Equivalents, such amount shall be equal to the fair market value (as determined in good faith by the Borrower) of such consideration).

Investments, Loans and Advances. Purchase, hold or acquire any Equity InterestsCapital Stock, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other PersonPerson (each, an “Investment” or an “investment”), except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date in the Equity Interests of the Borrower and the GuarantorsPermitted Investments; (b) Permitted Investmentsloans or advances made by Polypore or any Subsidiary to Polypore or any other Subsidiary; provided, that (i) any such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged to the Administrative Agent for the ratable benefit of the Secured Parties pursuant to the Guarantee and Collateral Agreement and (ii) the outstanding amount of such loans and advances made by Loan Parties to Subsidiaries that are not Loan Parties shall not exceed the greater of (A) $35,000,000 and (B) 2.5% of Total Assets; (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17; (d) investments received in connection with trade credit or notes receivable and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; (d) Polypore and the Subsidiaries may make loans and advances in the ordinary course of business to their respective employees so long as the aggregate principal amount thereof at any time outstanding (determined without regard to any write-downs or write-offs of such loans and advances) shall not exceed $10,000,000 at any time and advances in the ordinary course of business of payroll payments to employees; (e) depositsPolypore may enter into Hedging Agreements that are not speculative in nature; (f) Polypore and its Subsidiaries may acquire and hold receivables owing to it, prepayments if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms (including the dating of receivables) of Polypore or such Subsidiary; (g) Holdings (or, after the Merger, Polypore) may acquire and hold obligations of one or more officers or other employees of Holdings (or, after the Merger, Polypore) or its subsidiaries in connection with such officers’ or employees’ acquisition of Capital Stock of Holdings (or, after the Merger, Polypore); (h) Polypore and its Subsidiaries may acquire and hold non-cash consideration issued by the purchaser of assets in connection with a sale of such assets to the extent permitted by Section 6.5; (i) investments, loans and advances existing on the Restatement Effective Date and set forth in Schedule 6.4; (j) prior to consummation of the Merger, Polypore and Holdings may make loans and advances to Holdings and/or the Parent (x) the proceeds of which shall be applied by Holdings and/or the Parent (A) to pay its franchise taxes and other credits fees required to suppliers maintain its corporate existence and (B) to pay out of pocket general corporate and overhead expenses incurred by Holdings and/or the Parent not to exceed in the case of this clause (B) (together with the total amount of Restricted Payments made for such purpose under Section 6.6(c)) $5,000,000 during any fiscal year of Polypore and (y) in the form of Tax Payments, to the extent directly attributable to (or arising as a result of) the operations of Polypore and the Subsidiaries; provided, however, in the case of this clause (y), that (A) the amount of such loans and advances (together with dividends made pursuant to Section 6.6(c) for the purpose of funding Tax Payments) shall not exceed the amount that Polypore and the Subsidiaries would be required to pay in respect of Federal, State and local taxes were Polypore and the Subsidiaries to pay such taxes as stand-alone taxpayers, (B) all loans and advances made to Holdings and/or the Parent pursuant to this clause (j) are used by Holdings and/or the Parent for the purposes specified herein within 20 days of the receipt thereof and (C) in the case of any loan or advance made to Holdings pursuant to this clause (j), Holdings owns, beneficially and of record, 100% of the issued and outstanding Capital Stock of Polypore at the time of such Investment; (k) investments that are made with the proceeds of substantially concurrent Excluded Contributions; (l) investments made using the Available Amount; (m) the sale or transfer of all or substantially all of the assets of Daramic LLC related to its operations in Norderstedt, Germany, to a newly-formed private German limited liability company (Gesellschaft mit beschränkter Haftung) that is a Wholly Owned Subsidiary of Polypore Acquisition GmbH; (n) additional Investments having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (r) that are at that time outstanding, not to exceed the greater of (A) $50,000,000 and (B) 3.5% of Total Assets (provided that any investments in joint ventures pursuant to this clause (n) will not exceed the greater of (A) $25,000,000 and (B) 1.75% of Total Assets; (o) Investments in a Securitization Entity or any Investment by a Securitization Entity in any other Person in connection with a Qualified Securitization Transaction; provided that any Investment in a Securitization Entity is in the form of a Purchase Money Note or an equity interest or interests in receivables and related assets generated by Polypore or a Subsidiary and transferred to any Person in connection with a Qualified Securitization Transaction or any such Person owning such receivables; (p) Investments the payment for which consists exclusively of Qualified Capital Stock; (q) any Investment in any Person to the extent it consists of prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations permitted under Section 6.01(g); (h) investments consisting of Capital Expenditures permitted under Section 6.09; and (ir) the Borrower and the Subsidiary Guarantors may make investments Investments in community development projects Unrestricted Subsidiaries not to the extent required by exceed $5,000,000 at any Governmental Authority (including the Casino Reinvestment Development Authority)one time outstanding.

Investments, Loans and Advances. Purchase, hold or acquire any Equity InterestsCapital Stock, evidences of indebtedness or other securities ofof or equity interests in, make or permit to exist any loans or advances or capital contributions to, or make or permit to exist any investment or any other interest in, any other Personperson, directly or indirectly except: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors (i) existing on the Petition Date date hereof in Capital Stock or (ii) by CommNet or any Wholly Owned Subsidiary in the Equity Interests of the Borrower and the Guarantorsor any other Subsidiary Guarantor; (b) Permitted InvestmentsInvestments and investments that were Permitted Investments when made; (c) loans investments arising out of the receipt by CommNet or advances made (i) among any Subsidiary, of noncash consideration for the Borrowers sale of assets permitted under Section 6.05 provided that in the case of the Borrower and the Subsidiary Guarantors and such consideration (iiif the stated amount or value thereof is in excess of $1,000,000) by any Subsidiary that is not a Guarantor pledged upon receipt pursuant to the Borrower or any of its Subsidiaries, in each case subject to the provisions of Section 6.17Pledge Agreement; (d) investments received intercompany loans permitted to be incurred as Indebtedness under Section 6.01; (e) (i) loans and advances to employees of CommNet or a Subsidiary not exceeding $1,000,000 in connection with the aggregate at any time and (ii) advances of payroll payments and expenses to employees in the ordinary course of business; (i) accounts receivable arising and trade credit or notes receivable granted in the ordinary course of business and investments any securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or the bankruptcy or reorganization of, or settlement of delinquent accounts limit loss and disputes with, customers and suppliers, in each case in the ordinary course of business; (eii) deposits, prepayments and other credits to suppliers made in the ordinary course of business; (f) each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Asset Sale permitted hereunder; (g) guarantees and any other contingent obligations Interest Rate Protection Agreements permitted under pursuant to Section 6.01(g6.01(d); (h) investments, other than investments consisting listed in paragraphs (a) through (g) of this Section 6.04, existing on the Closing Date and set forth on Schedule 6.04; (i) investments resulting from pledges and deposits referred to in Section 6.02(g) or (h); (j) investments constituting Permitted Business Acquisitions and subsequent investments in previously acquired Permitted Business Acquisitions not exceeding $35,000,000 (net of any return representing return of capital in respect of any such investments) in the aggregate at any time; (k) investments or loans not existing on the date hereof in any person that directly or indirectly owns and operates a System; provided that the sum of the aggregate amount of the consideration (whether cash, property or the existence of Indebtedness of such person (less third party interests in such Indebtedness)) for all investments made pursuant to this clause (k) shall not exceed (net of any return of capital of (but not return on) any such investment) $20,000,000 (which amount shall be increased by the amount of such investments directly funded through the sale of Capital Expenditures Stock of CommNet); (l) investments in or Indebtedness extended to TVX subsequent to the date hereof not exceeding $3,000,000 in the aggregate; (m) Affiliate Advances by the Borrower to any Borrowing Affiliate (i) outstanding as of the date hereof and set forth in Schedule 3.08, (ii) made pursuant to binding commitments of the Borrower under Affiliate Advance Facilities existing on the date hereof and set forth in Schedule 3.08 in accordance with the terms (including maximum amounts) and subject to all condition precedent relating to such commitments as of the date hereof, (iii) made pursuant to new commitments under existing Affiliate Advance Facilities; provided that, in the case of Affiliate Advances made pursuant to this clause (iii), the Borrower shall ensure that the condition set forth in clause (iv)(C) below is satisfied or (iv) made pursuant to other Affiliate Advance Facilities; provided that, in the case of Affiliate Advances made pursuant to this clause (iv), the Borrower shall ensure that all the following conditions are satisfied: (A) each such Borrowing Affiliate shall have entered into a management agreement whereby such Borrowing Affiliate and its subsidiaries will be managed by CommNet or a Wholly Owned Subsidiary on terms consistent with those described in the Information Memorandum for such management agreements existing on the date hereof; (B) there will be no material restriction on the right of CommNet to receive its proportionate share of the cash flow of each Borrowing Affiliate and the Downstream Affiliates in which such Borrowing Affiliate owns (directly or indirectly) Capital Stock which is not necessary for the continued operation thereof to be distributed thereby; (C) on the closing date for the proposed Affiliate Advance Facility, the ratio, on a pro forma basis, after giving effect to the proposed Affiliate Advance Facility (including unfunded commitments and Affiliate Advances thereunder on such date) and treating the proposed Borrowing Affiliate as a Borrowing Affiliate for purposes of (I) and (II) below, recomputed as of the last day of the most recently ended four consecutive fiscal quarter period of CommNet as if such Affiliate Advance Facility had existed on the first day of such four fiscal quarter period, of (I) Indebtedness of all Borrowing Affiliates and other Downstream Affiliates guaranteeing payment in full of the Affiliate Advances of any Borrowing Affiliate as of the last day of any fiscal quarter set forth below to (II) Financed Proportionate EBITDA (excluding the contribution of persons who are not either Borrowing Affiliates or Downstream Affiliates guaranteeing payment in full of the Affiliate Advances of any Borrowing Affiliate) for the four consecutive fiscal quarter period ending on such day shall not exceed the ratio set forth below: Fiscal Quarter Ratio -------------- ---------- December 31, 1997 8.0 to 1.0 March 31, 1998 8.0 to 1.0 June 30, 1998 8.0 to 1.0 September 30, 1998 8.0 to 1.0 December 31, 1998 7.0 to 1.0 March 31, 1999 7.0 to 1.0 June 30, 1999 7.0 to 1.0 September 30, 1999 7.0 to 1.0 December 31, 1999 6.0 to 1.0 March 31, 1999 6.0 to 1.0 June 30, 1999 6.0 to 1.0 September 30, 2000 6.0 to 1.0 Thereafter 5.0 to 1.0 ; provided that up to $10,000,000 in aggregate commitments under Affiliate Advance Facilities (including increases in commitments under existing Affiliate Advance Facilities contemplated in clause (iii) above) that would be prohibited hereunder due to the failure to meet the above condition shall nonetheless be permitted (subject, in the case of new Affiliate Advance Facilities, to satisfaction of the other conditions set forth in this clause (iv)); (D) each such Borrowing Affiliate or one of the Downstream Affiliates in which such Borrowing Affiliate owns (directly or indirectly) Capital Stock shall hold one or more Licenses issued by the FCC and shall use the proceeds of such Affiliate Advances solely to fund (i) the construction or operation of the System or Systems related to such License or Licenses and (ii) the payment of interest on Affiliate Advances and related transaction costs and expenses; (E) substantially all of the assets of each such Borrowing Affiliate and the Downstream Affiliates in which such Borrowing Affiliate owns (directly or indirectly) Capital Stock and which holds material assets relating to the System or Systems referred to in clause (D) above shall be pledged to secure such Affiliate Advances (except that any License referred to in clause (D) above held by any such person will be transferred to a subsidiary thereof, all of the Capital Stock of such subsidiary will be pledged to secure such Affiliate Advances, such subsidiary shall guarantee the payment in full of such Affiliate Advances and such subsidiary shall not have or incur any liability or have or assume or undertake any obligations other than such guarantee, in each case unless such action cannot reasonably be taken other than in a manner that results in tax consequences that are material and adverse to the licensee) and each of such Downstream Affiliates in which such Borrowing Affiliate owns (directly or indirectly) Capital Stock and which holds material assets related to the Systems referred to the clause (D) above shall have guaranteed the payment in full of such Affiliate Advances, and all such pledges will purport to be perfected security interests subject to no prior consensual liens; in each case pursuant to documentation substantially similar to the security documentation for a substantial number of the Affiliate Advance Facilities in existence on the date hereof; (F) each Borrowing Affiliate and other Downstream Affiliates in which such Borrowing Affiliate owns (directly or indirectly) Capital Stock and which holds material assets related to the Systems referred to in clause (D) above shall not be permitted under Section 6.09the Affiliate Advance Facilities to incur any material Indebtedness other than such Affiliate Advances and, in the case of such other Downstream Affiliates, to such Borrowing Affiliate and under guarantees of Affiliate Advances; (G) such Affiliate Advances and all related rights therein and documentation with respect thereto (including one or more notes representing such Affiliate Advances) and rights of the Borrower in collateral, guarantees and other credit support therefor will constitute Collateral under the Security Documents subject to a perfected security interest of the Collateral Agent for the benefit of the Lenders that is prior to all consensual Liens thereon; and (iH) such Affiliate Advance will be made on other terms (including with respect to interest rates and fees) and conditions which are consistent in all material respects with those of a substantial number of the Borrower and Affiliate Advance Facilities in existence on the Subsidiary Guarantors may make date hereof; (n) investments pursuant to capital calls in Downstream Affiliates existing on the Closing Date; (o) investments in community development projects Downstream Affiliates not to exceed $250,000 in the extent required by any Governmental Authority aggregate per year; and (including p) Interim Advances to Downstream Affiliates; provided that at no time will the Casino Reinvestment Development Authority)aggregate principal amount of Interim Advances exceed $25,000,000.

Investments, Loans and Advances. PurchaseDirectly or indirectly, hold lend money or credit (by way of guarantee or otherwise) or make advances to any person, or purchase or acquire any Equity Interestsstock, evidences of indebtedness bonds, notes, debentures or other securities of, make or permit to exist any loans or advances toother equity interest in, or make or permit to exist any investment incapital contribution to, any other Personperson, exceptor purchase or own a futures contract or otherwise become liable for the purchase or sale of currency or other commodities at a future date in the nature of a futures contract (all of the foregoing, collectively, “Investments”), except that the following shall be permitted: (a) investments by Holdings, the Borrower, the Subsidiaries and the Affiliated Guarantors existing on the Petition Date extensions of trade credit in the Equity Interests ordinary course of business (including, without limitation, advances to patrons of the Borrower Project’s casino operation consistent with ordinary course gaming operations and the Guarantorsapplicable Gaming Laws); (b) Permitted InvestmentsInvestments in Cash Equivalents; (c) loans or advances made (i) among the Borrowers and the Subsidiary Guarantors and (ii) by any Subsidiary that is not a Guarantor to the Borrower or any extent constituting Investments, the incurrence of its Subsidiaries, in each case subject to the provisions of Indebtedness permitted by Section 6.176.01(b); (d) investments received in connection with trade credit or notes receivable loans and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or advances to employees of the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case Loan Parties in the ordinary course of businessbusiness (including, without limitation, for travel, entertainment and relocation expenses) in an aggregate amount (with respect to all Loan Parties) not to exceed $1,000,000 at any one time outstanding; (e) depositsInvestments by any Loan Party in Borrower or any Subsidiary Guarantor; (f) Investments received in settlement of debt as liabilities owed to the Loan Parties or in satisfaction of judgments; (g) [Reserved]; (h) to the extent constituting Investments, prepayments (i) any Loan Party may consummate a transaction permitted pursuant to Section 6.05, (ii) any Loan Party may engage in Asset Sales permitted pursuant to Section 6.06 (including receipt of consideration constituting Investments), (iii) any Loan Party may make Dividends permitted pursuant to Section 6.08 and other credits (iv) any Loan Party may take actions permitted pursuant to suppliers Section 6.09; (i) Investments consisting of pledges or deposits made in the ordinary course of business, including the investment of such sums as provided in Sections 6.02(d), (s) and (t); (fj) each Loan Party may make investments arising out Investments consisting of the receipt by such party of debt securities and other non-cash consideration received as consideration for any an Asset Sale permitted by Section 6.06; (k) prepaid expenses and similar items in the ordinary course of business pursuant to transactions not otherwise prohibited hereunder; (gl) guarantees Investments or other payments made in respect of (i) the Transportation Improvement Project in an aggregate amount not to exceed $10,000,000 following the Closing Date, (ii) the CRDA Obligations or Investments relating thereto and (iii) advances made pursuant to the Energy Services Agreement which, with respect to such advances made on or after the Closing Date, will not exceed $5,000,000 outstanding at any other contingent obligations permitted under Section 6.01(g)time; (hm) investments consisting in addition to Investments otherwise expressly permitted by this Section 6.04, so long as no Default or Event of Capital Expenditures permitted Default shall have occurred and be continuing at the time such Investments are made or would result therefrom, Investments by the Loan Parties in an aggregate amount (with respect to all Loan Parties), not to exceed $25,000,000 at any time outstanding; (n) Investments in Unrestricted Subsidiaries and joint ventures established to develop or operate restaurants, night clubs, hotel space, entertainment venues, retail space or other activities within the Project, which Investments may be made pursuant to (or in lieu of) dispositions in the manner contemplated under Section 6.09Sections 6.06(p) and (q) or received in consideration for dispositions under Sections 6.06(p) and (q); and (o) Investments in an amount equal to any Net Cash Proceeds received by the Loan Parties after the Closing Date from capital contributions or issuances of Equity Interests; (p) Investments in Unrestricted Subsidiaries and joint ventures (i) constituting Buffer Property and (ii) of an amount not to exceed $10,000,000 plus the Borrower Special Amount for the purpose of developing and maintaining such property; provided that (x) the Subsidiary Guarantors Loan Parties shall be required to maintain control (which may make investments be through required contractual standards) over the primary aesthetics and standards of service and quality of such development and (y) such development shall not materially interfere with or materially impair or detract from, the operation of the Project; and (q) the Closing Date Transactions. The amount of any Investment shall be the initial cost thereof (or, in community development projects the case of Investments under clause (m) (in a form other than cash or Cash Equivalents), based on the fair market value of the assets contributed on the date of such contributions), minus all payments received from time to time with respect to such Investment, whether constituting dividends, distributions, sale proceeds, interest, principal or otherwise; and in the extent required by any Governmental Authority (including case of an Investment which is a Contingent Obligation, the Casino Reinvestment Development Authority)amount thereof shall be determined as provided in the definition of Contingent Obligation and shall be reduced as the underlying obligation is reduced.