Limit on Investment. The Borrower shall not, nor shall it permit its Subsidiaries to, make any Investment other than Permitted Investments.
Limit on Investment. Except for Investments in the Canadian Borrower or any Material Subsidiary which has previously granted Security to the Agent on behalf of the Lenders, the Borrowers shall not, nor shall they permit any Subsidiaries to, make Investments in excess, in the aggregate in any calendar year, of U.S.$50,000,000 in or relating to (A) P&NG Rights which are located in countries which are not members of the OECD, or (B) any Person (x) whose property, assets or undertakings are principally located in countries which are not members of the OECD or (y) whose business is other than the exploration, development and production of Petroleum Substances from P&NG Rights located in countries which are members of the OECD.
Limit on Investment. Make Investments, or permit any Subsidiary to make Investments, other than:
Limit on Investment. Except for Investments by the Borrower in Baytex Luxembourg and Investments consisting of loans by Baytex Oil & Gas Ltd. to Baytex Luxembourg, the Borrower shall not, nor shall it permit the Parent or any Subsidiary thereof to, make Investments in excess, in the aggregate in any calendar year, of [Amount redacted] in or relating to (i) P&NG Rights which are located in countries which are not members of the OECD, or (ii) any person (A) whose property, assets or undertakings are principally located in countries which are not members of the OECD or (B) whose business is other than the exploration, development and production of Petroleum Substances from P&NG Rights located in countries which are members of the OECD.
Limit on Investment. Except for Investments in the Canadian Borrower or in any Material Subsidiary which has previously delivered the guarantees required to be delivered to the Agent pursuant to Section 11.1, the Canadian Borrower shall not, nor shall it permit any of its Subsidiaries to, make Investments in excess, in the aggregate in any calendar year, of Cdn.$75,000,000 in or relating to (A) P&NG Rights which are located in countries which are not members of the OECD, or (B) any person (x) whose property, assets or undertakings are principally located in countries which are not members of the OECD or (y) whose business is other than the exploration, development and production of Petroleum Substances from P&NG Rights located in countries which are members of the OECD.
