Common use of Limit on Investment Clause in Contracts

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. Except for Investments in the Canadian Borrower or in any Material Subsidiary which has previously granted Security to the Agent on behalf of the Lenders, the Borrowers Canadian Borrower shall not, nor shall they it permit any of its 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 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. Except for Investments in the Canadian Borrower or in any Material Subsidiary which has previously granted Security to the Agent on behalf of the Lenders, the Borrowers Canadian Borrower shall not, nor shall they it permit any of its 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.