Limitation on Advances and Investments. Neither the Borrower nor the Guarantors will, or will permit any of their respective Subsidiaries to, make or permit to exist, any loans, advances or capital contributions to, or make any investment in, or purchase or commit to purchase any stock or other securities or evidences of indebtedness of or interests in any other Person which is not, or which will not become in connection with such transaction, a Subsidiary (“Investments”), except:
(a) Liquid Investments;
(b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms;
(c) Investments not otherwise permitted by this Section 7.07 in any Person or Persons in a maximum aggregate amount not to exceed $100,000,000 in any fiscal year;
(d) Investments not otherwise permitted by this Section 7.07 in any Person or Persons so long as (1) after giving effect to the Investments (and any related Borrowing or other incurrence of Debt), the Debt to Cash Flow Ratio is equal to or less than 3.50 to 1.00 on a pro forma basis as of the last fiscal quarter for which financial statements have been delivered to the Administrative Agent in accordance with the terms hereof, and (2) immediately before and after giving effect thereof, no Default or event which, with the giving of notice, the lapse of time or both, would constitute a Default shall have occurred and be continuing or would result therefrom;
(e) for the avoidance of doubt, acquisitions of restaurants from Chili’s franchisees; and
(f) Investments existing on the Effective Date and described on Schedule VI.
Limitation on Advances and Investments. Neither the Borrower nor the Guarantor will, or will permit any of their respective Subsidiaries to, make or permit to exist, any loans, advances or capital contributions to, or make any investment in, or purchase or commit to purchase any stock or other securities or evidences of indebtedness of or interests in any Person which is not, or which will not become in connection with such transaction, a Subsidiary (“Investments”), except the following:
(a) Liquid Investments;
(b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms;
(c) Investments in respect of joint ventures or similar arrangements relating to the ownership or operation of food service businesses in which the Borrower and its Subsidiaries in the aggregate are the beneficial owners of not less than 50% of the outstanding equity interests;
(d) Investments not otherwise permitted by this Section 7.07 in any Person, provided that the aggregate amount of such Investments made and outstanding at any time shall not exceed thirty percent (30%) of the Consolidated assets of the Borrower as set forth on the most recent financial statements of the Borrower and its Consolidated Subsidiaries delivered to the Banks pursuant to Sections 5.04 or 6.02; and
(e) Investments existing on the date hereof and described on Schedule VI; and
(f) Investments by Foreign Subsidiaries in other Subsidiaries or other Persons, provided that such Investments in other Persons are from the retained earnings of a Foreign Subsidiary or other Person, and any retention by a Subsidiary or other Person of net income.
Limitation on Advances and Investments. Make or suffer to exist any advances or loans in excess of $10,000 to, or any material investments in (by transfers of property, contributions to capital, purchase of stock or securities or evidence of indebtedness, acquisition of assets or business or otherwise but excluding accounts receivable arising in the ordinary course of Borrower's business) any person, firm or corporation, including officers or employees of the Borrower.
Limitation on Advances and Investments. The Borrower shall not make or suffer to exist any advances or loans to, or any investments in (by transfers or property, contributions to capital, purchase of stock or securities or evidence of indebtedness, acquisition of assets or business or otherwise) any Person other than the securities of the United States of America and other investments as may be offered by the Lender.
Limitation on Advances and Investments. Make or suffer to exist any advances or loans to, or any investments in (by transfers of property, contributions to capital, purchase of stock or securities or evidence of indebtedness, acquisition of assets or business or otherwise) any person, firm or corporation, including officers or employees of Obligors, other than capital expenditures permitted by Section 6.20 and acquisitions of all the stock or all or substantially all of the assets of any entity (each an "Acquisition") funded by internally generated cash, stock of Holdings or purchase money indebtedness owed to the seller of the stock or assets of such entity being acquired for which the total purchase price in any one Acquisition does not exceed $500,000 and the total purchase price for all Acquisitions in any one fiscal year does not exceed $1,000,000 and after giving effect to which no Event of Default, or event which with the giving of notice or the passage of time would constitute an Event of Default, shall have occurred.
Limitation on Advances and Investments. Neither the Borrower nor the Guarantors will, or will permit any of their respective Subsidiaries to, make or permit to exist, any loans, advances or capital contributions to, or make any investment in, or purchase or commit to purchase any stock or other securities or evidences of indebtedness of or interests in any other Person which is not, or which will not become in connection with such transaction, a Subsidiary (“Investments”), except the following:
(a) Liquid Investments;
(b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms;
Limitation on Advances and Investments. Except as otherwise consented to by the Bank (such consent not to be unreasonably withheld or delayed), the Borrower shall not make or suffer to exist any advances or loans to, or any investments in (by transfers or property, contributions to capital, purchase of stock or securities or evidence of indebtedness, acquisition of assets or business or otherwise) any Person other than Permitted Investments.
Limitation on Advances and Investments. Without the prior written consent of the Requisite Investors, the Borrower shall not make or suffer to exist any advances or loans to, or any investments in (by transfers or property, contributions to capital, purchase of stock or securities or evidence of indebtedness, acquisition of assets or business or otherwise) any Person other than the securities of the United States of America and certificates of deposits in a bank or trust Borrower or other deposit account acceptable to the Agent, and the Borrower shall not prepay any financing-related debt obligations. Notwithstanding the forgoing, Borrower may make advances to employees in the normal course of business based upon its employee expense reimbursement plan; provided, however, that all such advances shall be in compliance with the provisions of Section 402 of the Xxxxxxxx-Xxxxx Act of 2002.
Limitation on Advances and Investments. The Borrower shall not make or suffer to exist any advances or loans to, or any investments in (by transfers or property, contributions to capital, purchase of stock or securities or evidence of indebtedness, acquisition of assets or business or otherwise) any Person other than the securities of the United States of America and certificates of deposits in a bank or trust Borrower or other deposit account acceptable to the Agent, and the Borrower shall not prepay any financing-related debt obligations. Notwithstanding the forgoing, Borrower may make advances to employees in the normal course of business based upon its employee expense reimbursement plan; provided, however, that all such advances shall be in compliance with the provisions of Section 402 of the Xxxxxxxx-Xxxxx Act of 2002.
Limitation on Advances and Investments. Make or suffer to exist any advances or loans to, or any investments in (by transfers of property, contributions to capital, purchase of stock or securities or evidence of indebtedness, acquisition of assets 52 or business or otherwise) any person, firm or corporation, including officers or employees of Obligors, other than (a) Capital Expenditures permitted by Section 6.20, (b) advances for employee business expenses in the ordinary course of business, (c) advances or loans to another Obligor, (d) investments in U. S. Treasury obligations, Certificates of Deposits issued by banks domiciled in the United States and securities pursuant to Agent's automatic sweep investment account, in each case in the ordinary course of business, (e) the existing investments in Mac Casualty Ltd. and Computer Designed Systems, Inc. as of the date of this Agreement and (f) Acquisitions of businesses within the home and office business segment of the food and beverage industry which derive seventy-five percent (75%) or more of their revenues from the home and office delivery of bottled water and refreshment products and for which, in any one transaction, the total purchase price does not exceed $4,000,000, the amount borrowed under the Acquisition/Capital Asset Line of Credit does not exceed $3,000,000 and the total amount of the purchase price funded by internally generated cash does not exceed $1,000,000 and after giving effect to which, as certified in a written statement from the President, Chief Executive Officer or Chief Financial Officer of Holdings delivered to Agent prior to such Acquisition demonstrating compliance with all financial covenants on a proforma basis after taking into account such Acquisition and reflecting all computations in connection therewith, no Event of Default, or event which with the giving of notice or the passage of time would constitute an Event of Default, shall have occurred and (g) the acceptance of a promissory note in the original principal amount of $500,000 from Micropack Corporation, a copy of which is attached hereto as Exhibit 6.4. None of the Obligors shall enter into any joint venture.
