Limitation on Investment. (a) Notwithstanding anything in this Agreement to the contrary, ACS shall have no obligation to make any purchase (including the Interim Investment and Final Investment) if such purchase would cause it to own 20% or more of either (i) the then-outstanding share capital of the Company or (ii) the then-outstanding share capital of the Company on a fully-diluted as-converted basis, in which case it shall only be required to purchase the maximum number of shares of the Company in either the Interim Investment or Final Investment that it could purchase without its ownership equaling or exceeding 20%.
(b) The Company shall have no obligation to sell any shares of capital stock to the extent such sale violates any applicable law, rule or regulation, including but not limited to the listing requirements or other regulation of any national securities exchange. In the event that the Company exercises its right not to sell additional shares to ACS because such sale would violate an applicable law, rule or regulation, the Company will discuss this decision with ACS and, upon ACS's request, the parties agree to discuss and negotiate other possible arrangements in an effort to achieve the parties' intention of providing funding for the transactions contemplated by the Collaboration Agreement.
Limitation on Investment. SECTION 9.4 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
Limitation on Investment. Except to the extent permitted by SECTIONS 9.1, 9.6 or 9.10, the Borrower will not, nor will it permit any of its Subsidiaries to, make or permit to remain outstanding any loan, extension of credit or capital contribution to or investment in any Person, or purchase or own any stock, bonds, notes, debentures or other securities of any Person, or acquire or purchase the assets or business of any other Person, or acquire or purchase securities or become a joint venturer with or partner of 20 any Person (all such transactions being herein called "INVESTMENTS"), other than:
(a) Cash Equivalents;
(b) Investments permitted by SECTION 9.5; (c) Investments (whether in cash or property) in Wholly- Owned Subsidiaries or Majority-Owned Subsidiaries of the Borrower made consistent with past practices and not prohibited by SECTION 9.12A, in either event so long as such Wholly-Owned Subsidiaries or Majority-Owned Subsidiaries are not Excluded Subsidiaries;
Limitation on Investment. Except to the extent permitted by Sections 9.1, 9.6 or 9.10, Borrower will not, nor will it permit any of its Subsidiaries to, make or permit to remain outstanding any loan, extension of credit or capital contribution to or investment in any Person, or purchase or own any stock, bonds, notes, debentures or other securities of any Person, or acquire or purchase the assets or business of any other Person, or acquire or purchase securities or become a joint venturer with or partner of any Person (all such transactions being herein called "Investments"), other than:
(a) Cash Equivalents; 66 73 (b) acquisitions permitted by Section 9.5;
Limitation on Investment. The Borrower will not, nor will it permit any of its Subsidiaries to, make or permit to remain outstanding any loan, extension of credit or capital contribution to or investment in any Person, or purchase or own any Equity Interests or Debt (whether in the form of stock, uncertificated ownership interests, bonds, notes, debentures or other securities) of any Person, or acquire or purchase the assets or business of any other Person, or acquire or purchase securities or become a joint venturer with or partner of any Person (all such transactions being herein called "INVESTMENTS"), other than:
(a) Cash Equivalents;
(b) Investments permitted by SECTION 9.5;
(c) Investments (whether in cash or Property) in Wholly-Owned Subsidiaries or Majority-Owned Subsidiaries of the Borrower made consistent with past practices and not prohibited by SECTION 9.12A, in either event so long as such Wholly-Owned Subsidiaries or Majority- Owned Subsidiaries are not Excluded Subsidiaries;
(d) other Investments (whether in cash or Property, and, in the case of Investments in Persons other than Excluded Subsidiaries and if in Property, valued at its then current appraised value) made on or after the Closing Date in any Person, including Excluded Subsidiaries, in an aggregate amount (together with Debt permitted by SECTION 9.1(L) and together with Investments in Excluded Subsidiaries referred to in SCHEDULE 9.4) not to exceed five percent (5%) of Consolidated Tangible Assets;
(e) other Investments made by Hospital Assurance Company, Ltd., a Wholly-Owned Subsidiary of Borrower, in investment grade securities;
(f) receivables owing to it, if created in the ordinary course of business or dischargeable in accordance with customary trade terms;
(g) Investments between and among the Excluded Subsidiaries;
(h) loans and extensions of credit permitted by SECTIONS 9.1(H), (I), (K) and (L) and SECTION 9.6; and
(i) existing Investments (other than the Investments covered under CLAUSES (A) through (G) above) identified on SCHEDULE 9.4 hereto; PROVIDED, HOWEVER, that, no Investments may be made by the Borrower or any of its Subsidiaries pursuant to CLAUSES (B) or (D) preceding if an Event of Default exists at the time of such Investment or would result therefrom.
Limitation on Investment. Probex will not permit the Company to, and the Company will not, and will not permit any Subsidiary to, make any Investments, other than:
(a) Investments in and to Wholly-owned Subsidiaries;
(b) Investments representing loans or advances to officers, directors and employees for expenses (including moving expenses related to a transfer) incidental to carrying on the business of the Company or any Wholly-owned Subsidiary in an aggregate outstanding amount not to exceed $50,000;
Limitation on Investment. The Managers may invest the Deposited Property as specified in the Trust Deed and the directives issued by Commission from time to time. Provided that
Limitation on Investment. Make, directly or indirectly, any investment except an investment made by the Borrowers or any Wholly — owned Subsidiary of the Borrowers in assets to be used by it or such Wholly — owned Subsidiary to carry on their Core Business
Limitation on Investment. 40 ARTICLE 10 PREPAYMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 10.1
Limitation on Investment. The Company shall not make any Investment in any Unrestricted Subsidiary nor shall it convert any Restricted Subsidiary to an Unrestricted Subsidiary unless such Investment would be permitted on such date pursuant to Section 7.4(n). The amount of an Investment made upon the conversion of a Restricted Subsidiary to an Unrestricted Subsidiary shall be the fair market value of the equity of such Restricted Subsidiary as determined by the Board of Directors of the Company in good faith and certified to the Administrative Agent pursuant to Section 10.20.
