Common use of Limitation on Investments and New Businesses Clause in Contracts

Limitation on Investments and New Businesses. Make any expenditure or commitment or incur any obligation or enter into or engage in any transaction except in the ordinary course of business (which shall be deemed to include expenditures, commitments, obligations and transactions permitted by clause (iii) or clause (iv) of this paragraph 6C(3)); (ii) engage directly or indirectly in any business or conduct any operations except in connection with or incidental to its present businesses and operations (which shall be deemed to include electric power generation and marketing and expenditures, commitments, obligations and transactions permitted by clause (iii) or clause (iv) of this paragraph 6C(3)); (iii) make any acquisitions of, capital contributions to, or other investments in, any Persons which exceed in the aggregate $500,000 other than (a) capital contributions to and investments in any joint venture described in Schedule 6C(3) or in the Wholly Owned Subsidiaries, (b) acquisitions of equity in corporations or partnerships having as their primary business gas processing, transmission and gathering, oil and gas production and storage or gas marketing and related activities or electric power generation or marketing which do not exceed in the aggregate 10% of Consolidated Net Tangible Assets, (c) deposits with, investments in obligations of and time deposits in any domestic bank or domestic branches of foreign banks which, at the time such deposit or investment is made, are rated A or better by S & P or Xxxxx'x and investments maturing within one year from the date of acquisition in direct obligations of or obligations supported by, the full faith and credit of, the United States of America and (d) purchases of open market commercial paper, maturing within 270 days after acquisition thereof, with the highest or second highest credit rating given by either S & P or Xxxxx'x and investments in money market mutual funds with equivalent ratings or (iv) make any significant acquisitions or investments in any properties other than gas processing, transmission and gathering facilities, domestic oil and gas properties, gas storage facilities, gas inventory and electric power generation facilities which exceeds $5,000,000; provided, however, that the loans referred to in clause (iii) of paragraph 6C(7) may be outstanding.

Limitation on Investments and New Businesses. Make No Related Person -------------------------------------------- will: (i) make any expenditure or commitment or incur any obligation or enter into or engage in any transaction except in the ordinary course of business (which shall be deemed to include expenditures, commitments, obligations and transactions permitted by clause (iii), (iv), (v) or clause (ivvi) of this paragraph 6C(3sentence)); ; (ii) engage directly or indirectly in any business or conduct any operations except in connection with or incidental to its present businesses and operations (which shall be deemed to include electric power generation and marketing and expenditures, commitments, obligations and transactions permitted by clause (iii), (iv), (v) or clause (ivvi) of this paragraph 6C(3sentence)); ; (iii) make any acquisitions of, of or capital contributions to, to or other investments in, in any Persons which exceed in the aggregate $500,000 other than (aA) capital contributions to and investments in any Williston Gas Company and Subsidiaries already wholly owned by such Related Person and the joint venture ventures described in on Schedule 6C(3) or in the Wholly Owned Subsidiaries4 hereto, and (b) acquisitions of equity in corporations or partnerships having as their primary business gas processing, transmission and gathering, oil and gas production and storage or gas marketing and related activities or electric power generation or marketing which do not exceed in the aggregate 10% of Consolidated Net Tangible Assets, (cB) deposits withwith any Lender, investments in obligations of and any Lender or any of such Lender's Affiliates, time deposits in any domestic bank or domestic branches of foreign banks other banking institutions which, at the time such deposit or investment is made, are rated A or better "C" by S & P or Xxxxx'x Thomson BankWatch, Inc. and investments maturing within one year from the date of acquisition in direct obligations of or obligations supported by, the full faith and credit of, the United States of America and (d) purchases of open market commercial paper, maturing within 270 days after acquisition thereof, with the highest or second highest credit rating given by either S & P or Xxxxx'x and investments in money market mutual funds with equivalent ratings or America, (iv) make any significant acquisitions or investments in any properties other than gas processing, transmission transmission, gathering and gathering facilities, storage facilities and domestic oil and gas properties, gas storage facilities, gas inventory ; (v) make capital expenditures and/or general and electric administrative expenditures relating to power generation facilities and power marketing which exceeds exceed in the aggregate $5,000,0001,000,000, or; (vi) make any other investments unless (1) no Default or Event of ------ Default has occurred and is continuing at the time such investment is made and (2) such investments, together with all repurchases and dividends declared or paid by Borrower since December 31, 1995 in accordance with the provisions of Section 6.2(a) (except for all dividends declared in the fourth Fiscal Quarter of 1995, payable in 1996 with respect to any class of stock of Borrower), do not, in the aggregate, exceed the sum of (I) $10,000,000; provided, however, that the loans referred to in clause plus (iiiII) fifty percent ---- (50.0%) of paragraph 6C(7Borrower's Consolidated cumulative net income earned after December 31, 1995 if such figure is positive (zero percent, if there is a Consolidated cumulative net loss); plus (III) may fifty percent ---- (50.0%) of the cumulative net proceeds received by Borrower and its Subsidiaries at any time after December 31, 1995 from the sale of any equity securities issued by Borrower or any of its Subsidiaries. Notwithstanding the foregoing, if any Related Person makes an acquisition of any Person or property in accordance with the provisions of this Section 6.2(f), and if the historical cash earnings of the Person or property so acquired would have to be outstandingincluded in the calculation of the Mandatory Prepayment Ratio most recently delivered to Agent and Lenders hereunder to support the Indebtedness, if any, incurred by such Related Person in making the acquisition, Borrower shall promptly notify Agent and Lenders of such fact and Lenders shall have the right to require a recalculation of the Mandatory Prepayment Ratio in accordance with the provisions of Section 2.7(b) which ratio shall become effective at the time of such acquisition."

Limitation on Investments and New Businesses. (i) Make any expenditure or commitment or incur any obligation or enter into or engage in any transaction except in the ordinary course of business (which shall be deemed to include expenditures, commitments, obligations and transactions permitted by clause (iii) or clause (iv) of this paragraph 6C(3)); (ii) engage directly or indirectly in any business or conduct any operations except in connection with or incidental to its present businesses and operations (which shall be deemed to include electric power generation and marketing and expenditures, commitments, obligations and transactions permitted by clause (iii) or clause (iv) of this paragraph 6C(3)); (iii) make any acquisitions of, capital contributions to, or other investments in, any Persons which exceed in the aggregate $500,000 other than (a) capital contributions to and investments in any joint venture described in Schedule 6C(3) or in the Wholly Owned Subsidiaries, (b) acquisitions of equity in corporations or partnerships having as their primary business gas processing, transmission and gathering, oil and gas production and storage or gas marketing and related activities or electric power generation or marketing which do not exceed in the aggregate 10% of Consolidated Net Tangible Assets, Assets and (c) deposits with, investments in obligations of and time deposits in any domestic bank or domestic branches of foreign banks which, at the time such deposit or investment is made, are rated A or better by S Standard & P Poor's Rating Group or Xxxxx'x Investor Service, Inc. or B or better by Xxxxxxxx Bank Watch and investments maturing within one year from the date of acquisition in direct obligations of or obligations supported by, the full faith and credit of, the United States of America and (d) purchases of open market commercial paper, maturing within 270 days after acquisition thereof, with the highest or second highest credit rating given by either S & P or Xxxxx'x and investments in money market mutual funds with equivalent ratings or (iv) make any significant acquisitions or investments in any properties other than gas processing, transmission and gathering facilities, domestic oil and gas properties, gas storage facilities, gas inventory and electric power generation facilities which exceeds $5,000,000; provided, -------- however, that the loans referred to in clause (iiiiv) of paragraph 6C(7) may be ------- outstanding.

Limitation on Investments and New Businesses. (i) Make any expenditure or commitment or incur any obligation or enter into or engage in any transaction except in the ordinary course of business (which shall be deemed to include expenditures, commitments, obligations and transactions permitted by clause (iii) or clause (iv) of this paragraph 6C(3)); (ii) engage directly or indirectly in any business or conduct any operations except in connection with or incidental to its present businesses and operations (which shall be deemed to include electric power generation and marketing and expenditures, commitments, obligations and transactions permitted by clause (iii) or clause (iv) of this paragraph 6C(3)); (iii) make any acquisitions of, capital contributions to, or other investments in, any Persons which exceed in the aggregate $500,000 other than (a) capital contributions to and investments in any joint venture described in Schedule 6C(3) EXHIBIT 2 to Letter Amendment No. 5 or in the Wholly Owned Subsidiaries, (b) acquisitions of equity in corporations or partnerships having as their primary business gas processing, transmission and gathering, oil and gas production and storage or gas marketing and related activities or electric power generation or and marketing which do not exceed in the aggregate 10% of Consolidated Net Tangible Assets, Assets and (c) deposits with, investments in in, obligations of and time deposits in any domestic bank or domestic branches of foreign banks which, at the time such deposit or investment is made, are rated A or better by S Standard & P Poor's Rating Group or Xxxxx'x Investors Service, Inc. or B or better by Xxxxxxxx Bank Watch and investments maturing within one year from the date of acquisition in direct obligations of or obligations supported by, the full faith and credit of, the United States of America and (d) purchases of open market commercial paper, maturing within 270 days after acquisition thereof, with the highest or second highest credit rating given by either S & P or Xxxxx'x and investments in money market mutual funds with equivalent ratings America; or (iv) make any significant acquisitions acquisition or investments investment in any properties other than gas processing, transmission and gathering facilities, domestic oil and gas properties, gas storage facilities, gas inventory and electric power generation facilities which exceeds $5,000,000; providedPROVIDED, however, that the loans referred to in clause (iii) of paragraph 6C(7) may be outstanding." F. Paragraph 6C(5)(iv) is hereby deleted in its entirety and replaced, in lieu thereof, with the following:

Limitation on Investments and New Businesses. (i) Make any expenditure or commitment or incur any obligation or enter into or engage in any transaction except in the ordinary course of business (which shall be deemed to include expenditures, commitments, obligations and transactions permitted by clause (iii) or clause (iv) of this paragraph 6C(3)); (ii) engage directly or indirectly in any business or conduct any operations except in connection with or incidental to its present businesses and operations (which shall be deemed to include electric power generation and marketing and expenditures, commitments, obligations and transactions permitted by clause (iii) or clause (iv) of this paragraph 6C(3)); (iii) make any acquisitions of, capital contributions to, or other investments in, any Persons which exceed in the aggregate $500,000 other than (a) capital contributions to and investments in any joint venture described in Schedule 6C(3) or in the Wholly Owned Subsidiaries, (b) acquisitions of equity in corporations or partnerships having as their primary business gas processing, transmission and gathering, oil and gas production and storage or gas marketing and related activities or electric power generation or and marketing which do not exceed in the aggregate 10% of Consolidated Net Tangible Assets, Assets and (c) deposits with, investments in in, obligations of and time deposits in any domestic bank or domestic branches of foreign banks which, at the time such deposit or investment is made, are rated A or better by S & P S&P or Xxxxx'x or B or better by Xxxxxxxx Bank Watch and investments maturing within one year from the date of acquisition in direct obligations of of, or obligations supported by, by the full faith and credit of, the United States of America and (d) purchases of open market commercial paper, maturing within 270 days after acquisition thereof, with the highest or second highest credit rating given by either S & P or Xxxxx'x and investments in money market mutual funds with equivalent ratings America; or (iv) make any significant acquisitions acquisition or investments investment in any properties other than gas processing, transmission and gathering facilities, domestic oil and gas properties, gas storage facilities, gas inventory and electric power generation facilities which exceeds $5,000,000; provided, however, that the loans referred to in clause (iii) of paragraph 6C(7) may be outstanding.