Common use of Limitation on Investments, Loans and Advances Clause in Contracts

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”), any Person, except: (a) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c); (e) loans and advances to officers, directors or employees of Holdings or any of its Subsidiaries (i) in the ordinary course of business for travel and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 outstanding at any time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10; (f) (i) Investments by any Qualified Loan Party in any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7; (g) acquisitions expressly permitted by subsection 8.9;

Limitation on Investments, Loans and Advances. Make any --------------------------------------------- advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, investment in (each an “Investment”all of the foregoing being herein collectively referred to as "Investments"), any Person, ----------- except: (a) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c); (e) loans and advances to officers, directors or employees of Holdings such Person or any of its Subsidiaries (i) in the ordinary course of business for travel travel, entertainment and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment for Holdings and its Subsidiaries not to exceed the original amount invested$250,000 at any one time outstanding; (d) pursuant to this paragraph Investments by Holdings in its Subsidiaries which are or become Credit Parties and investments by such Subsidiaries which are or become Credit Parties in Holdings and in other Subsidiaries of Holdings which are or become Credit Parties; (e) Investments by Holdings in the Real Estate Subsidiary in an aggregate amount not to exceed $5,000,000 plus amounts necessary to maintain and operate the real property and improvements thereon owned by the Real Estate Subsidiary; (f) Investments in Unqualified Subsidiaries of Holdings not to exceed $20,000,000 in the aggregate; (g) Investments constituting Permitted Business Acquisitions so long as, after giving effect to the consummation of the transactions contemplated by each Permitted Business Acquisition, the Loans to be made and the Letters of Credit to be issued hereunder and the loans to be made under the Equipment Lease Credit Agreements in connection therewith, the sum of (i) the cash and Cash Equivalents then held by Holdings and (ii) an amount equal to the difference between (A) the aggregate Commitments hereunder and the aggregate Commitments and the aggregate Investor Commitments under the Equipment Lease Participation Agreements in effect at such time and (B) the Aggregate Outstanding Extensions of Credit of all the Lenders hereunder and the Available Commitments and Available Investment Commitments under the Equipment Lease Participation Agreements at such time, equals at least $20,000,000; (h) Investments or acquisitions by Holdings or its Subsidiaries in (i) up to 50% of the shares of capital stock, partnership interests, joint venture interests, limited liability company interests or other similar equity interests in, a Person (other than clause (iv) hereofa Subsidiary), together with or (ii) loans or advances to a Person (other than a Subsidiary), provided that the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e)such -------- loans, advances, investments or acquisitions does not exceed $5,000,000 outstanding at any time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving 25,000,000 in any such capacity or as otherwise specified in subsection 8.10fiscal year; (f) (i) Investments by any Qualified Loan Party in any other Qualified Loan PartyLoans to employees, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting officers and directors of intercompany loans made by Canadian Xxxxx Holdings and its Subsidiaries to RSC Canada and (iv) Investments in acquire shares of capital stock of Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7;not to exceed $20,000,000; and (gj) acquisitions expressly permitted the purchase by subsection 8.9;the TIDES Trust of the TIDES Debentures, as contemplated under the TIDES Declaration of Trust.

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”), any Person, except: (a) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c); (e) loans and advances to officers, directors or employees of Holdings or any of its Subsidiaries (i) in the ordinary course of business for travel and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 outstanding at any time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10; (f) (i) Investments by any Qualified Loan Party in any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx Fxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx Fxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7; (g) acquisitions expressly permitted by subsection 8.9; (h) Investments of the Parent Borrower and its Subsidiaries under Interest Rate Protection Agreements (other than those entered into for speculative purposes) or under Permitted Hedging Arrangements; (i) Investments in the nature of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business or otherwise described in subsection 8.3(c), (d) or (f); (j) Investments representing non-cash consideration received by the Parent Borrower or any of its Subsidiaries in connection with any Asset Sale, provided that in the case of any Asset Sale permitted under subsection 8.6(g) or (h), such non-cash consideration constitutes not more than 25% of the aggregate consideration received in connection with such Asset Sale and any such non-cash consideration received by the Parent Borrower or any other Loan Party is pledged to the U.S. Collateral Agent, for the benefit of the Lenders, pursuant to the Security Documents; (k) Investments by the Parent Borrower or any of its Subsidiaries in a Person in connection with a joint venture or similar arrangement in respect of which no other co-investor or other Person has a greater legal or beneficial ownership interest than the Parent Borrower or such Subsidiary; provided that (i) the aggregate amount of such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment) outstanding pursuant to this paragraph (k), when aggregated with (A) all Guarantee Obligations outstanding pursuant to subsection 8.4(o), (ii), (B) all cash dividends paid pursuant to paragraph 8.7(k), (C) all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) outstanding pursuant to paragraph (o) of this subsection 8.8, (D) all cash consideration paid in respect of acquisitions pursuant to paragraph 8.9(b)(iii) and (E) all optional prepayments made pursuant to subsection 8.13(f), do not exceed $100,000,000 in the aggregate, (ii) the aggregate amount of Investments (determined as the amount originally advanced, loans or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) in Persons pursuant to this paragraph (k), when aggregated with all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) in Persons that are organized outside of the United States and Canada pursuant to paragraph (o) of this subsection 8.8 and all acquisitions pursuant to clause (b)(iii) of subsection 8.9 in Persons that are organized (or assets that are located) outside of the United States and Canada shall not exceed $35,000,000 and (iii) the Parent Borrower or such Subsidiary complies with the provisions of subsections 7.9(b) and (c) hereof, if applicable, with respect to such ownership interest; (l) Investments in industrial development or revenue bonds or similar obligations secured by assets leased to and operated by the Parent Borrower or any of its Subsidiaries that were issued in connection with the financing of such assets, so long as the Parent Borrower or any such Subsidiary may obtain title to such assets at any time by optionally canceling such bonds or obligations, paying a nominal fee and terminating such financing transaction; (m) Investments representing evidences of Indebtedness, securities or other property received from another Person by the Parent Borrower or any of its Subsidiaries in connection with any bankruptcy proceeding or other reorganization of such other Person or as a result of foreclosure, perfection or enforcement of any Lien or exchange for evidences of Indebtedness, securities or other property of such other Person held by the Parent Borrower or any of its Subsidiaries; provided that any such securities or other property received by the Parent Borrower or any other Loan Party is pledged to the Collateral Agents, for the benefit of the Lenders, pursuant to the Security Documents; (n) Investments not otherwise permitted by the other clauses of this subsection 8.8; provided that at the time such Investments are made the Payment Conditions are satisfied; and (o) other Investments; provided that (i) the aggregate amount of such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) outstanding pursuant to this paragraph (o), when aggregated with (A) all Guarantee Obligations outstanding pursuant to subsection 8.4(o), (ii), (B) all cash dividends paid pursuant to paragraph 8.7(k), (C) all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to paragraph (k) of this subsection 8.8, (D) all cash consideration paid in respect of acquisitions pursuant to paragraph 8.9(b)(iii) and (E) all optional prepayments made pursuant to subsection 8.13(f), do not at any time exceed $100,000,000 in the aggregate and (ii) the aggregate amount of Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) in Persons that are organized outside of the United States and Canada pursuant to this paragraph (o), when aggregated with all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to paragraph (k) of this subsection 8.8 and all acquisitions pursuant to paragraph (b)(iii) of subsection 8.9 in Persons that are organized (or assets that are located) outside of the United States and Canada, shall not exceed $35,000,000.

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “"Investment”"), any Person, except: (a) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c7.7(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c7.5(c); (e) loans and advances to officers, directors or employees of Holdings or any of its Subsidiaries (i) in the ordinary course of business for travel and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e7.3(e), does not exceed $5,000,000 10,000,000 outstanding at any time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.107.9; (f) (i) Investments by any Qualified Loan Party Borrower or any other Subsidiary Guarantor in any other Qualified Loan PartyBorrower or any Subsidiary Guarantor, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in to RSC Canada consisting of intercompany loans made by Canadian Xxxxx to in RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.77.7; (g) acquisitions expressly permitted by subsection 8.97.8; (h) Investments of the Parent Borrower and its Subsidiaries under Interest Rate Protection Agreements (other than those entered into for speculative purposes) or under Permitted Hedging Arrangements; (i) Investments in the nature of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business or otherwise described in subsection 7.2(c), (d) or (f); (j) Investments representing non-cash consideration received by the Parent Borrower or any of its Subsidiaries in connection with any Asset Sale, provided that in the case of any Asset Sale permitted under subsection 7.5(g) or (h), such non-cash consideration constitutes not more than 25% of the aggregate consideration received in connection with such Asset Sale and any such non-cash consideration received by the Parent Borrower or any other Loan Party is pledged to the Collateral Agent, for the benefit of the Lenders, pursuant to the Security Documents; (k) Investments in industrial development or revenue bonds or similar obligations secured by assets leased to and operated by the Parent Borrower or any of its Subsidiaries that were issued in connection with the financing of such assets, so long as the Parent Borrower or any such Subsidiary may obtain title to such assets at any time by optionally canceling such bonds or obligations, paying a nominal fee and terminating such financing transaction; (l) Investments representing evidences of Indebtedness, securities or other property received from another Person by the Parent Borrower or any of its Subsidiaries in connection with any bankruptcy proceeding or other reorganization of such other Person or as a result of foreclosure, perfection or enforcement of any Lien or exchange for evidences of Indebtedness, securities or other property of such other Person held by the Parent Borrower or any of its Subsidiaries; provided that any such securities or other property received by the Parent Borrower or any other Loan Party is pledged to the Collateral Agent, for the benefit of the Lenders, pursuant to the Security Documents; (m) Investments by the Parent Borrower or any of its Subsidiaries in a Person in connection with a joint venture or similar arrangement in respect of which no other co-investor or other Person has a greater legal or beneficial ownership interest than the Parent Borrower or such Subsidiary; provided that (i) the aggregate amount of such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) outstanding pursuant to this paragraph (m), when aggregated with (A) all Guarantee Obligations outstanding pursuant to subsection 7.3(o), (B) dividends paid pursuant to subsection 7.6(j), (C) all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) outstanding pursuant to paragraph (n) of this subsection 7.7, (D) all cash consideration paid in respect of acquisitions pursuant to subsection 7.8(b)(iii) and (E) all optional prepayments made pursuant to subsection 7.12(f), do not at any time exceed $150,000,000, (ii) the aggregate amount of Investments (determined as the amount originally advanced, loans or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) in Persons pursuant to this paragraph (m), when aggregated with all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) in Persons that are organized outside of the United States and Canada pursuant to paragraph (m) and all acquisitions pursuant to paragraph (b)(iii) of subsection 7.7 in Persons that are organized (or assets that are located) outside of the United States and Canada shall not exceed $45,000,000 and (iii) the Parent Borrower or such Subsidiary complies with the provisions of subsection 6.9(b) and (c) hereof, if applicable, with respect to such ownership interest; (n) other Investments; provided that (i) the aggregate amount of such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) outstanding pursuant to this paragraph (n), when aggregated with (A) all Guarantee Obligations outstanding pursuant to subsection 7.3(o), (B) all dividends paid pursuant to subsection 7.6(j), (C) all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to paragraph (m) of this subsection 7.7, (D) all cash consideration paid in respect of acquisitions pursuant to subsection 7.8(b)(iii) and (E) all optional prepayments made pursuant to subsection 7.12(f), do not at any time exceed $150,000,000 and (ii) the aggregate amount of Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (n) in Persons that are organized outside of the United States and Canada, when aggregated with all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to paragraph (m) of this subsection 7.7 and all acquisitions pursuant to paragraph (b)(iii) of subsection 7.8 in Persons that are organized (or assets that are located) outside of the United States and Canada, shall not exceed $45,000,000.

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting all or a material part of a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”)investment in, any Person, except: (a) extensions of trade credit in the ordinary course of business; (b) Investments investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent dateobligations permitted by Section 7.2; (d) Investments the Acquisition and the Armsxxxxx XXX Acquisition; (e) investments made by the Borrower or any of its Subsidiaries with the proceeds of any Reinvestment Amount; (f) investments by the Borrower or any of its Subsidiaries in the Borrower or any Person that, prior to such investment, is a Wholly Owned Subsidiary Guarantor; (g) investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(cSection 7.5(g); (eh) loans and advances to officers, directors or employees of Holdings the Borrower or any of its Subsidiaries (i) in the ordinary course of business for travel and entertainment expenses, (ii) in an amount less than $75,000 (or an equivalent amount in foreign currency) in the aggregate, (iii) existing on the Closing Date and described in Schedule 7.8(h), (iv) made after the Closing Date for relocation expenses in the ordinary course of business or business, (iiiv) made for other purposes in an aggregate amount so long (as to the Borrower and all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not its Subsidiaries) of up to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 500,000 outstanding at any time and or (ivvi) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10Section 7.10; (f) (i) Investments by any Qualified Loan Party investments existing on the date hereof and described in any other Qualified Loan PartySchedule 7.8(i), (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting setting forth the respective amounts of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7such investments as of a recent date; (gj) investments of the Borrower and its Subsidiaries under Permitted Hedging Arrangements; (k) investments in the nature of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business or otherwise described in Section 7.3(c), (d) or (i); (l) investments representing non-cash consideration received by the Borrower or any of its Subsidiaries in connection with any Asset Sale, PROVIDED that in the case of any Asset Sale permitted under Section 7.5(f), such non-cash consideration constitutes not more than 25% of the aggregate consideration received in connection with such Asset Sale and any such non-cash consideration received by the Borrower or any of its Domestic Subsidiaries is pledged to the Administrative Agent for the benefit of the Lenders pursuant to the Security Documents; (m) investments representing evidences of Indebtedness, securities or other property received from another Person by the Borrower or any of its Subsidiaries in connection with any bankruptcy proceeding or other reorganization of such other 90 97 Person or as a result of foreclosure, perfection or enforcement of any Lien or exchange for evidences of Indebtedness, securities or other property of such other Person held by the Borrower or any of its Subsidiaries; PROVIDED that any such securities or other property received by the Borrower or any of its Domestic Subsidiaries is pledged to the Administrative Agent for the benefit of the Lenders pursuant to the Security Documents; (n) investments by the Borrower or any of its Subsidiaries in a Person in connection with a joint venture or similar arrangement in respect of which no other co-investor or other Person has a greater legal or beneficial ownership interest than the Borrower or such Subsidiary in an aggregate amount not to exceed at any time an amount equal to $5,500,000; (o) so long as (x) no Default or Event of Default has occurred and is continuing at the time of such acquisition or would occur after giving effect to such acquisition and (y) the Borrower would be in pro forma compliance with the financial covenants set forth in Sections 7.1(a), (b) and (c), as of the date such acquisition is consummated after giving effect to such acquisition, acquisitions expressly of the business or assets of, or stock or other evidences of beneficial ownership of, any Person engaged in a business of the same general type as those in which the Borrower and its Subsidiaries are engaged on the Closing Date or which are substantially related thereto, so long as the aggregate consideration paid by the Borrower and its Subsidiaries in connection with all such acquisitions made pursuant to this paragraph (o) since the Original Closing Date (other than the Rotec Acquisition) does not exceed at any time an amount equal to $10,000,000; and (p) any commitment by Day International (UK) Limited and/or Rotec-Hulsensysteme GmbH to make a loan to Armsxxxxx Xxxtile Products GmbH pursuant to the Deed, dated as of July 29, 1999, between Day International (UK) Limited, Rotec-Hulsensysteme GmbH and Armsxxxxx Xxxtile Products GmbH, provided that such loan, if and when made, would be permitted by subsection 8.9;Section 7.2 hereof.

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each each, an “Investment”), any Person, except: (a) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c7.9(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c7.6(a)(iii); (e) loans and advances to officers, directors or employees of Holdings Holdings, the Borrower or any of its Subsidiaries (i) in the ordinary course of business for travel and entertainment or relocation expenses, (ii) for relocation expenses existing on the Closing Date and described in the ordinary course of business or Schedule 7.9(c), (iii) made after the Closing Date for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advancedpurposes, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant (as to this paragraph (e) (other than clause (iv) hereofHoldings and all its Subsidiaries), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e7.4(d)(iii), does not exceed $5,000,000 4,000,000 in the aggregate outstanding at any time and or (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.107.11; (f) (i) Investments by the Borrower in its Wholly Owned Subsidiaries and by such Subsidiaries in the Borrower and in Wholly Owned Subsidiaries of the Borrower; provided that the aggregate amount of Investments made by any Qualified Loan Party in any other Qualified Subsidiary that is not a Loan Party shall not exceed $20,000,000 in the aggregate at any one time outstanding; provided further that in addition to the foregoing amounts, any Loan Party may make Investments in any Subsidiary that is not a Loan Party in an amount not exceeding the aggregate amount of dividends paid by such non-Loan Party Subsidiary to any Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7; (g) acquisitions expressly permitted by subsection 8.9;; and

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”)investment in, any Person, except: (a) extensions of trade credit in the ordinary course of business; (b) Investments investments in cash and Cash Equivalents; (c) Investments existing acquisitions of Capital Stock or business units of other Persons the consideration for any of which acquisitions does not exceed $25,000,000 and the aggregate consideration for all of which acquisitions does not exceed $40,000,000 in any calendar year, provided that no such acquisition shall be permitted unless: (i) on each day during the period commencing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts closing of such Investments acquisition and ending on the date which is 30 days thereafter, the sum of the aggregate amount of cash, Cash Equivalents and marketable securities then held by the Borrower plus the then aggregate Available Commitments of all the Lenders shall be equal to at least $20,000,000; (ii) the Borrower shall have delivered to each Lender, not later than 10 Business Days prior to the closing of such acquisition, a certificate showing compliance with the provisions of subsections 8.1, 8.7 and 8.9 after giving pro-forma effect to such acquisition as of a recent date;the date of the Borrower's then most recently available quarterly consolidated financial statements; (iii) the acquired Person or business unit shall be engaged in the same general line of business (d) Investments in notes receivable loans to employees, officers and other instruments and securities obtained directors in connection with transactions permitted by subsection 8.6(c);and within the scope of stock option or incentive award plans; and (e) loans and advances to officers, directors or employees of Holdings the Borrower or any of its Subsidiaries (i) in the ordinary course of business for travel travel, entertainment and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as for the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment Borrower and its Subsidiaries not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 outstanding 125,000 at any one time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10outstanding; (f) loans and investments by the Borrower to and in its Subsidiaries (iother than SV) Investments and loans and investments by any Qualified Loan Party Subsidiary in the Borrower and any other Qualified Loan Party, Subsidiaries (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7;than SV); and (g) acquisitions expressly permitted by subsection 8.9;investments in preferred stock in accordance with the investment policy guidelines attached hereto on Schedule 8.10, the aggregate cost of which does not at any time exceed $3,000,000.

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “"Investment”"), any Person, except: (a) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c); (e) loans and advances to officers, directors or employees of Holdings or any of its Subsidiaries (i) in the ordinary course of business for travel and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 outstanding at any time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10; (f) (i) Investments by any Qualified Loan Party in any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7; (g) acquisitions expressly permitted by subsection 8.9;

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of of, or any assets constituting a business unit of, or make or maintain any other investmentinvestment in, in cash or by transfer any Person (all of assets or propertythe foregoing, in (each an “InvestmentInvestments”), any Person, except: (a) extensions (i) loans or advances in respect of trade credit intercompany accounts attributable to the operation of the Company’s cash management system and (ii) loans or advances by the Company or any of its Subsidiaries to a Subsidiary Guarantor (or a Subsidiary that would be a Subsidiary Guarantor but for the lapse of time until such Subsidiary is required to be a Subsidiary Guarantor); (b) Investments in Subsidiaries of the Company that are not Subsidiary Guarantors (or a Subsidiary that would be a Subsidiary Guarantor but for the lapse of time until such Subsidiary is required to be a Subsidiary Guarantor) and that do not directly or indirectly own any interest in, or operate or manage, a Station; provided that at all times the aggregate amount of all such Investments shall not exceed $20,000,000; (c) Investments, not otherwise described in this subsection 8.7, in Subsidiary Guarantors (or a Subsidiary that would be a Subsidiary Guarantor but for the lapse of time until such Subsidiary is required to be a Subsidiary Guarantor) that otherwise are not prohibited under the terms of this Agreement; (d) any Subsidiary of the Company may make Investments in the Company (by way of capital contribution or otherwise); (e) the Company and its Subsidiaries may invest in, acquire and hold (i) Cash Equivalents and cash and (ii) other cash equivalents invested in or held with any financial institutions to the extent such amounts under this clause (ii) do not exceed $1,000,000 per individual institution and $5,000,000 in the aggregate at any one time; (f) the Company or any of its Subsidiaries may make travel and entertainment advances and relocation loans in the ordinary course of business to officers, employees and agents of the Company or any such Subsidiary; (g) the Company or any of its Subsidiaries may make payroll advances in the ordinary course of business; (bh) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c); (e) loans and advances to officers, directors or employees of Holdings Company or any of its Subsidiaries (i) may acquire and hold receivables owing to it, if created or acquired in the ordinary course of business for travel and entertainment expensespayable or dischargeable in accordance with customary trade terms (provided that nothing in this clause shall prevent the Company or any Subsidiary from offering such concessionary trade terms, (ii) for relocation expenses or from receiving such investments or any other investments in connection with the bankruptcy or reorganization of their respective suppliers or customers or the settlement of disputes with such customers or suppliers arising in the ordinary course of business, as management deems reasonable in the circumstances); (i) the Company and its Subsidiaries may make Investments in connection with asset sales permitted by subsection 8.6 or to which the Required Lenders consent; (j) existing Investments of the Company described in Schedule 8.7; (k) the Company and its Subsidiaries may make non-hostile acquisitions (by merger, purchase, lease (including any lease that contains up-front payments and/or buyout options) or otherwise) of any business, division or line of business or at least 80% of the outstanding capital stock or other equity interests of any corporation or other entity, as long as (i) the acquisition or investment is in a similar, complementary or incidental line of business as conducted by the Company and its Subsidiaries on the Closing Date, (ii) immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing, (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted asset swaps made pursuant to subsection 8.4(e8.6(q) and acquisitions under this clause (k) shall not exceed an amount equal to (x) $40,000,000 plus (y) Cumulative Retained Excess Cash Flow to the extent not used to finance Restricted Payments pursuant to subsection 8.8(b), (iv) the aggregate amount of cash and Cash Equivalents of the Company, after giving pro forma effect to the acquisition, shall not be less than $25,000,000, (v) after giving effect to such acquisition, the Consolidated Total Leverage Ratio, recomputed as of the last day of the most recently ended fiscal quarter of the Company for which financial statements are available as if such acquisition had occurred on the first day of such period for purposes of calculating Consolidated EBITDA and using Consolidated Total Indebtedness as of the date of, and after giving effect to, such acquisition, shall be at least 0.50x lower than the Consolidated Total Leverage Ratio level applicable under subsection 8.1(a) for such date and (vi) the Company has delivered to the Administrative Agent a certificate of a Responsible Officer to the effect set forth in clauses (i) through (v) above, together with all relevant financial information for the Person or assets to be acquired (any acquisition satisfying clauses (i) through (vi), a “Permitted Acquisition”) (l) the Company and its Subsidiaries may make loans or advances to, or acquisitions or other Investments in, other Persons (exclusive of Persons which are, or become, Foreign Subsidiaries) that constitute or are in connection with joint ventures, provided the consideration paid by the Company or any of its Subsidiaries in all such transactions after the Closing Date (net, in the case of Investments and other transfers, of any repayments or return of capital in respect thereof actually received in cash by the Company or its Subsidiaries (net of applicable taxes) after the Closing Date), does not exceed in the aggregate $5,000,000 outstanding at any time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.105,000,000; (fm) the Company and its Subsidiaries may make loans or advances to, or other Investments in, or otherwise transfer funds (iincluding without limitation by way of repayment of loans or advances) Investments to, Foreign Subsidiaries (including new Foreign Subsidiaries); provided that the consideration paid by the Company or any Qualified Loan Party of its Subsidiaries in all transactions after the Closing Date (net, in the case of loans, advances, investments and other transfers, of any other Qualified Loan Party, repayments or return of capital in respect thereof actually received in cash by the Company or its Subsidiaries (iinet of applicable taxes) Investments by any Non-Guarantor Subsidiary after the Closing Date) does not exceed in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7the aggregate $5,000,000; (gn) acquisitions expressly the Company or any of its Subsidiaries may acquire obligations of one or more directors, officers, employees, members or management or consultants of any of the Company or its Subsidiaries in connection with such person’s acquisition of shares of the Company, so long as no cash is actually advanced by the Company or any of its Subsidiaries to such persons in connection with the acquisition of any such obligations; (o) the Company and its Subsidiaries may acquire assets with the Net Proceeds from Asset Sales in accordance with the reinvestment rights provided under subsection 4.4(c); and (p) the Company and its Subsidiaries may acquire assets under a Permitted Asset Swap or an asset swap permitted by subsection 8.9;8.6(q).

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”)investment in, any Person, exceptexcept : (a) extensions of trade credit in the ordinary course of business; (b) Investments investments in cash and Cash Equivalents; (c) Investments existing acquisitions of interests in any Persons engaged in the hazardous and industrial waste management services industry, provided that (i) the aggregate amount of cash expended and Indebtedness assumed in connection with all such investments does not exceed $50,000,000 during the term of this Agreement and (ii) after giving pro forma effect to any such investment, no Default or Event of Default shall have occurred and be continuing (including, without limitation, pursuant to Section 10.1, with compliance with Section 10.1 being determined on a pro forma basis as determined in the Closing Date and manner described in Schedule 8.8(cthe last paragraph of Section 10.1), setting forth the respective amounts of such Investments as of a recent date; (d) Investments loans to officers of the Company listed on Schedule 10.8 in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c)aggregate principal amounts outstanding not to exceed the respective amounts set forth for such officers on said Schedule; (e) loans and advances to officers, directors or employees of Holdings the Company or any of its Subsidiaries (i) in the ordinary course of business for travel travel, entertainment and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as for the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment Company and its Subsidiaries not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 outstanding 1,000,000 at any one time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10outstanding; (f) (i) Investments investments by any Qualified Loan Party the Company and its Subsidiaries in any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting the Subsidiaries of intercompany loans made by Canadian Xxxxx the Company that are parties to RSC Canada the Guarantee and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7Collateral Agreement; (g) acquisitions expressly permitted investments by subsection 8.9the Company and its Domestic Subsidiaries in the Canadian Borrower, the proceeds of which are used solely to repay the Canadian Borrower Obligations, and additional investments by the Company and its Domestic Subsidiaries in the Canadian Borrower in an amount not exceeding $15,000,000 in the aggregate during the term of this Agreement; (h) investments by the Canadian Borrower in any of its Subsidiaries that have guaranteed the Canadian Borrower Obligations; (i) loans by the Company to its employees in connection with management incentive plans in an aggregate amount not to exceed $1,000,000.

Limitation on Investments, Loans and Advances. Make any advance, ,loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”), any Person, except: (a) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c); (e) loans and advances to officers, directors or employees of Holdings or any of its Subsidiaries (i) in the ordinary course of business for travel and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 outstanding at any time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10; (f) (i) Investments by any Qualified Loan Party in any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7; (g) acquisitions expressly permitted by subsection 8.9;

Limitation on Investments, Loans and Advances. Make The Company will not, nor will it permit any Subsidiary to, make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”)investment in, any Person, except: except for (ai) investments in Cash Equivalents, (ii) investments in the stock of any Subsidiary and in CCM Holdings (1983) Inc. existing on the Closing Date, but not any additional investments therein except for the issuance of shares by Sport Maska Inc. to the Company in connection with the dissolution of #1 Apparel Canada Inc. as required under Section 417 hereof; (iii) intercompany loans and advances between the Company and wholly-owned Subsidiaries which are Guarantors (other than SLM Trademark Acquisition Canada Corporation); (iv) investments existing on the Closing Date and renewals, replacements and extensions thereof; (v) investments in non-cash consideration received in connection with a permitted Asset Sale (subject to the granting of trade credit a Lien as required hereby or by the Collateral Documents); (vi) investments arising from transactions by the Company or any of its Subsidiaries with customers or suppliers in the ordinary course of business; (b) Investments in cash , including, without limitation, endorsements of negotiable instruments and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable debt obligations and other instruments and securities obtained investments received in connection with transactions permitted by subsection 8.6(c); (e) loans the bankruptcy or reorganization of customers and advances to officerssuppliers or in settlement of delinquent obligations of, directors or employees of Holdings other disputes with, customers or any of its Subsidiaries (i) suppliers, arising in the ordinary course of business for (subject to the granting of a Lien NY1-463085 EXECUTION as required hereby or by the Collateral Documents); (vii) loans or advances (x) to employees (1) to cover payroll, travel and entertainment expensessimilar expenses arising in the ordinary course or (2) allow such employees to exercise options in the stock of the Parent, so long as the aggregate amount of such loans and advances does not exceed $250,000 at any one time outstanding and (iiy) to representatives acting as agent for relocation expenses the Company or its Subsidiaries in the ordinary course of business or (iii) made for other purposes in an aggregate amount business, so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), such loans and advances does not exceed $5,000,000 outstanding 500,000 at any one time outstanding; (viii) capital expenditures and, without duplication hereof, other purchases permitted under the Credit Agreement; (ix) Indebtedness permitted by Section 406; (x) transactions permitted pursuant to Section 421; and (ivxi) relating other investments in addition to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10; (f) those permitted by (i) Investments by through (x) above not to exceed $3,500,000 in the aggregate at any Qualified Loan Party time, provided that the Company shall be in any compliance with the terms of Section 422 and other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting provisions of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7; (g) acquisitions expressly permitted by subsection 8.9;this Indenture after taking into account such investment.

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”)investment in, any Person, exceptexcept : (a) extensions of trade credit in the ordinary course of business; (b) Investments investments in cash US Cash Equivalents and Canadian Cash Equivalents; (c) Investments existing investments constituting Permitted Acquisitions; provided, that at the date of signing of definitive documentation with respect to such proposed Permitted Acquisition, (i) the Term Loans shall have been repaid in full, (ii) the Uncovered L/C Amount shall have been permanently reduced to zero, (iii) the Overadvance Limit shall have been permanently reduced to zero and (iv) the lesser of (1) the available Borrowing Base and (2) the Available Revolving Credit Commitments shall be at least $15,000,000 determined on the Closing Date basis of the average amount of the Borrowing Base and described in Schedule 8.8(c)the Aggregate Outstanding Revolving Extensions of Credit, setting forth respectively, during the respective amounts of calendar month preceding the date such Investments as of a recent datedefinitive documentation is signed; (d) Investments investments constituting Permitted Acquisitions in notes receivable an aggregate amount not to exceed $25,000,000; provided, that at the date of signing of 65 definitive documentation with respect to such proposed Permitted Acquisition, (i) the Term Loans shall have been repaid in full, (ii) the Overadvance Limit shall have been permanently reduced to zero and other instruments (iii) the lesser of (1) the available Borrowing Base and securities obtained in connection with transactions permitted by subsection 8.6(c)(2) the Available Revolving Credit Commitments shall be at least $15,000,000 determined on the basis of the average amount of the Borrowing Base and the Aggregate Outstanding Revolving Extensions of Credit, respectively, during the calendar month preceding the date such definitive documentation is signed; (e) loans and advances to officers, directors or employees of Holdings the Borrower or any of its Subsidiaries (i) in the ordinary course of business for travel travel, entertainment and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as for the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment Borrower and its Subsidiaries not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 outstanding 500,000 at any one time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10outstanding; (f) (i) Investments investments by the Borrower and its Subsidiaries in securities and notes to the extent received in settlement of delinquent obligations of any Qualified Loan Party supplier or customer that is in any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary bankruptcy or reorganization proceedings or received in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting settlement of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends accounts receivables that are permitted under subsection 8.7more than 60 days past due; (g) acquisitions expressly permitted the acquisition by the Borrower described in a letter dated August 1, 1996, from Xxxxxx Xxxxx to Xxxxxxx Xxxxxx, and previously distributed to the Lenders; provided that the aggregate purchase price of such acquisition does not exceed $2 million; (h) investments by the Borrower in its Subsidiaries and investments by such Subsidiaries in the Borrower and in other Subsidiaries; and (i) subject to the limitations set forth in subsection 8.9;7.2(f), investments constituting Hedge Agreements.

Limitation on Investments, Loans and Advances. Make or allow to remain outstanding any advance, loan, extension Investment (whether such investment shall be of credit or capital contribution to, or purchase any the character of investment in shares of stock, bonds, notes, debentures evidences of indebtedness or other securities of or otherwise) in, or any assets constituting a business unit of, loans or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”)advances to, any Person, exceptPerson other than: (a) extensions of trade credit Permitted Investments; (b) Investments existing on the Effective Date and listed on Schedule 8.7 hereof; (c) sales on open account in the ordinary course of business; (bd) except as provided in paragraph (i) below, Investments in cash Foreign Subsidiaries (excluding the Canadian Borrower, which investments are expressly permitted) and Cash Equivalents; (c) intercompany loans or intercompany Investments existing on made by any Credit Party to or in any Guarantor or any Borrower; provided that, the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts aggregate amount of such Investments as in Foreign Subsidiaries (excluding the Canadian Borrower, which investments are expressly permitted) and intercompany loans or intercompany Investments from time to time outstanding in respect thereof shall not exceed US$7,500,000, or the Equivalent Amount in Canadian Dollars, provided, further for the purpose of a recent date; (d) Investments this calculation non-cash management fees shall not be included in notes receivable the calculation; and other instruments provided, further, that in each case, no Default or Event of Default shall have occurred and securities obtained in connection with transactions permitted be continuing at the time of making such intercompany loan or intercompany Investment or result from such intercompany loan or intercompany Investment being made and that any intercompany loans shall be evidenced by subsection 8.6(c)and funded under an Intercompany Note pledged to the Agent under the appropriate Collateral Documents; (e) Investments in respect of Hedging Transactions provided that such transaction is entered into for risk management purposes and not for speculative purposes; (f) loans and advances to officersemployees, officers and directors or employees of Holdings or any of its Subsidiaries (i) in the ordinary course of business Credit Party for moving, travel and entertainment expenses, (ii) for relocation other similar expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed US$200,000, or the original amount investedEquivalent Amount in Canadian Dollars, in the aggregate at any time outstanding; (g) Permitted Acquisitions and Investments in any Person acquired pursuant to this paragraph a Permitted Acquisition; (eh) the ASV Joint Venture; (i) the Investment of US$25,000,000 by Parent to fund a portion of the PM Group Acquisition; and (j) other than clause Investments not described above provided that both at the time of and immediately after giving effect to any such Investment (ivi) hereof), together with no Default or Event of Default shall have occurred and be continuing or shall result from the making of such Investment and (ii) the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does such Investments shall not exceed $5,000,000 outstanding US$100,000, or the Equivalent Amount in Canadian Dollars at any time and outstanding. In valuing any Investments for the purpose of applying the limitations set forth in this Section 8.7 (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or except as otherwise specified in subsection 8.10; (f) (i) Investments by expressly provided herein), such Investment shall be taken at the original cost thereof, without allowance for any Qualified Loan Party in subsequent write-offs or appreciation or depreciation, but less any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting amount repaid or recovered on account of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7; (g) acquisitions expressly permitted by subsection 8.9;capital or principal.

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”), any Person, except: (a) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c7.7(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c7.5(c); (e) loans and advances to officers, directors or employees of Holdings or any of its Subsidiaries (i) in the ordinary course of business for travel and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e7.3(e), does not exceed $5,000,000 10,000,000 outstanding at any time and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.107.9; (f) (i) Investments by any Qualified Loan Party Borrower or any other Subsidiary Guarantor in any other Qualified Loan PartyBorrower or any Subsidiary Guarantor, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in Fxxxx to RSC Canada consisting of intercompany loans made by Canadian Xxxxx to Fxxxx in RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.77.7; (g) acquisitions expressly permitted by subsection 8.97.8; (h) Investments of the Parent Borrower and its Subsidiaries under Interest Rate Protection Agreements (other than those entered into for speculative purposes) or under Permitted Hedging Arrangements; (i) Investments in the nature of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business or otherwise described in subsection 7.2(c), (d) or (f); (j) Investments representing non-cash consideration received by the Parent Borrower or any of its Subsidiaries in connection with any Asset Sale, provided that in the case of any Asset Sale permitted under subsection 7.5(g) or (h), such non-cash consideration constitutes not more than 25% of the aggregate consideration received in connection with such Asset Sale and any such non-cash consideration received by the Parent Borrower or any other Loan Party is pledged to the Collateral Agent, for the benefit of the Lenders, pursuant to the Security Documents; (k) Investments in industrial development or revenue bonds or similar obligations secured by assets leased to and operated by the Parent Borrower or any of its Subsidiaries that were issued in connection with the financing of such assets, so long as the Parent Borrower or any such Subsidiary may obtain title to such assets at any time by optionally canceling such bonds or obligations, paying a nominal fee and terminating such financing transaction; (l) Investments representing evidences of Indebtedness, securities or other property received from another Person by the Parent Borrower or any of its Subsidiaries in connection with any bankruptcy proceeding or other reorganization of such other Person or as a result of foreclosure, perfection or enforcement of any Lien or exchange for evidences of Indebtedness, securities or other property of such other Person held by the Parent Borrower or any of its Subsidiaries; provided that any such securities or other property received by the Parent Borrower or any other Loan Party is pledged to the Collateral Agent, for the benefit of the Lenders, pursuant to the Security Documents; (m) Investments by the Parent Borrower or any of its Subsidiaries in a Person in connection with a joint venture or similar arrangement in respect of which no other co-investor or other Person has a greater legal or beneficial ownership interest than the Parent Borrower or such Subsidiary; provided that (i) the aggregate amount of such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) outstanding pursuant to this paragraph (m), when aggregated with (A) all Guarantee Obligations outstanding pursuant to subsection 7.3(o), (B) dividends paid pursuant to subsection 7.6(j), (C) all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) outstanding pursuant to paragraph (n) of this subsection 7.7, (D) all cash consideration paid in respect of acquisitions pursuant to subsection 7.8(b)(iii) and (E) all optional prepayments made pursuant to subsection 7.12(f), do not at any time exceed $150,000,000, (ii) the aggregate amount of Investments (determined as the amount originally advanced, loans or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) in Persons pursuant to this paragraph (m), when aggregated with all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) in Persons that are organized outside of the United States and Canada pursuant to paragraph (m) and all acquisitions pursuant to paragraph (b)(iii) of subsection 7.7 in Persons that are organized (or assets that are located) outside of the United States and Canada shall not exceed $45,000,000 and (iii) the Parent Borrower or such Subsidiary complies with the provisions of subsection 6.9(b) and (c) hereof, if applicable, with respect to such ownership interest; (n) other Investments; provided that (i) the aggregate amount of such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) outstanding pursuant to this paragraph (n), when aggregated with (A) all Guarantee Obligations outstanding pursuant to subsection 7.3(o), (B) all dividends paid pursuant to subsection 7.6(j), (C) all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to paragraph (m) of this subsection 7.7, (D) all cash consideration paid in respect of acquisitions pursuant to subsection 7.8(b)(iii) and (E) all optional prepayments made pursuant to subsection 7.12(f), do not at any time exceed $150,000,000 and (ii) the aggregate amount of Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (n) in Persons that are organized outside of the United States and Canada, when aggregated with all Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to paragraph (m) of this subsection 7.7 and all acquisitions pursuant to paragraph (b)(iii) of subsection 7.8 in Persons that are organized (or assets that are located) outside of the United States and Canada, shall not exceed $45,000,000.

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, investment in (each an “Investment”all of the foregoing being herein collectively referred to as "Investments"), any Person, ----------- except: (a) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c); (e) loans and advances to officers, directors or employees of Holdings such Person or any of its Subsidiaries (i) in the ordinary course of business for travel travel, entertainment and entertainment expenses, (ii) for relocation expenses in the ordinary course of business or (iii) made for other purposes in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment for Holdings and its Subsidiaries not to exceed the original amount invested$250,000 at any one time outstanding; (d) pursuant to this paragraph Investments by Holdings in its Subsidiaries which are or become Guarantors and investments by such Subsidiaries which are or become Guarantors in Holdings and in other Subsidiaries of Holdings which are or become Guarantors; (e) (other than clause (iv) hereof), together with Investments by Holdings in the Real Estate Subsidiary in an aggregate amount of all Guarantee Obligations permitted pursuant not to subsection 8.4(e), does not exceed $5,000,000 outstanding at any time plus amounts necessary to maintain and (iv) relating to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10operate the real property and improvements thereon owned by the Real Estate Subsidiary; (f) (i) Investments by any Qualified Loan Party in any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Unqualified Subsidiaries of Holdings not to exceed $20,000,000 in amounts and for purposes for which dividends are permitted under subsection 8.7the aggregate; (g) Investments constituting Permitted Business Acquisitions so long as, after giving effect to the consummation of the transactions contemplated by each Permitted Business Acquisition, the Loans to be made and the Letters of Credit to be issued under the Corporate Credit Agreement and the loans to be made under the Equipment Lease Credit Agreements in connection therewith, the sum of (i) the cash and Cash Equivalents then held by Holdings, (ii) the Available Commitments of all the Lenders under the Corporate Credit Agreement, and (iii) the Available Commitments and Available Investor Commitments under the Equipment Lease Participation Agreements at such time, equals at least $20,000,000; (h) Investments or acquisitions expressly permitted by subsection 8.9Holdings or its Subsidiaries in (i) up to 50% of the shares of capital stock, partnership interests, joint venture interests, limited liability company interests or other similar equity interests in, a Person (other than a Subsidiary), or (ii) loans or advances to a Person (other than a Subsidiary), provided that the aggregate -------- amount of all such loans, advances, investments or acquisitions does not exceed $25,000,000 in any fiscal year; (i) Loans to employees, officers and directors of Holdings and its Subsidiaries to acquire shares of capital stock of Holdings not to exceed $20,000,000; and (j) the purchase by the TIDES Trust of the TIDES Debentures, as contemplated under the TIDES Declaration of Trust.

Limitation on Investments, Loans and Advances. Make The Company will not, nor will it permit any Subsidiary to, make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”)investment in, any Person, except: except for (ai) investments in Cash Equivalents, (ii) investments in the stock of any Subsidiary and in CCM Holdings (1983) Inc. existing on the Closing Date, but not any additional investments therein; (iii) intercompany loans and advances between the Company and wholly-owned Subsidiaries which are Guarantors (other than SLM Trademark Acquisition Canada Corporation); (iv) investments existing on the Closing Date and renewals, replacements and extensions thereof; (v) investments in non-cash consideration received in connection with a permitted Asset Sale (subject to the granting of trade credit a Lien as required hereby or by the Collateral Documents); (vi) investments arising from transactions by the Company or any of its Subsidiaries with customers or suppliers in the ordinary course of business; (b) Investments in cash , including, without limitation, endorsements of negotiable instruments and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable debt obligations and other instruments and securities obtained investments received in connection with transactions permitted by subsection 8.6(c); (e) loans the bankruptcy or reorganization of customers and advances to officerssuppliers or in settlement of delinquent obligations of, directors or employees of Holdings other disputes with, customers or any of its Subsidiaries (i) suppliers, arising in the ordinary course of business for (subject to the granting of a Lien as required hereby or by the Collateral Documents); (vii) loans or advances (x) to employees (1) to cover payroll, travel and entertainment expenses, similar expenses and (ii2) which arise in the ordinary course so long as the aggregate amount of such loans and advances does not exceed $__________ at any one time outstanding and (y) to representatives acting as agent for relocation expenses the Company or its Subsidiaries in the ordinary course of business or business, so long as the aggregate amount of such loans and advances does not exceed $_________ at any one time outstanding; (iiiviii) made for capital expenditures and, subject to the limitations set forth herein, other purposes purchases permitted under the Credit Agreement; (ix) Indebtedness permitted by Section 406; (x) transactions permitted pursuant to Section 421; and (xi) other investments in addition to those permitted by (i) through (x) above not to exceed in an aggregate amount so long as all such Investments (determined as $3,500,000, provided that the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together Company shall be in compliance with the aggregate amount terms of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 outstanding at any time Section 422 and (iv) relating to indemnification or reimbursement other provisions of any officers, directors or employees in respect of liabilities relating to their serving in any this Indenture after taking into account such capacity or as otherwise specified in subsection 8.10; (f) (i) Investments by any Qualified Loan Party in any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7; (g) acquisitions expressly permitted by subsection 8.9;investment.

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities securities, of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”)investment in, any Person, except: (a) Permitted Investments; (b) Investments existing on the Restatement Date and listed on Schedule 8.7(b) attached hereto; (c) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c); (e) loans and advances to officers, directors or officers and employees of Holdings Borrower or any of its Subsidiaries (i) other US/Canadian Company in the ordinary course of business for travel in an aggregate amount, not to exceed $2,000,000 at any one time outstanding, to the extent permitted by applicable law; (i) intercompany loans or intercompany investments by Borrower to any Guarantor or by any Guarantor to Borrower; provided that any intercompany loan hereunder shall be evidenced by and entertainment expensesfunded under an Intercompany Note pledged to the Agent under the appropriate Collateral Documents and provided further that at the time any such loan, advance or investment is made (before and after giving effect thereto) no Default or Event of Default has occurred and is continuing; (ii) for relocation expenses in the ordinary course of business intercompany loans or (iii) made for other purposes intercompany investments by any Loan Party to any Canadian Subsidiary in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 outstanding 1,000,000 at any one time outstanding; provided that any intercompany loan hereunder shall be evidenced by and funded under an Intercompany Note pledged to the Agent under the appropriate Collateral Documents and provided further that at the time any such loan, advance or investment is made (before and after giving effect thereto) no Default or Event of Default has occurred and is continuing; (iii) intercompany loans or intercompany investments by any Canadian Subsidiary to any Borrower or Guarantor, provided that such obligations are subordinated in right of payment and performance to the Indebtedness; and (iv) relating intercompany loans or intercompany investments by any Canadian Subsidiary to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10other Canadian Subsidiary; (f) (i) Investments by any Qualified Loan Party in any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx Permitted Acquisitions permitted pursuant to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7Section 8.4 or 8.5; (g) acquisitions Investments, other than those set forth in clauses (a) through (f) above or on Schedule 8.7(b) attached hereto, in aggregate amount outstanding at any one time not to exceed $5,000,000; (h) intercompany loans, advances or Investments made by Borrower or any Domestic Subsidiary to any Non-US/Canadian Company not to exceed $6,000,000 in the aggregate outstanding at any time (including the existing advances to Noble Metal Processing Australia, Inc.); provided that any intercompany loan hereunder shall be evidenced by and funded under an Intercompany Note pledged to the Agent under the appropriate Collateral Documents and provided further that at the time any such loan, advance or investment is made (before and after giving effect thereto) no Default or Event of Default has occurred and is continuing; provided, however, that no security agreement shall be required if a taxable event shall occur as a result of the execution of such security agreement by any Foreign Subsidiary. In valuing any Investments for the purpose of applying the limitations set forth in this Section 8.7 (except as otherwise expressly permitted by subsection 8.9;provided herein), such Investment shall be taken at the original cost thereof, without allowance for any subsequent write-offs or appreciation or depreciation, but less any amount repaid or recovered on account of capital or principal.

Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities securities, of or any assets constituting a business unit of, or make any other investment, in cash or by transfer of assets or property, in (each an “Investment”)investment in, any Person, except: (a) Permitted Investments; (b) Investments existing on the Effective Date and listed on Schedule 8.7(b) attached hereto; (c) extensions of trade credit in the ordinary course of business; (b) Investments in cash and Cash Equivalents; (c) Investments existing on the Closing Date and described in Schedule 8.8(c), setting forth the respective amounts of such Investments as of a recent date; (d) Investments in notes receivable and other instruments and securities obtained in connection with transactions permitted by subsection 8.6(c); (e) loans and advances to officers, directors or officers and employees of Holdings Borrower or any of its Subsidiaries (i) other US/Canadian Company in the ordinary course of business for travel in an aggregate amount, not to exceed $2,000,000 at any one time outstanding, to the extent permitted by applicable law; (i) intercompany loans or intercompany investments by Borrower to any Guarantor or by any Guarantor to Borrower; provided that any intercompany loan hereunder shall be evidenced by and entertainment expensesfunded under an Intercompany Note pledged to the Agent under the appropriate Collateral Documents and provided further that at the time any such loan, advance or investment is made (before and after giving effect thereto) no Default or Event of Default has occurred and is continuing; (ii) for relocation expenses in the ordinary course of business intercompany loans or (iii) made for other purposes intercompany investments by any Loan Party to any Canadian Subsidiary in an aggregate amount so long as all such Investments (determined as the amount originally advanced, loaned or otherwise invested, less any returns on the respective Investment not to exceed the original amount invested) pursuant to this paragraph (e) (other than clause (iv) hereof), together with the aggregate amount of all Guarantee Obligations permitted pursuant to subsection 8.4(e), does not exceed $5,000,000 outstanding 1,000,000 at any one time outstanding; provided that any intercompany loan hereunder shall be evidenced by and funded under an Intercompany Note pledged to the Agent under the appropriate Collateral Documents and provided further that at the time any such loan, advance or investment is made (before and after giving effect thereto) no Default or Event of Default has occurred and is continuing; (iii) intercompany loans or intercompany investments by any Canadian Subsidiary to any Borrower or Guarantor, provided that such obligations are subordinated in right of payment and performance to the Indebtedness; and (iv) relating intercompany loans or intercompany investments by any Canadian Subsidiary to indemnification or reimbursement of any officers, directors or employees in respect of liabilities relating to their serving in any such capacity or as otherwise specified in subsection 8.10other Canadian Subsidiary; (f) (i) Investments by any Qualified Loan Party in any other Qualified Loan Party, (ii) Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (iii) Investments by Canadian Xxxxx in RSC Canada consisting of intercompany loans made by Canadian Xxxxx Permitted Acquisitions permitted pursuant to RSC Canada and (iv) Investments in Holdings in amounts and for purposes for which dividends are permitted under subsection 8.7Section 8.4 or 8.5; (g) acquisitions Investments, other than those set forth in clauses (a) through (f) above or on Schedule 8.7(b) attached hereto, in aggregate amount outstanding at any one time not to exceed $5,000,000; (h) so long as (x) at the time of any such purchase no Default or Event of Default has occurred and is continuing or would occur after giving effect thereto, and (y) the Fixed Charge Coverage Ratio exceeded 1.50 to 1 on the last day of the two immediately proceeding fiscal quarters, and (z) Borrower shall be in compliance with all other financial covenants in this Agreement on a pro forma basis acceptable to the Agent and the Majority Lenders, the purchase by Borrower of its capital stock from time to time after the Effective Date, as follows: (i) whether in a single transaction or a series of transactions, up to an aggregate amount of $5,000,000 of capital stock plus (ii) whether in a single transaction or a series of transactions, up to an aggregate amount of $25,000,000 of capital stock, provided that the capital stock so purchased pursuant to this subclause (ii) shall be used in connection with the conversion of all or a portion of the Convertible Subordinated Notes; (i) intercompany loans, advances or Investments made by Borrower or any Domestic Subsidiary to any Non-US/Canadian Company not to exceed $6,000,000 in the aggregate outstanding at any time (including the existing advances to Noble Metal Processing Australia, Inc.); provided that any intercompany loan hereunder shall be evidenced by and funded under an Intercompany Note pledged to the Agent under the appropriate Collateral Documents and provided further that at the time any such loan, advance or investment is made (before and after giving effect thereto) no Default or Event of Default has occurred and is continuing; provided, however, that no security agreement shall be required if a taxable event shall occur as a result of the execution of such security agreement by any Foreign Subsidiary. In valuing any Investments for the purpose of applying the limitations set forth in this Section 8.7 (except as otherwise expressly permitted by subsection 8.9;provided herein), such Investment shall be taken at the original cost thereof, without allowance for any subsequent write-offs or appreciation or depreciation, but less any amount repaid or recovered on account of capital or principal.