Common use of Loans, Advances and Investments Clause in Contracts

Loans, Advances and Investments. Except as permitted by Section 7.4(b), no Company will make any loan, advance, extension of credit, or capital contribution to, make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, any other Person, other than (a) Acquisitions, (b) expense accounts for and other loans and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (c) investments in (or secured by) obligations of the United States of America and agencies thereof and obligations guaranteed by the United States of America maturing within one year from the date of acquisition; (d) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and banker's acceptances which are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 (as shown on such Person’s most recently published statement of condition), and which certificates of deposit have one of the two highest ratings from Xxxxx’x or S&P, unless Borrower has a written commitment to borrow funds from such commercial bank; (f) commercial paper rated A-2 or better by Xxxxx’x or P-2 or better by S&P; (g) investments having one of the two highest ratings from Xxxxx’x or S&P; (h) extensions of credit in connection with trade receivables and overpayments of trade payables, in each case resulting from transactions in the ordinary course of business; (i) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s Insurance Reports) of at least “A+”; provided, however, that if such Person’s financial rating is downgraded to less than “A+”, then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “A+”, (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.5; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in the same or a similar line of business as set forth on Schedule 4.17 hereto (or any reasonable extensions or expansions thereof) (i) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (ii) secured by the borrower’s interest in such business; (m) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (n)

Loans, Advances and Investments. Except as permitted by Section 7.4(b), no Company will No Loan Party may (i) make any loan, advance, reimbursement of expenses, extension of credit, or capital contribution to, (ii) make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, or (iii) enter into any joint venture, partnership, or other similar arrangement with, any Person, other than than (a) Acquisitions, (b) expense accounts for marketable obligations issued or unconditionally guaranteed by the United States government or issued by any of its agencies and other loans backed by the full faith and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (c) investments in (or secured by) obligations credit of the United States of America (and agencies thereof and investments in mutual funds investing primarily in those obligations); (b) marketable obligations guaranteed issued by any state of the United States of America maturing within one year from the date or any political subdivision of acquisition; any such state or any public instrumentality thereof and rated “Aa2” or better by Xxxxx’x or “AA” by S&P (dand investments in mutual funds investing primarily in those obligations); (c) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and or banker's ’s acceptances which that are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 250,000,000 (as shown on such Person’s its most recently published statement of condition), condition (and which investments in mutual funds investing primarily in those certificates of deposit have one or banker’s acceptances)); (d) commercial paper and similar obligations rated “P-2” or better by Xxxxx’x, or “A-2” or better by S&P (and investments in mutual funds investing primarily in those obligations); (e) checking and demand deposit accounts maintained in the ordinary course of business (subject to the two highest ratings from Xxxxx’x or S&Pdelivery deadlines set forth in Section 6.1(d) and Section 8.16, unless Borrower provided an executed Deposit Account Control Agreement has a written commitment been delivered to borrow funds from such commercial bank; Lenders in Proper Form); (f) commercial paper rated A-2 expense accounts or better by Xxxxx’x loans or P-2 advances to its directors, managers, officers or better by S&P; employees for expenses incurred in the ordinary course of business and solely relating to such Persons’ travels and other activities undertaken on behalf of the Loan Parties and their businesses, which may not, in the aggregate, at any time exceed $25,000; (g) investments in securities purchased by any Loan Party under repurchase obligations pursuant to which arrangements are made with selling financial institutions (being a financial institution having one unimpaired capital and surplus of not less than $500,000,000 and with a rating of “A-1” by S&P or “P-1” by Xxxxx’x) for such financial institutions to repurchase such securities within thirty (30) days from the two highest ratings from Xxxxx’x or S&P; date of purchase by such Loan Party, and other similar short term investments made in connection with the Loan Party’s cash management practices; (h) extensions Permitted Acquisitions; (i) non-cash proceeds from dispositions permitted under Section 9.9; (j) investments by any Borrower in any other Borrower or the Company; (k) investments by any Guarantor in any Loan Party (other than investments by the Company in Holdings); (l) cash and Cash Equivalents; (m) prepaid expenses incurred in the ordinary course of credit business; (n) security deposits in connection with trade receivables respect of real property leases; (o) accounts receivable or notes receivable created in the ordinary course of business; (p) to the extent constituting investments, transactions expressly permitted under Sections 9.1, 9.6, 9.10 and overpayments 9.15; (q) investments to the extent that payment for such investments is made solely by the issuance of trade payablesEquity Securities (other than Disqualified Stock) of Holdings to the seller of such investments, provided, that such investments would not result in a Change of Control; (r) investments of a Person that is acquired and becomes a Subsidiary of a Loan Party or of a company merged or amalgamated or consolidated into any Loan Party, in each case resulting from transactions after the Closing Date and pursuant to a Permitted Acquisition, to the extent that such investments were not made in contemplation of or in connection with such Permitted Acquisition by a Loan Party and were in existence on the date of such Permitted Acquisition; (s) the forgiveness or conversion to equity (other than Disqualified Stock) of any Permitted Debt owed to a Loan Party; (t) guarantees by any Loan Party of leases entered into by a Loan Party in the ordinary course of business; and (i) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s Insurance Reports) of at least “A+”; provided, however, that if such Person’s financial rating is downgraded to less than “A+”, then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “A+”, (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.5; (ku) the purchase of equity or debt securities of any Companyloans, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), (l) advances and/or investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in the same or a similar line of business as set forth on Schedule 4.17 hereto (or any reasonable extensions or expansions thereof) (i) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (ii) secured by the borrower’s interest in such business; (m) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (n)9.4.

Loans, Advances and Investments. Except as permitted by Section 7.4(b), no Company will No Loan Party may (i) make any loan, advance, reimbursement of expenses, extension of credit, or capital contribution to, (ii) make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, or (iii) enter into any joint venture, partnership, or other similar arrangement with, any Person, other than than (a) Acquisitions, (b) expense accounts for marketable obligations issued or unconditionally guaranteed by the United States government or issued by any of its agencies and other loans backed by the full faith and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (c) investments in (or secured by) obligations credit of the United States of America (and agencies thereof and investments in mutual funds investing primarily in those obligations); (b) marketable obligations guaranteed issued by any state of the United States of America maturing within one year from the date or any political subdivision of acquisition; any such state or any public instrumentality thereof and rated “Aa2” or better by Xxxxx’x or “AA” by S&P (dand investments in mutual funds investing primarily in those obligations); (c) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and or banker's ’s acceptances which that are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 250,000,000 (as shown on such Person’s its most recently published statement of condition), condition (and which investments in mutual funds investing primarily in those certificates of deposit have one of the two highest ratings from Xxxxx’x or S&P, unless Borrower has a written commitment to borrow funds from such commercial bank; banker’s acceptances)); (fd) commercial paper and similar obligations rated A-2 “P-2” or better by Xxxxx’x Xxxxx’x, or P-2 “A-2” or better by S&P; S&P (gand investments in mutual funds investing primarily in those obligations); (e) investments having one of the two highest ratings from Xxxxx’x or S&P; (h) extensions of credit in connection with trade receivables checking and overpayments of trade payables, in each case resulting from transactions demand deposit accounts maintained in the ordinary course of business; business (i) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s Insurance Reports) of at least “A+”; provided, however, that if such Person’s financial rating is downgraded to less than “A+”, then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “A+”, (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.5; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in the same or a similar line of business as delivery deadlines set forth on Schedule 4.17 hereto (or any reasonable extensions or expansions thereof) (i) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (ii) secured by the borrower’s interest in such business; (m) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (nSection 6.1(d)

Loans, Advances and Investments. Except as permitted by Section 7.4(b), no Company will No Borrower may (i) make any loan, advance, extension of creditcredit (other than in the ordinary course of business), or capital contribution to, (ii) make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, or (iii) enter into any joint venture, partnership, or other similar arrangement with, any Person, other than than (a) Acquisitions, (b) expense accounts for marketable obligations issued or unconditionally guaranteed by the United States government or issued by any of its agencies and other loans backed by the full faith and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (c) investments in (or secured by) obligations credit of the United States of America (and agencies thereof and investments in mutual funds investing primarily in those obligations); (b) marketable obligations guaranteed issued by any state of the United States of America maturing within one year from the date or any political subdivision of acquisition; any such state or any public instrumentality thereof and rated “Aa2” or better by Moody’s xx “XX” by S&P (dand investments in mutual funds investing primarily in those obligations); (c) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and or banker's ’s acceptances which that are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 250,000,000 (as shown on such Person’s its most recently published statement of condition), condition (and which investments in mutual funds investing primarily in those certificates of deposit have one or banker’s acceptances)); (d) commercial paper and similar obligations rated “P-2” or better by Moody’s, xx “X-2” or better by S&P (and investments in mutual funds investing primarily in those obligations); (e) checking and demand deposit accounts maintained in the ordinary course of the two highest ratings from Xxxxx’x or S&P, unless Borrower business (provided an executed Deposit Account Control Agreement has a written commitment been delivered to borrow funds from such commercial bank; Lender in Proper Form); (f) commercial paper rated A-2 expense accounts or better by Xxxxx’x loans or P-2 advances to its directors, managers, officers or better by S&P; employees in the ordinary course of business which may not, in the aggregate, at any time exceed $50,000; (g) investments in securities purchased by any Borrower under repurchase obligations pursuant to which arrangements are made with selling financial institutions (being a financial institution having one unimpaired capital and surplus of not less than $500,000,000 and with a rating of “A-1” by S&P or “P-1” by Moody’s) xxx xxch financial institutions to repurchase such securities within thirty (30) days from the two highest ratings from Xxxxx’x or S&P; date of purchase by such Borrower, and other similar short term investments made in connection with the Borrower’s cash management practices; (h) extensions of credit non-cash proceeds from dispositions permitted under Section 9.9; (i) investments by any Borrower in connection with trade receivables any other Borrower; (j) cash and overpayments of trade payables, in each case resulting from transactions Cash Equivalents; (k) prepaid expenses incurred in the ordinary course of business; (i) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s Insurance Reports) of at least “A+”; provided, however, that if such Person’s financial rating is downgraded to less than “A+”, then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “A+”, (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.5; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), ; (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in the same or a similar line of business as set forth on Schedule 4.17 hereto (or any reasonable extensions or expansions thereof) (i) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (ii) secured by the borrower’s interest in such business; (m) accounts receivable created in the ordinary course of business, investments ; (m) joint ventures or strategic alliances in the capital stock ordinary course of Borrowers’ business consisting of the Rural Telephone Banknonexclusive licensing of technology, National Bank for Cooperatives, the development of technology or the National Rural Utilities Cooperative Finance Corporationproviding of technical support, or provided that any other lender from whom cash investments by Borrowers do not exceed $100,000 in the investing Company is intending to borrow money which requires such Company to make an equity investment aggregate in such lender in order to so borrowany fiscal year; and (n)) additional investments that do not exceed $100,000 in the aggregate.

Loans, Advances and Investments. Except as permitted by Section 7.4(b)5.13, no Company will make any loan, advance, extension of credit, or capital contribution to, make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, any other Person, other than (a) Acquisitions, (b) expense accounts for and other loans and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (c) investments in (or secured by) obligations of the United States of America and agencies thereof and obligations guaranteed by the United States of America maturing within one year from the date of acquisition; (d) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and banker's acceptances deposit which are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 (as shown on such Person’s 's most recently published statement of condition), and which certificates of deposit have one of the two highest ratings from Xxxxx’x Moody's or S&P, unless Borrower has a written commitment to borrow funds borxxx xxxds from such commercial bank; (f) commercial paper rated A-2 A-1 by Moody's or better by Xxxxx’x or P-2 or better P-1 by S&P; (g) investments having one of the two highest ratings hixxxxx xatings from Xxxxx’x Moody's or S&P; (h) extensions of credit in connection with trade receivables traxx xxxxivables and overpayments of trade payables, in each case resulting from transactions in the ordinary course of business; (i) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s 's Insurance Reports) of at least “"A+”"; provided, however, that if such Person’s 's financial rating is downgraded to less than “"A+”", then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “"A+”", (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.55.14; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in business comparable to the same or a similar line general business of business as set forth on Schedule 4.17 hereto any Company (or any reasonable extensions or expansions thereof) (ix) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (iiy) secured by the borrower’s 's interest in such business; (ml) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (nm)

Loans, Advances and Investments. Except as permitted by Section 7.4(b)5.14, no Company will make any loan, advance, extension of credit, or capital contribution to, make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, any other Person, other than (a) Acquisitionsthe Acquisition, (b) expense accounts for and other loans and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (c) investments in (or secured by) obligations of the United States of America and agencies thereof and obligations guaranteed by the United States of America maturing within one year from the date of acquisition; (d) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and banker's acceptances deposit which are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 (as shown on such Person’s 's most recently published statement of condition), and which certificates of deposit have one of the two highest ratings from Xxxxx’x Moody's or S&P, unless Borrower has a written commitment to borrow funds from fuxxx xxxm such commercial bank; (f) commercial paper rated A-2 A-1 by Moody's or better by Xxxxx’x or P-2 or better P-1 by S&P; (g) investments having one of the two highest ratings highesx xxxxngs from Xxxxx’x Moody's or S&P; (h) extensions of credit in connection with trade receivables txxxx xxceivables and overpayments of trade payables, in each case resulting from transactions in the ordinary course of business; (i) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. A. M. Best Company (as reported in Best’s 's Insurance Reports) of at least “"A+”"; provided, however, that if such Person’s 's financial rating is downgraded to less than “"A+”", then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “"A+”", (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.55.15; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in business comparable to the same or a similar line general business of business as set forth on Schedule 4.17 hereto any Company (or any reasonable extensions or expansions thereof) (ix) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (iiy) secured by the borrower’s 's interest in such business; (ml) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (nm)

Loans, Advances and Investments. Except as permitted by Section 7.4(b)5.14, no Company will make any loan, advance, extension of credit, or capital contribution to, make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, any other Person, other than (a) the Acquisitions, (b) expense accounts for and other loans and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (c) investments in (or secured by) obligations of the United States of America and agencies thereof and obligations guaranteed by the United States of America maturing within one year from the date of acquisition; (d) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and banker's acceptances deposit which are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 (as shown on such Person’s 's most recently published statement of condition), and which certificates of deposit have one of the two highest ratings from Xxxxx’x Moody's or S&P, unless Borrower has a written hax x xxxtten commitment to borrow funds from such commercial bank; (f) commercial paper rated A-2 A-1 by Moody's or better by Xxxxx’x or P-2 or better P-1 by S&P; (g) investments invesxxxxxx having one of the two highest ratings from Xxxxx’x Moody's or S&P; (h) extensions of credit xx xxedit in connection with trade receivables and overpayments of trade payables, in each case resulting from transactions in the ordinary course of business; (i) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. A. M. Best Company (as reported in Best’s 's Insurance Reports) of at least “A+”"A+ "; provided, however, that if such Person’s 's financial rating is downgraded to less than “"A+”", then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “"A+”", (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.55.15; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in business comparable to the same or a similar line general business of business as set forth on Schedule 4.17 hereto any Company (or any reasonable extensions or expansions thereof) (ix) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (iiy) secured by the borrower’s 's interest in such business; (ml) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (nm)

Loans, Advances and Investments. Except as permitted by Section 7.4(b), no Company will No Borrower may (i) make any loan, advance, extension of creditcredit (other than in the ordinary course of business), or capital contribution to, (ii) make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, or (iii) enter into any joint venture, partnership, or other similar arrangement with, any Person, other than than (a) Acquisitions, (b) expense accounts for marketable obligations issued or unconditionally guaranteed by the United States government or issued by any of its agencies and other loans backed by the full faith and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (c) investments in (or secured by) obligations credit of the United States of America (and agencies thereof and investments in mutual funds investing primarily in those obligations); (b) marketable obligations guaranteed issued by any state of the United States of America maturing within one year from the date or any political subdivision of acquisition; any such state or any public instrumentality thereof and rated “Aa2” or better by Xxxxx’x or “AA” by S&P (dand investments in mutual funds investing primarily in those obligations); (c) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and or banker's ’s acceptances which that are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 250,000,000 (as shown on such Person’s its most recently published statement of condition), condition (and which investments in mutual funds investing primarily in those certificates of deposit have one or banker’s acceptances)); (d) commercial paper and similar obligations rated “P-2” or better by Xxxxx’x, or “A-2” or better by S&P (and investments in mutual funds investing primarily in those obligations); (e) checking and demand deposit accounts maintained in the ordinary course of the two highest ratings from Xxxxx’x or S&P, unless Borrower business (provided an executed Deposit Account Control Agreement has a written commitment been delivered to borrow funds from such commercial bank; Lenders in Proper Form); (f) commercial paper rated A-2 expense accounts or better by Xxxxx’x loans or P-2 advances to its directors, managers, officers or better by S&P; employees in the ordinary course of business which may not, in the aggregate, at any time exceed $25,000; (g) investments in securities purchased by any Borrower under repurchase obligations pursuant to which arrangements are made with selling financial institutions (being a financial institution having one unimpaired capital and surplus of not less than $500,000,000 and with a rating of “A-1” by S&P or “P-1” by Xxxxx’x) for such financial institutions to repurchase such securities within thirty (30) days from the two highest ratings from Xxxxx’x or S&P; date of purchase by such Borrower, and other similar short term investments made in connection with the Borrower’s cash management practices; (h) extensions of credit non-cash proceeds from dispositions permitted under Section 9.9; (i) investments by any Borrower in connection with trade receivables any other Borrower; (j) cash and overpayments of trade payables, in each case resulting from transactions Cash Equivalents; (k) prepaid expenses incurred in the ordinary course of business; (i) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s Insurance Reports) of at least “A+”; provided, however, that if such Person’s financial rating is downgraded to less than “A+”, then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “A+”, (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.5; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), and (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in the same or a similar line of business as set forth on Schedule 4.17 hereto (or any reasonable extensions or expansions thereof) (i) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (ii) secured by the borrower’s interest in such business; (m) accounts receivable created in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (n).

Loans, Advances and Investments. Except as permitted by Section 7.4(b6.4(b), no Company will make any loan, advance, extension of credit, or capital contribution to, make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, any other Person, other than (a) the Verizon Acquisition, (b) Acquisitions, (bc) expense accounts for and other loans and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (cd) investments in (or secured by) obligations of the United States of America and agencies thereof and obligations guaranteed by the United States of America maturing within one year from the date of acquisition; (de) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (ef) certificates of deposit, time deposits and banker's acceptances deposit which are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 (as shown on such Person’s 's most recently published statement of condition), and which certificates of deposit have one of the two highest ratings from Xxxxx’x Moody's or S&P, unless Borrower has a written commitment to borrow funds borrox xxxxx from such commercial bank; (fg) commercial paper rated A-2 A-1 by Moody's or better by Xxxxx’x or P-2 or better P-1 by S&P; (gh) investments having one of the two highest ratings highxxx xxxings from Xxxxx’x Moody's or S&P; (hi) extensions of credit in connection with trade receivables xxxxxxables and overpayments of trade payables, in each case resulting from transactions in the ordinary course of business; (ij) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (jk) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s 's Insurance Reports) of at least “"A+”"; provided, however, that if such Person’s 's financial rating is downgraded to less than “"A+”", then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “"A+”", (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (no) of this Section 7.56.5; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in business comparable to the same or a similar line general business of business as set forth on Schedule 4.17 hereto any Company (or any reasonable extensions or expansions thereof) (ix) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (iiy) secured by the borrower’s 's interest in such business; (m) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (n)

Loans, Advances and Investments. Except as permitted by Section 7.4(b), no Company will make any loan, advance, extension of credit, or capital contribution to, make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, any other Person, other than (a) Acquisitions, (b) expense accounts for and other loans and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (c) investments in (or secured by) obligations of the United States of America and agencies thereof and obligations guaranteed by the United States of America maturing within one year from the date of acquisition; (d) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and banker's acceptances which are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 (as shown on such Person’s 's most recently published statement of condition), and which certificates of deposit have one of the two highest ratings from Xxxxx’x Moody's or S&P, unless Borrower has a written commitment to borrow funds from fuxxx xxxm such commercial bank; (f) commercial paper rated A-2 or better by Xxxxx’x Moody's or P-2 or better by S&PS&P ; (g) investments having one of the two highest txx xxxxest ratings from Xxxxx’x Moody's or S&PS&P ; (h) extensions of credit in connection with trade receivables rexxxxxxxes and overpayments of trade payables, in each case resulting from transactions in the ordinary course of business; (i) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s 's Insurance Reports) of at least “"A+”"; provided, however, that if such Person’s 's financial rating is downgraded to less than “"A+”", then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “"A+”", (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.5; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in the same or a similar line of business as set forth on Schedule 4.17 hereto (or any reasonable extensions or expansions thereof) (i) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (ii) secured by the borrower’s 's interest in such business; (m) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (n)

Loans, Advances and Investments. Except as permitted by Section 7.4(b6.4(b), no Company will make any loan, advance, extension of credit, or capital contribution to, make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, any other Person, other than (a) the Verizon Acquisition, (b) Acquisitions, (bc) expense accounts for and other loans and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (cd) investments in (or secured by) obligations of the United States of America and agencies thereof and obligations guaranteed by the United States of America maturing within one year from the date of acquisition; (de) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (ef) certificates of deposit, time deposits and banker's acceptances deposit which are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 (as shown on such Person’s 's most recently published statement of condition), and which certificates of deposit have one of the two highest ratings from Xxxxx’x Moody's or S&P, unless Borrower has a written commitment to borrow funds from fxxxx xxom such commercial bank; (fg) commercial paper rated A-2 A-1 by Moody's or better by Xxxxx’x or P-2 or better P-1 by S&P; (gh) investments having one of the two highest ratings xxxxxxs from Xxxxx’x Moody's or S&P; (hi) extensions of credit in connection with trade receivables rexxxxxxxes and overpayments of trade payables, in each case resulting from transactions in the ordinary course of business; (ij) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (jk) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s 's Insurance Reports) of at least “"A+”"; provided, however, that if such Person’s 's financial rating is downgraded to less than “"A+”", then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “"A+”", (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (no) of this Section 7.56.5; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in business comparable to the same or a similar line general business of business as set forth on Schedule 4.17 hereto any Company (or any reasonable extensions or expansions thereof) (ix) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (iiy) secured by the borrower’s 's interest in such business; (m) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (n)

Loans, Advances and Investments. Except as permitted by Section 7.4(b), no Company will make Make any loan, advance, extension of credit, or capital contribution to, make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt Indebtedness of, or interests in, any other Person, other than than: (a) Acquisitions, (b) expense accounts for and other loans and advances to directors, officers, and employees of such Company Borrower in the ordinary course of business not to exceed $1,000,000 1,500.00 in the aggregate outstanding at any time; ; (cb) investments in (or secured by) obligations of the United States State of America and agencies thereof and obligations guaranteed by the United States of America maturing within one year from the date of acquisition; ; (dc) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and banker's acceptances which are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 100,000,000.00 (as shown on such Person’s most recently published statement of condition), and which certificates of deposit have one of the two three (3) highest ratings from Xxxxx’x Investors Service, Inc., or S&PStandard & Poor’s , unless Borrower has a written commitment to borrow funds from such commercial bank; division of XxXxxx-Xxxx Companies, Inc.; (fd) commercial paper rated A-2 or better by Xxxxx’x or P-2 or better by S&P; (g) investments having which has one of the two highest ratings from Xxxxx’x Investors Service, Inc., or S&P; Standard & Poor’s, a division of XxXxxx-Xxxx Companies, Inc.; (he) extensions investments with financial institutions having combined capital, surplus, and undivided profits of credit not less than U.S. $100,000,000.00 (as shown on such Person’s most recently published statement of condition), and whose certificates of deposit have one of the two highest ratings from Xxxxx’x Investors Service, Inc., or Standard & Poor’s a division of XxXxxx-Xxxx Companies, Inc., respectively, or, if such institution does not have a commercial paper rating, a comparable bond rating; (f) loans to or investments in the REO Affiliates in connection with trade receivables and overpayments the acquisition by such REO Affiliates of trade payables, in each case resulting from transactions in the ordinary course of businessREO Properties; and (ig) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company the purchaser of an REO Property for a portion of the Debt purchase price of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s Insurance Reports) of at least “A+”; provided, however, that if such Person’s financial rating is downgraded to less than “A+”, then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “A+”REO Property, (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Companyi.e., or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.5seller financing); (k) the purchase of equity or debt securities of any Company, including the Borrower (but, provided that in the case of equity securities any such loan the Majority Lenders specific prior written consent has been obtained, which consent may be withheld, granted or granted conditionally subject to such protective and other conditions as the Majority Lenders may require in their sole discretion. Nothing contained in this Section 8.2.2 shall be deemed to in any way alter or diminish Borrower’s obligations to fully comply with the provisions of the Borrower, only to the extent permitted by Section 7.3), (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in the same or a similar line of business as set forth on Schedule 4.17 hereto (or any reasonable extensions or expansions thereof) (i) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (ii) secured by the borrower’s interest in such business; (m) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (n)8.1.18 and 8.1.19 above.

Loans, Advances and Investments. Except as permitted by Section 7.4(b)5.13, no Company will make any loan, advance, extension of credit, or capital contribution to, make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, any other Person, other than (a) Acquisitions, (b) expense accounts for and other loans and advances to directors, officers, and employees of such Company in the ordinary course of business not to exceed $1,000,000 in the aggregate outstanding at any time; (c) investments in (or secured by) obligations of the United States of America and agencies thereof and obligations guaranteed by the United States of America maturing within one year from the date of acquisition; (d) time deposits, banker's acceptances or certificates of deposit issued by any of the Lenders; (e) certificates of deposit, time deposits and banker's acceptances deposit which are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks organized under the Laws of the United States of America or any state thereof and having combined capital, surplus, and undivided profits of not less than $100,000,000 (as shown on such Person’s 's most recently published statement of condition), and which certificates of deposit have one of the two highest ratings from Xxxxx’x Moody's or S&P, unless Borrower has a written commitment to borrow funds from fuxxx xxxm such commercial bank; (f) commercial paper rated A-2 A-1 by Moody's or better P-1 by Xxxxx’x or P-2 or better by S&P; S&P (g) investments having one of the two highest ratings rxxxxxx from Xxxxx’x Moody's or S&P; S&P (h) extensions of credit in connection with trade receivables recexxxxxxx and overpayments of trade payables, in each case resulting from transactions in the ordinary course of business; (i) loans from any Company to any other Company, investments by any Company in any other Company, capital contributions by any Company to any other Company, and Guaranties by any Company of the Debt of any other Company; (j) investments in the cash surrender value of life insurance policies issued by Persons with a financial rating from A.M. Best Company (as reported in Best’s 's Insurance Reports) of at least “"A+”"; provided, however, that if such Person’s 's financial rating is downgraded to less than “"A+”", then within 90 days following such downgrading, either (i) such cash value life insurance policies will be transferred to another insurance company with a financial rating of at least “"A+”", (ii) such cash value insurance policies will be collapsed and the cash value thereof will be collected by the investing Company, or (iii) such investment will become an investment subject to the limitations of subparagraph (n) of this Section 7.55.14; (k) the purchase of equity or debt securities of any Company, including the Borrower (but, in the case of equity securities of the Borrower, only to the extent permitted by Section 7.3), (l) investments in the capital stock or securities of or loans to or Guaranties of the Debt of any Person engaged in business comparable to the same or a similar line general business of business as set forth on Schedule 4.17 hereto any Company (or any reasonable extensions or expansions thereof) (ix) in which a Company possesses (or will possess, after such investment) an equity ownership interest in such Person or (iiy) secured by the borrower’s 's interest in such business; (ml) in the ordinary course of business, investments in the capital stock of the Rural Telephone Bank, National Bank for Cooperatives, or the National Rural Utilities Cooperative Finance Corporation, or any other lender from whom the investing Company is intending to borrow money which requires such Company to make an equity investment in such lender in order to so borrow; (nm)