Common use of Loans, Advances and Investments Clause in Contracts

Loans, Advances and Investments. The Company will not and will not permit any Subsidiary to make or permit to remain outstanding any loan or advance to, or extend credit other than credit extended in the normal course of business to any Person who is not an Affiliate of the Company to, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, any Person, or commit to do any of the foregoing, (all of the foregoing collectively being "INVESTMENTS"), except (i) investments in, and loans or advances to, any Subsidiary that is a Subsidiary Guarantor; provided that Investments in Xxxxx Energy must be by the Company and must be in the form of Indebtedness; (ii) stock, membership interests, obligations or other securities of, or capital contributions to, a corporation or other entity which immediately after the purchase or acquisition of such stock, membership interests, obligations or other securities will be a Subsidiary, provided that contemporaneously with such purchase or acquisition, such Person has become a Subsidiary Guarantor; (iii) obligations backed by the full faith and credit of the United States Government (whether issued by the United States Government or an agency thereof), and obligations guaranteed by the United States Government, in each case which mature within one year from the date acquired; (iv) demand and time deposits with, or certificates of deposit issued by, any commercial bank or trust company (A) organized under the laws of the United States or any of its states or having branch offices therein, (B) having equity capital in excess of $250,000,000 and (C) which issues either (1) senior debt securities rated A or better by S&P, or by Moody's or (2) commercial paper rated A-1 by S&P or Prime-1 by Moody's, in each case payable in the United States in United States dollars, in each case which mature within one year from the date acquired; (v) readily marketable commercial paper rated as A-1 or better by S&P or Prime-1 or better by Moody's (or, in either case, an equivalent rating from another nationally recognized credit rating agency) and maturing not more than 270 days from the date acquired; (vi) bonds, debentures, notes or similar debt instruments issued by a state or municipality given a "AA" rating or better by S&P or an equivalent rating by another nationally recognized credit rating agency and maturing not more than one year from the date acquired; (vii) negotiable instruments endorsed for collection in the ordinary course of business; (viii) the loans, investments and advances existing as of the date hereof and listed on Schedule 6B(2) attached hereto; (ix) investments comprised of notes payable, or stock or other securities issued by account debtors to the Company or any Subsidiary pursuant to negotiated agreements with respect to settlement of such account debtor's account in the ordinary course of business; (x) loans or advances to employees not in excess of $750,000 in the aggregate outstanding at any time; (xi) any loan to a Person to finance the purchase of real property, personal property, services or equipment from the Company or any Subsidiary provided that (a) if such loan exceeds $200,000, the Company or such Subsidiary shall retain a Lien on any property or equipment sold to the extent permitted under applicable law, (b) the aggregate principal amount of all such loans to any Person or its affiliates outstanding at any time shall not exceed $2,500,000 and (c) the aggregate principal amount of all such loans outstanding at any time shall not exceed $5,000,000; (xii) investments in water xxxxx drilled by the Company or any Subsidiary for local municipalities in connection with which such municipality has entered into a contract with the Company or such Subsidiary to purchase water from the well and to purchase the well from the Company or any Subsidiary at a future date; provided the aggregate amount invested by the Company and its Subsidiaries in all such investments shall not exceed $2,500,000 in the aggregate outstanding at any time; and (xiii) so long as no Default has occurred and is continuing or would be caused thereby, making investments (excluding interest on intercompany indebtedness and royalties) in (a) Persons that are not Subsidiaries and (b) Subsidiaries that are not Subsidiary Guarantors; provided that the aggregate amount of all such investments in clauses (a) and (b) made after the date of this Agreement shall not at any time exceed 15% of Tangible Net Worth plus up to $5,000,000 in the aggregate outstanding at any time with respect to Xxxxx Water Development of Texas, LLC, in each case, as calculated as of any date.

Loans, Advances and Investments. The Company will not and will not permit any Subsidiary to make Make or permit to remain outstanding any loan loans or advance to, or extend credit other than credit extended in the normal course of business to any Person who is not an Affiliate of the Company advances to, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution contributions to, any PersonPerson (collectively, or commit to do any of the foregoing, (all of the foregoing collectively being "INVESTMENTS"“Investments”), exceptexcept that the Company or any Subsidiary may: (i) investments in, and make or permit to remain outstanding loans or advances to, any Subsidiary that is a Subsidiary Guarantor; provided that Investments in Xxxxx Energy must be by to the Company and must be in the form of Indebtednessor any Subsidiary; (ii) own, purchase or acquire stock, membership interests, obligations or other securities of, of a Subsidiary or capital contributions to, of a corporation or other entity Person which immediately after the such purchase or acquisition of such stock, membership interests, obligations or other securities will be a Subsidiary, provided that contemporaneously with such purchase or acquisition, such Person has become a Subsidiary Guarantor; (iii) acquire and own stock, obligations backed by or securities received in settlement of debts (created in the full faith ordinary course of business) owing to the Company or any Subsidiary, to the extent the aggregate amount of all such Investments described in this clause (iii) made after the date of this Agreement does not exceed $1,000,000; (iv) own, purchase or acquire prime commercial paper, banker's acceptances and certificates of deposit in commercial banks with a capital of $100,000,000 or more or whose credit is reasonably satisfactory to Prudential; repurchase agreements with respect to the foregoing; fixed income obligations of companies organized under Federal or state law; obligations of the United States Government (whether issued or any State thereof); obligations fully guaranteed by the United States Government (or an agency any State thereof), and ; obligations guaranteed by the United States Government, of counties or municipalities located in each case which mature within one year from the date acquired; (iv) demand and time deposits with, or certificates of deposit issued by, any commercial bank or trust company (A) organized under the laws of the United States or any of its states agencies or having branch offices therein, (B) having equity capital departments thereof in excess of $250,000,000 and (C) which issues either (1) senior debt securities each case rated A "A" or better by S&P, Standard & Poors Corporation or the equivalent thereof by Moody's any nationally recognized rating agency and mutual fund accounts which exclusively invest in any one or (2) commercial paper rated A-1 by S&P or Prime-1 by Moody's, in each case payable in more of the United States in United States dollars, in each case which mature within one year from the date acquiredforegoing; (v) readily marketable commercial paper rated make or permit to remain outstanding loans or advances to officers and employees in the ordinary course of business reasonably consistent with the Company's business practices as A-1 or better by S&P or Prime-1 or better by Moody's (or, in either case, an equivalent rating from another nationally recognized credit rating agency) and maturing not more than 270 days from of the date acquiredof this Agreement; (vi) bonds, debentures, notes make or similar debt instruments issued by a state or municipality given a "AA" rating or better by S&P or an equivalent rating by another nationally recognized credit rating agency and maturing not more than one year from permit to remain outstanding loans to the date acquiredexisting employee stock ownership plan of the Company; (vii) negotiable instruments endorsed for collection in make or permit to remain outstanding loans to any new employee stock ownership plan of the ordinary course of business;Company which is approved by the Company's shareholders; 15365.013 (viii) the loans, investments and advances existing as make or permit to remain outstanding loans to senior management of the date hereof and listed on Schedule 6B(2) attached heretoCompany pursuant to the Company's stock purchase plan not to exceed in the aggregate at any time outstanding $5,000,000; (ix) investments comprised of notes payable, make deposits required by government agencies or stock or other securities issued by account debtors to the Company or any Subsidiary pursuant to negotiated agreements with respect to settlement of such account debtor's account public utilities in the ordinary course of business; (x) loans or advances to employees not make deposits in excess of $750,000 in the aggregate outstanding at any timedemand deposit accounts; (xi) any loan own treasury stock, and so long as no Default or Event of Default shall be continuing, repurchase from time to a Person to finance time of the purchase capital stock of real property, personal property, services or equipment from the Company or any Subsidiary provided that (a) if such loan exceeds $200,000, the Company or such Subsidiary shall retain a Lien on any property or equipment sold to the extent permitted under applicable law, (b) the aggregate principal amount of all such loans to any Person or its affiliates outstanding at any time shall not exceed $2,500,000 and (c) the aggregate principal amount of all such loans outstanding at any time shall not exceed $5,000,000; (xii) investments in water xxxxx drilled as authorized by the Company or any Subsidiary for local municipalities in connection with which such municipality has entered into a contract with the Company or such Subsidiary Company’s board of directors from time to purchase water from the well and to purchase the well from the Company or any Subsidiary at a future date; provided the aggregate amount invested by the Company and its Subsidiaries in all such investments shall not exceed $2,500,000 in the aggregate outstanding at any time; and (xiiixii) so long as no Default has occurred and is continuing or would be caused thereby, making investments make other new Investments not to exceed an amount equal to twenty-five percent (excluding interest on intercompany indebtedness and royalties25%) in (a) Persons that are not Subsidiaries and (b) Subsidiaries that are not Subsidiary Guarantors; provided that the aggregate amount of all such investments in clauses (a) and (b) made after the date of this Agreement shall not at any time exceed 15% of Tangible Consolidated Net Worth plus up to $5,000,000 in the aggregate outstanding at any time with respect to Xxxxx Water Development of Texas, LLC, in each case, as calculated as of any dateWorth.

Loans, Advances and Investments. The Except as permitted by SECTION 9.9 or SECTION 9.11, no Company will not and will not permit any Subsidiary to make or permit to remain outstanding any loan or advance to, or extend credit other than credit extended in the normal course of business to any Person who is not an Affiliate of the Company to, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or may make any loan, advance, extension of credit or capital contribution to, make any Personinvestment in, or purchase or commit to do purchase any of the foregoing, (all of the foregoing collectively being "INVESTMENTS"), except (i) investments in, and loans or advances to, any Subsidiary that is a Subsidiary Guarantor; provided that Investments in Xxxxx Energy must be by the Company and must be in the form of Indebtedness; (ii) stock, membership interests, obligations stock or other securities or evidences of Debt of, or capital contributions tointerests in, a corporation any other Person, other than (a) expense accounts for and other advances to its directors, officers and employees in the ordinary course of business; (b) marketable obligations issued or other entity which immediately after unconditionally guaranteed by the purchase U.S. Government or acquisition issued by any of such stock, membership interests, obligations or other securities will be a Subsidiary, provided that contemporaneously with such purchase or acquisition, such Person has become a Subsidiary Guarantor; (iii) obligations its agencies and backed by the full faith and credit of the United States Government (whether issued by the United States Government or an agency thereof), and obligations guaranteed by the United States GovernmentU. S., in each case which mature maturing within one year from the date acquired; of acquisition (ivand investments in mutual funds investing primarily in those obligations); (c) demand short-term investment grade domestic and time deposits with, or eurodollar certificates of deposit or time deposits that are fully insured by the Federal Deposit Insurance Corporation or are issued byby commercial banks having combined capital, any commercial bank or trust company surplus, and undivided profits of not less than $100,000,000 (A) organized under the laws as shown on its most recently published statement of the United States or any of its states or having branch offices therein, condition); (B) having equity capital in excess of $250,000,000 and (C) which issues either (1) senior debt securities rated A or better by S&P, or by Moody's or (2d) commercial paper and similar obligations rated A-1 "P-1" by S&P Moodx'x Xxxestors Service, Inc., or Prime-1 "A-1" by Moody'sStandard & Poor's Ratings Group (a division of McGraw Hill, in each case payable in the United States in United States dollarsInc.); (e) inter-Company loans and advances; (f) readily marketable tax-free municipal bonds of a domestic issuer rated "Aaa" by Moodx'x Xxxestors Service, in each case which mature Inc., or "AAA" by Standard & Poors Ratings Group (a division of McGraw Hill, Inc.), and maturing within one year from the date acquired; of issuance (vand investments in mutual funds investing primarily in those bonds); (g) readily marketable commercial paper rated as A-1 or better by S&P or Prime-1 or better by Moody's (or, in either case, an equivalent rating from another nationally recognized credit rating agency) and maturing not more than 270 days from the date acquired; (vi) bonds, debentures, notes or similar debt instruments issued by a state or municipality given a "AA" rating or better by S&P or an equivalent rating by another nationally recognized credit rating agency and maturing not more than one year from the date acquired; (vii) negotiable instruments endorsed for collection demand deposit accounts maintained in the ordinary course of business; ; (viiih) other investments existing on the loansinitial Loan Date and described on SCHEDULE 9.8 (and, investments and advances existing as of the date hereof and listed on Schedule 6B(2) attached hereto; (ix) investments comprised of notes payable, or stock or other securities issued by account debtors to the Company or any Subsidiary pursuant to negotiated agreements with respect to settlement Amatek and its Subsidiaries, existing on the date of such account debtor's account Acquisition); (i) 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; (x) loans or advances to employees not in excess of $750,000 in the aggregate outstanding at any time; (xi) any loan to a Person to finance the purchase of real property, personal property, services or equipment from the Company or any Subsidiary provided that (a) if such loan exceeds $200,000, the Company or such Subsidiary shall retain a Lien on any property or equipment sold to the extent permitted under applicable law, (b) the aggregate principal amount of all such loans to any Person or its affiliates outstanding at any time shall not exceed $2,500,000 ; and (cj) the aggregate principal amount of all such loans outstanding at any time shall not exceed $5,000,000; (xii) investments in water xxxxx drilled by the Company or any Subsidiary for local municipalities in connection with which such municipality has entered into a contract with the Company or such Subsidiary to purchase water from the well and to purchase the well from the Company or any Subsidiary at a future date; provided the aggregate amount invested by the Company and its Subsidiaries in all such investments shall not exceed $2,500,000 in the aggregate outstanding at any time; and (xiii) so as long as no Default has occurred or Potential Default exists, other loans, advances, and is continuing or would be caused thereby, making investments (excluding interest on intercompany indebtedness and royalties) in (a) Persons that are not Subsidiaries and (b) Subsidiaries that are not Subsidiary Guarantors; provided that aggregating no more than 5% of the aggregate amount of all such investments in clauses (a) and (b) made after the date of this Agreement shall not Companies' Net Worth at any time exceed 15% of Tangible Net Worth plus up to $5,000,000 in the aggregate outstanding at any time with respect to Xxxxx Water Development of Texas, LLC, in each case, as calculated as of any datetime.

Loans, Advances and Investments. The Except as permitted by SECTION 9.9 or SECTION 9.11, no Company will not and will not permit any Subsidiary to make or permit to remain outstanding any loan or advance to, or extend credit other than credit extended in the normal course of business to any Person who is not an Affiliate of the Company to, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or may make any loan, advance, extension of credit or capital contribution to, make any Personinvestment in, or purchase or commit to do purchase any of the foregoing, (all of the foregoing collectively being "INVESTMENTS"), except (i) investments in, and loans or advances to, any Subsidiary that is a Subsidiary Guarantor; provided that Investments in Xxxxx Energy must be by the Company and must be in the form of Indebtedness; (ii) stock, membership interests, obligations stock or other securities or evidences of Debt of, or capital contributions tointerests in, a corporation any other Person, OTHER THAN (a) expense accounts for and other advances to its directors, officers and employees in the ordinary course of business; (b) marketable obligations issued or other entity which immediately after unconditionally guaranteed by the purchase U.S. Government or acquisition issued by any of such stock, membership interests, obligations or other securities will be a Subsidiary, provided that contemporaneously with such purchase or acquisition, such Person has become a Subsidiary Guarantor; (iii) obligations its agencies and backed by the full faith and credit of the United States Government (whether issued by the United States Government or an agency thereof), and obligations guaranteed by the United States GovernmentU. S., in each case which mature maturing within one year from the date acquired; of acquisition (ivand investments in mutual funds investing primarily in those obligations); (c) demand short-term investment grade domestic and time deposits with, or eurodollar certificates of deposit or time deposits that are fully insured by the Federal Deposit Insurance Corporation or are issued byby commercial banks having combined capital, any commercial bank or trust company surplus, and undivided profits of not less than $100,000,000 (A) organized under the laws as shown on its most recently published statement of the United States or any of its states or having branch offices therein, condition); (B) having equity capital in excess of $250,000,000 and (C) which issues either (1) senior debt securities rated A or better by S&P, or by Moody's or (2d) commercial paper and similar obligations rated A-1 "P-1" by S&P Xxxxx'x Investors Service, Inc., or Prime-1 "A-1" by Moody'sStandard & Poor's Ratings Group (a division of McGraw Hill, in each case payable in the United States in United States dollarsInc.); (e) inter-Company loans and advances; (f) readily marketable tax-free municipal bonds of a domestic issuer rated "Aaa" by Xxxxx'x Investors Service, in each case which mature Inc., or "AAA" by Standard & Poors Ratings Group (a division of McGraw Hill, Inc.), and maturing within one year from the date acquired; of issuance (vand investments in mutual funds investing primarily in those bonds); (g) readily marketable commercial paper rated as A-1 or better by S&P or Prime-1 or better by Moody's (or, in either case, an equivalent rating from another nationally recognized credit rating agency) and maturing not more than 270 days from the date acquired; (vi) bonds, debentures, notes or similar debt instruments issued by a state or municipality given a "AA" rating or better by S&P or an equivalent rating by another nationally recognized credit rating agency and maturing not more than one year from the date acquired; (vii) negotiable instruments endorsed for collection demand deposit accounts maintained in the ordinary course of business; ; (viiih) other investments existing on the loansinitial Loan Date and described on SCHEDULE 9.8 (and, investments and advances existing as of the date hereof and listed on Schedule 6B(2) attached hereto; (ix) investments comprised of notes payable, or stock or other securities issued by account debtors to the Company or any Subsidiary pursuant to negotiated agreements with respect to settlement Amatek and its Subsidiaries, existing on the date of such account debtor's account Acquisition); (i) 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; (x) loans or advances to employees not in excess of $750,000 in the aggregate outstanding at any time; (xi) any loan to a Person to finance the purchase of real property, personal property, services or equipment from the Company or any Subsidiary provided that (a) if such loan exceeds $200,000, the Company or such Subsidiary shall retain a Lien on any property or equipment sold to the extent permitted under applicable law, (b) the aggregate principal amount of all such loans to any Person or its affiliates outstanding at any time shall not exceed $2,500,000 ; and (cj) the aggregate principal amount of all such loans outstanding at any time shall not exceed $5,000,000; (xii) investments in water xxxxx drilled by the Company or any Subsidiary for local municipalities in connection with which such municipality has entered into a contract with the Company or such Subsidiary to purchase water from the well and to purchase the well from the Company or any Subsidiary at a future date; provided the aggregate amount invested by the Company and its Subsidiaries in all such investments shall not exceed $2,500,000 in the aggregate outstanding at any time; and (xiii) so as long as no Default has occurred or Potential Default exists, other loans, advances, and is continuing or would be caused thereby, making investments (excluding interest on intercompany indebtedness and royalties) in (a) Persons that are not Subsidiaries and (b) Subsidiaries that are not Subsidiary Guarantors; provided that aggregating no more than 5% of the aggregate amount of all such investments in clauses (a) and (b) made after the date of this Agreement shall not Companies' Net Worth at any time exceed 15% of Tangible Net Worth plus up to $5,000,000 in the aggregate outstanding at any time with respect to Xxxxx Water Development of Texas, LLC, in each case, as calculated as of any datetime.

Loans, Advances and Investments. The Company will not Not make and will not permit any Subsidiary subsidiary to make any loan, advance, extension of credit or permit to remain outstanding any loan or advance to, or extend credit other than credit extended in the normal course of business to any Person who is not an Affiliate of the Company to, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, make any Personinvestment in, or purchase or commit to do purchase any stock or other securities or evidences of the foregoingDebt of, (all of the foregoing collectively being "INVESTMENTS")or interests in, except any other Person, other than: (i) investments inexpense accounts for and other advances to its directors, officers and loans or advances to, any Subsidiary that is a Subsidiary Guarantor; provided that Investments in Xxxxx Energy must be by the Company and must be employees in the form ordinary course of Indebtedness; business up to an aggregate amount of $500,000 outstanding at any time; (ii) stock, membership interests, marketable obligations issued or other securities of, unconditionally guaranteed by the United States Government or capital contributions to, a corporation or other entity which immediately after the purchase or acquisition issued by any of such stock, membership interests, obligations or other securities will be a Subsidiary, provided that contemporaneously with such purchase or acquisition, such Person has become a Subsidiary Guarantor; (iii) obligations its agencies and backed by the full faith and credit of the United States Government (whether issued by the United States Government or an agency thereof), and obligations guaranteed by the United States Governmentof America, in each case which mature maturing within one year from the date acquired; of acquisition (ivand investments in mutual funds investing primarily in those obligations); (iii) demand short-term investment grade domestic and time deposits with, or eurodollar certificates of deposit or time deposits that are fully insured by the Federal Deposit Insurance Corporation or are issued by, any by commercial bank or trust company (A) banks organized under the laws Laws of the United States of America or any of its states or having branch offices thereincombined capital, surplus, and undivided profits of not less than $100,000,000 (Bas shown on its most recently published statement of condition); (iv) having equity capital in excess of $250,000,000 commercial paper and (C) which issues either (1) senior debt securities similar obligations rated A "P-1" or better by S&PXxxxx'x Investors Services, Inc., or "A-1" or better by Standard & Poors Ratings Group (a division of McGraw Hill, Inc.); (v) investments in, and advances to, wholly-owned subsidiaries, or by Moody's a wholly-owned subsidiary in or to its parent; (2vi) commercial paper readily marketable tax-free municipal bonds of a domestic issuer rated A-1 "aaa" or better by S&P Xxxxx'x Investors Service, Inc., or Prime-1 "AAA" or better by Moody'sStandard & Poors Ratings Group (a division of McGraw Hill, in each case payable in the United States in United States dollarsInc.), in each case which mature and maturing within one year from the date acquired; of issuance (v) readily marketable commercial paper rated as A-1 or better by S&P or Prime-1 or better by Moody's (or, and investments in either case, an equivalent rating from another nationally recognized credit rating agency) and maturing not more than 270 days from the date acquired; (vi) mutual funds investing primarily in those bonds, debentures, notes or similar debt instruments issued by a state or municipality given a "AA" rating or better by S&P or an equivalent rating by another nationally recognized credit rating agency and maturing not more than one year from the date acquired; ); (vii) negotiable instruments endorsed promissory notes up to an aggregate amount of $3,000,000 outstanding at any time accepted as consideration for collection the disposition of properties described on Schedule 7.02(h); (viii) demand deposit accounts maintained in the ordinary course of business; (viii) the loans, investments ; and advances existing as of the date hereof and listed on Schedule 6B(2) attached hereto; (ix) investments comprised of notes payable, current trade and customer accounts receivable that are for goods furnished or stock or other securities issued by account debtors to the Company or any Subsidiary pursuant to negotiated agreements with respect to settlement of such account debtor's account services rendered in the ordinary course of business; (x) loans or advances to employees not in excess of $750,000 in the aggregate outstanding at any time; (xi) any loan to a Person to finance the purchase of real property, personal property, services or equipment from the Company or any Subsidiary provided that (a) if such loan exceeds $200,000, the Company or such Subsidiary shall retain a Lien on any property or equipment sold to the extent permitted under applicable law, (b) the aggregate principal amount of all such loans to any Person or its affiliates outstanding at any time shall not exceed $2,500,000 business and (c) the aggregate principal amount of all such loans outstanding at any time shall not exceed $5,000,000; (xii) investments in water xxxxx drilled by the Company or any Subsidiary for local municipalities in connection with which such municipality has entered into a contract with the Company or such Subsidiary to purchase water from the well and to purchase the well from the Company or any Subsidiary at a future date; provided the aggregate amount invested by the Company and its Subsidiaries in all such investments shall not exceed $2,500,000 in the aggregate outstanding at any time; and (xiii) so long as no Default has occurred and is continuing or would be caused thereby, making investments (excluding interest on intercompany indebtedness and royalties) in (a) Persons that are not Subsidiaries and (b) Subsidiaries that are not Subsidiary Guarantors; provided that the aggregate amount of all such investments payable in clauses (a) and (b) made after the date of this Agreement shall not at any time exceed 15% of Tangible Net Worth plus up to $5,000,000 in the aggregate outstanding at any time accordance with respect to Xxxxx Water Development of Texas, LLC, in each case, as calculated as of any datecustomary trade terms.

Loans, Advances and Investments. The Company will not Not make and will not permit any Subsidiary subsidiary to make any loan, advance, extension of credit or permit to remain outstanding any loan or advance to, or extend credit other than credit extended in the normal course of business to any Person who is not an Affiliate of the Company to, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, make any Personinvestment in, or purchase or commit to do purchase any stock or other securities or evidences of the foregoingDebt of, (all of the foregoing collectively being "INVESTMENTS")or interests in, except any other Person, other than: (i) investments inexpense accounts for and other advances to its directors, officers and loans or advances to, any Subsidiary that is a Subsidiary Guarantor; provided that Investments in Xxxxx Energy must be by the Company and must be employees in the form ordinary course of Indebtedness; business up to an aggregate amount of $500,000 outstanding at any time; (ii) stock, membership interests, marketable obligations issued or other securities of, unconditionally guaranteed by the United States Government or capital contributions to, a corporation or other entity which immediately after the purchase or acquisition issued by any of such stock, membership interests, obligations or other securities will be a Subsidiary, provided that contemporaneously with such purchase or acquisition, such Person has become a Subsidiary Guarantor; (iii) obligations its agencies and backed by the full faith and credit of the United States Government (whether issued by the United States Government or an agency thereof), and obligations guaranteed by the United States Governmentof America, in each case which mature maturing within one year from the date acquired; of acquisition (ivand investments in mutual funds investing primarily in those obligations); (iii) demand short-term investment grade domestic and time deposits with, or eurodollar certificates of deposit or time deposits that are fully insured by the Federal Deposit Insurance Corporation or are issued by, any by commercial bank or trust company (A) banks organized under the laws Laws of the United States of America or any of its states or having branch offices thereincombined capital, surplus, and undivided profits of not less than $100,000,000 (Bas shown on its most recently published statement of condition); (iv) having equity capital in excess of $250,000,000 commercial paper and (C) which issues either (similar obligations rated "P- 1) senior debt securities rated A " or better by S&PXxxxx'x Investors Services, Inc., or "A-1" or better by Standard & Poors Ratings Group (a division of McGraw Hill, Inc.); (v) investments in, and advances to, wholly-owned subsidiaries, or by Moody's a wholly-owned subsidiary in or to its parent; (2vi) commercial paper readily marketable tax-free municipal bonds of a domestic issuer rated A-1 "aaa" or better by S&P Xxxxx'x Investors Service, Inc., or Prime-1 "AAA" or better by Moody'sStandard & Poors Ratings Group (a division of McGraw Hill, in each case payable in the United States in United States dollarsInc.), in each case which mature and maturing within one year from the date acquired; of issuance (v) readily marketable commercial paper rated as A-1 or better by S&P or Prime-1 or better by Moody's (or, and investments in either case, an equivalent rating from another nationally recognized credit rating agency) and maturing not more than 270 days from the date acquired; (vi) mutual funds investing primarily in those bonds, debentures, notes or similar debt instruments issued by a state or municipality given a "AA" rating or better by S&P or an equivalent rating by another nationally recognized credit rating agency and maturing not more than one year from the date acquired; ); (vii) negotiable instruments endorsed promissory notes up to an aggregate amount of $3,000,000 outstanding at any time accepted as consideration for collection the disposition of properties described on Schedule 7.02(h); (viii) demand deposit accounts maintained in the ordinary course of business; (viii) the loans, investments and advances existing as of the date hereof and listed on Schedule 6B(2) attached hereto; ; (ix) investments comprised of notes payable, current trade and customer accounts receivable that are for goods furnished or stock or other securities issued by account debtors to the Company or any Subsidiary pursuant to negotiated agreements with respect to settlement of such account debtor's account services rendered in the ordinary course of business; business and that are payable in accordance with customary trade terms; and (x) loans or advances to employees not in excess of $750,000 in the aggregate outstanding at any time; (xi) any loan to a Person to finance the purchase of real property, personal property, services or equipment from the Company or any Subsidiary provided that (a) if such loan exceeds $200,000, the Company or such Subsidiary shall retain a Lien on any property or equipment sold to the extent permitted under applicable law, (b) the aggregate principal amount of all such loans to any Person or its affiliates outstanding at any time shall not exceed $2,500,000 and (c) the aggregate principal amount of all such loans outstanding at any time shall not exceed $5,000,000; (xii) investments in water xxxxx drilled by the Company or any Subsidiary for local municipalities in connection with which such municipality has entered into a contract with the Company or such Subsidiary to purchase water from the well and to purchase the well from the Company or any Subsidiary at a future date; provided the aggregate amount invested by the Company and its Subsidiaries in all such investments shall not exceed $2,500,000 in the aggregate outstanding at any time; and (xiii) so long as no Default has occurred and is continuing or would be caused thereby, making investments (excluding interest on intercompany indebtedness and royalties) in (a) Persons that are not Subsidiaries and (b) Subsidiaries that are not Subsidiary Guarantors; provided that the aggregate amount of all such investments in clauses (a) and (b) made after the date of this Agreement shall not at any time exceed 15% of Tangible Net Worth plus up to $5,000,000 in the aggregate outstanding at any time with respect to Xxxxx Water Development of Texas, LLC, in each case, as calculated as of any date.)

Loans, Advances and Investments. The Company will not and will not permit Neither Borrower, nor any Subsidiary to Guarantor nor TVIP, Xxxxxx Marine or IPEO may (i) make or permit to remain outstanding any loan or advance toloan, advance, extension of credit (other than in the ordinary course of business), support payment, or extend credit other than credit extended in the normal course of business to any Person who is not an Affiliate of the Company to, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, (ii) make, hold, retain or maintain any investment in, or purchase or commit to purchase any stock or other securities of or interests in, or (iii) enter into any joint venture, partnership, or other similar arrangement with, any Person, other than (a) marketable obligations issued or commit to do unconditionally guaranteed by the United States government or issued by any of the foregoing, (all of the foregoing collectively being "INVESTMENTS"), except (i) investments in, its agencies and loans or advances to, any Subsidiary that is a Subsidiary Guarantor; provided that Investments in Xxxxx Energy must be by the Company and must be in the form of Indebtedness; (ii) stock, membership interests, obligations or other securities of, or capital contributions to, a corporation or other entity which immediately after the purchase or acquisition of such stock, membership interests, obligations or other securities will be a Subsidiary, provided that contemporaneously with such purchase or acquisition, such Person has become a Subsidiary Guarantor; (iii) obligations backed by the full faith and credit of the United States Government of America (whether issued by the United States Government or an agency thereofand investments in mutual funds investing primarily in those obligations), and obligations guaranteed by the United States Government, in each case which mature within one year from the date acquired; (ivb) demand and time deposits with, or certificates of deposit marketable obligations issued by, by any commercial bank or trust company (A) organized under the laws state of the United States of America or any political subdivision of its states any such state or having branch offices therein, (B) having equity capital in excess of $250,000,000 any public instrumentality thereof and (C) which issues either (1) senior debt securities rated A “Aa2” or better by S&PXxxxx’x or “AA” by S&P (and investments in mutual funds investing primarily in those obligations); (c) certificates of deposit or banker’s acceptances that are fully insured by the Federal Deposit Insurance Corporation or are issued by commercial banks having combined capital, surplus, and undivided profits of not less than $100,000,000 (as shown on its most recently published statement of condition (and investments in mutual funds investing primarily in those certificates of deposit or by Moody's or banker’s acceptances)); (2d) commercial paper and similar obligations rated A-1 “P-2” or better by S&P Xxxxx’x, or Prime-1 by Moody's, in each case payable in the United States in United States dollars, in each case which mature within one year from the date acquired; (v) readily marketable commercial paper rated as A-1 “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 (provided the accounts are maintained with Cadence or Prime-1 otherwise in accordance with the terms of this Agreement); (f) expense accounts or better by Moody's (orloans or advances to its directors, managers, officers or employees in the ordinary course of business for new hires, or relating to such Persons’ travels and other activities undertaken on behalf of Borrower and its businesses, which may not, in either casethe aggregate, an equivalent at any time exceed $25,000; (g) investments in securities purchased by Borrower or a Guarantor under repurchase obligations pursuant to which arrangements are made with selling financial institutions (being a financial institution having unimpaired capital and surplus of not less than $500,000,000 and with a rating from another nationally recognized credit rating agencyof “A-1” by S&P or “P-1” by Xxxxx’x) and maturing not more than 270 for such financial institutions to repurchase such securities within thirty (30) days from the date acquiredof purchase by such Borrower or Guarantor, and other similar short term investments made in connection with the Borrower’s or a Guarantor’s cash management practices; (vih) bonds, debentures, notes investments and loans by Borrower or similar debt instruments issued by a state any Guarantor in or municipality given a "AA" rating to Borrower or better by S&P or an equivalent rating by another nationally recognized credit rating agency and maturing not more than one year from the date acquiredany Guarantor; (viii) negotiable instruments endorsed for collection investments and loans by Borrower or any Guarantor in any Subsidiary that is not a Loan Party, not to exceed in the aggregate $500,000; (j) cash and Cash Equivalents; (k) prepaid expenses incurred in the ordinary course of business; (viiil) the loans, investments and advances existing as of the date hereof and listed on Schedule 6B(2) attached hereto; (ix) investments comprised of notes payable, or stock or other securities issued by account debtors to the Company or any Subsidiary pursuant to negotiated agreements with respect to settlement of such account debtor's account accounts receivable created in the ordinary course of business; (xm) loans or advances to employees not in excess guaranties permitted by the definition of $750,000 in the aggregate outstanding at any timePermitted Debt; (xin) any loan to a Person to finance investments consisting of extensions of credit in the purchase nature of real property, personal property, services or equipment accounts receivable arising from the Company grant of trade credit in the ordinary course of business, and investments received in satisfaction or any Subsidiary provided that (a) if such loan exceeds $200,000, the Company or such Subsidiary shall retain a Lien on any property or equipment sold partial satisfaction thereof from financially troubled account debtors to the extent permitted under applicable law, (b) the aggregate principal amount of all such loans reasonably necessary in order to any Person prevent or its affiliates outstanding at any time shall not exceed $2,500,000 and (c) the aggregate principal amount of all such loans outstanding at any time shall not exceed $5,000,000limit loss; (xiio) investments deposits in water xxxxx drilled by the Company or any Subsidiary for local municipalities in connection with which such municipality has entered into a contract with the Company or such Subsidiary to purchase water from the well and to purchase the well from the Company or any Subsidiary at a future date; provided the aggregate amount invested by the Company and its Subsidiaries in all such investments shall not exceed $2,500,000 cash made in the aggregate outstanding at any timeordinary course of business to secure performance of operating leases; and (xiiip) so long as no Default has occurred and is continuing or would be caused therebyloans to employees of the Borrower from time to time in the form of payroll advances, making investments (excluding interest on intercompany indebtedness and royalties) in (a) Persons that are not Subsidiaries and (b) Subsidiaries that are not Subsidiary Guarantors; provided that the aggregate amount of all such investments in clauses (a) and (b) made after the date of this Agreement shall not at any time to exceed 15% of Tangible Net Worth plus up to $5,000,000 in the aggregate outstanding at any time with respect to Xxxxx Water Development of Texas, LLC, in each case, as calculated as of any date$75,000.

Loans, Advances and Investments. The Company will not and will not permit any Subsidiary to make Make or permit to remain outstanding any loan loans or advance to, or extend credit other than credit extended in the normal course of business to any Person who is not an Affiliate of the Company advances to, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution contributions to, any PersonPerson (collectively, or commit to do any of the foregoing, (all of the foregoing collectively being "INVESTMENTS"“Investments”), exceptexcept that the Issuers or any Subsidiary may: (i) investments in, and make or permit to remain outstanding loans or advances to, any Subsidiary that is a Subsidiary Guarantor; provided that Investments in Xxxxx Energy must be by to the Company and must be in the form of Indebtednessor any Subsidiary; (ii) own, purchase or acquire stock, membership interests, obligations or other securities of, of a Subsidiary or capital contributions to, of a corporation or other entity Person which immediately after the such purchase or acquisition of such stock, membership interests, obligations or other securities will be a Subsidiary, provided that contemporaneously with such purchase or acquisition, such Person has become a Subsidiary Guarantor; (iii) acquire and own stock, obligations backed by or securities received in settlement of debts (created in the full faith ordinary course of business) owing to the Company or any Subsidiary, to the extent the aggregate amount of all such Investments described in this clause (iii) made after the date of this Agreement does not exceed $1,000,000; (iv) own, purchase or acquire prime commercial paper, banker’s acceptances and certificates of deposit in commercial banks with a capital of $100,000,000 or more or whose credit is reasonably satisfactory to Prudential; repurchase agreements with respect to the foregoing; fixed income obligations of companies organized under Federal or state law; obligations of the United States Government (whether issued or any State thereof); obligations fully guaranteed by the United States Government (or an agency any State thereof), and ; obligations guaranteed by the United States Government, of counties or municipalities located in each case which mature within one year from the date acquired; (iv) demand and time deposits with, or certificates of deposit issued by, any commercial bank or trust company (A) organized under the laws of the United States or any of its states agencies or having branch offices therein, (B) having equity capital departments thereof in excess of $250,000,000 and (C) which issues either (1) senior debt securities each case rated A “A” or better by S&P, Standard & Poors Corporation or the equivalent thereof by Moody's any nationally recognized rating agency and mutual fund accounts which exclusively invest in any one or (2) commercial paper rated A-1 by S&P or Prime-1 by Moody's, in each case payable in more of the United States in United States dollars, in each case which mature within one year from the date acquiredforegoing; (v) readily marketable commercial paper rated make or permit to remain outstanding loans or advances to officers and employees in the ordinary course of business reasonably consistent with the Company’s business practices as A-1 or better by S&P or Prime-1 or better by Moody's (or, in either case, an equivalent rating from another nationally recognized credit rating agency) and maturing not more than 270 days from of the date acquiredof this Agreement; (vi) bonds, debentures, notes make or similar debt instruments issued by a state or municipality given a "AA" rating or better by S&P or an equivalent rating by another nationally recognized credit rating agency and maturing not more than one year from permit to remain outstanding loans to the date acquiredexisting employee stock ownership plan of the Company; (vii) negotiable instruments endorsed for collection in make or permit to remain outstanding loans to any new employee stock ownership plan of the ordinary course of businessCompany which is approved by the Company’s shareholders; (viii) the loans, investments and advances existing as make or permit to remain outstanding loans to senior management of the date hereof and listed on Schedule 6B(2) attached heretoCompany pursuant to the Company’s stock purchase plan not to exceed in the aggregate at any time outstanding $5,000,000; (ix) investments comprised of notes payable, make deposits required by government agencies or stock or other securities issued by account debtors to the Company or any Subsidiary pursuant to negotiated agreements with respect to settlement of such account debtor's account public utilities in the ordinary course of business; (x) loans or advances to employees not make deposits in excess of $750,000 in the aggregate outstanding at any timedemand deposit accounts; (xi) any loan own treasury stock, and so long as no Default or Event of Default shall be continuing, repurchase from time to a Person to finance time of the purchase capital stock of real property, personal property, services or equipment from the Company or any Subsidiary provided that (a) if such loan exceeds $200,000, as authorized by the Company or such Subsidiary shall retain a Lien on any property or equipment sold Company’s board of directors from time to the extent permitted under applicable law, (b) the aggregate principal amount of all such loans to any Person or its affiliates outstanding at any time shall not exceed $2,500,000 and (c) the aggregate principal amount of all such loans outstanding at any time shall not exceed $5,000,000time; (xii) investments in water xxxxx drilled by the Company or make any Subsidiary for local municipalities in connection with which such municipality has entered into a contract with the Company or such Subsidiary to purchase water from the well and to purchase the well from the Company or any Subsidiary at a future date; provided the aggregate amount invested by the Company and its Subsidiaries in all such investments shall not exceed $2,500,000 Investments comprised of contributions (whether in the aggregate outstanding at form of cash, a note, or other assets) to a Subsidiary or other special-purpose entity created solely to engage in a Qualified Receivables Transaction or otherwise resulting from transfers of assets permitted by clause (g) of paragraph 6(B)(6)(iii) to such a special-purpose entity; (xiii) make any timeInvestments permitted pursuant to paragraph 6B(4); and (xiiixiv) so long as no Default has occurred and is continuing or would be caused thereby, making investments make other new Investments not to exceed an amount equal to twenty-five percent (excluding interest on intercompany indebtedness and royalties25%) in (a) Persons that are not Subsidiaries and (b) Subsidiaries that are not Subsidiary Guarantors; provided that the aggregate amount of all such investments in clauses (a) and (b) made after the date of this Agreement shall not at any time exceed 15% of Tangible Consolidated Net Worth plus up to $5,000,000 in the aggregate outstanding at any time with respect to Xxxxx Water Development of Texas, LLC, in each case, as calculated as of any dateWorth.

Loans, Advances and Investments. The Company will not Not make and will not permit any Subsidiary subsidiary to make any loan, advance, extension of credit or permit to remain outstanding any loan or advance to, or extend credit other than credit extended in the normal course of business to any Person who is not an Affiliate of the Company to, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, make any Personinvestment in, or purchase or commit to do purchase any stock or other securities or evidences of the foregoingDebt of, (all of the foregoing collectively being "INVESTMENTS")or interests in, except any other Person, other than: (i) investments inexpense accounts for and other advances to its directors, officers and loans or advances to, any Subsidiary that is a Subsidiary Guarantor; provided that Investments in Xxxxx Energy must be by the Company and must be employees in the form ordinary course of Indebtedness; business up to an aggregate amount of $500,000 outstanding at any time; (ii) stock, membership interests, marketable obligations issued or other securities of, unconditionally guaranteed by the United States Government or capital contributions to, a corporation or other entity which immediately after the purchase or acquisition issued by any of such stock, membership interests, obligations or other securities will be a Subsidiary, provided that contemporaneously with such purchase or acquisition, such Person has become a Subsidiary Guarantor; (iii) obligations its agencies and backed by the full faith and credit of the United States Government (whether issued by the United States Government or an agency thereof), and obligations guaranteed by the United States Governmentof America, in each case which mature maturing within one year from the date acquired; of acquisition (ivand investments in mutual funds investing primarily in those obligations); (iii) demand short-term investment grade domestic and time deposits with, or eurodollar certificates of deposit or time deposits that are fully insured by the Federal Deposit Insurance Corporation or are issued by, any by commercial bank or trust company (A) banks organized under the laws Laws of the United States of America or any of its states or having branch offices thereincombined capital, surplus, and undivided profits of not less than $100,000,000 (Bas shown on its most recently published statement of condition); (iv) having equity capital in excess of $250,000,000 commercial paper and (C) which issues either (1) senior debt securities similar obligations rated A "P-1" or better by S&PMoody's Investors Servixxx, Xxc., or "A-1" or better by Standard & Poors Ratings Group (a division of McGraw Hill, Inc.); (v) investments in, and advances to, wholly-owned subsidiaries, or by a wholly-owned subsidiary in or to its parent; (vi) readily marketable tax-free municipal bonds of a domestic issuer rated "aaa" or better by Moody's Investors Servixx, Xxx., or "AAA" or better by Standard & Poors Ratings Group (2) commercial paper rated A-1 by S&P or Prime-1 by Moody'sa division of McGraw Hill, in each case payable in the United States in United States dollarsInc.), in each case which mature and maturing within one year from the date acquired; of issuance (v) readily marketable commercial paper rated as A-1 or better by S&P or Prime-1 or better by Moody's (or, and investments in either case, an equivalent rating from another nationally recognized credit rating agency) and maturing not more than 270 days from the date acquired; (vi) mutual funds investing primarily in those bonds, debentures, notes or similar debt instruments issued by a state or municipality given a "AA" rating or better by S&P or an equivalent rating by another nationally recognized credit rating agency and maturing not more than one year from the date acquired; ); (vii) negotiable instruments endorsed promissory notes up to an aggregate amount of $3,000,000 outstanding at any time accepted as consideration for collection the disposition of properties described on Schedule 7.02(h); (viii) demand deposit accounts maintained in the ordinary course of business; (viii) the loans, investments and advances existing as of the date hereof and listed on Schedule 6B(2) attached hereto; ; (ix) investments comprised of notes payable, current trade and customer accounts receivable that are for goods furnished or stock or other securities issued by account debtors to the Company or any Subsidiary pursuant to negotiated agreements with respect to settlement of such account debtor's account services rendered in the ordinary course of business; business and that are payable in accordance with customary trade terms; and (x) loans or advances to employees not in excess of $750,000 in the aggregate outstanding at any time; (xi) any loan to a Person to finance the purchase of real property, personal property, services or equipment from the Company or any Subsidiary provided that (a) if such loan exceeds $200,000, the Company or such Subsidiary shall retain a Lien on any property or equipment sold to the extent permitted under applicable law, (b) the aggregate principal amount of all such loans to any Person or its affiliates outstanding at any time shall not exceed $2,500,000 and (c) the aggregate principal amount of all such loans outstanding at any time shall not exceed $5,000,000; (xii) investments in water xxxxx drilled by the Company or any Subsidiary for local municipalities in connection with which such municipality has entered into a contract with the Company or such Subsidiary to purchase water from the well and to purchase the well from the Company or any Subsidiary at a future date; provided the aggregate amount invested by the Company and its Subsidiaries in all such investments shall not exceed $2,500,000 in the aggregate outstanding at any time; and (xiii) so long as no Default has occurred and is continuing or would be caused thereby, making investments (excluding interest on intercompany indebtedness and royalties) in (a) Persons that are not Subsidiaries and (b) Subsidiaries that are not Subsidiary Guarantors; provided that the aggregate amount of all such investments in clauses (a) and (b) made after the date of this Agreement shall not at any time exceed 15% of Tangible Net Worth plus up to $5,000,000 in the aggregate outstanding at any time with respect to Xxxxx Water Development of Texas, LLC, in each case, as calculated as of any date.)

Loans, Advances and Investments. The Company will not and will not permit any Subsidiary to make Make or permit to remain outstanding at any time any loan or advance to, or extend credit other than credit extended in the normal course of business to any Person who is not an Affiliate of the Company to, or own, purchase or acquire any stock, obligations or securities of, or any other investment or other interest in, or make any capital contribution to, any Person, or commit or agree to do any of the foregoing, (all of the foregoing collectively being "INVESTMENTS"), exceptexcept for: (i) investments in, and loans or advances to, any Subsidiary that is a Subsidiary Guarantor; provided that Investments in Xxxxx Energy must be by the Company and must be in the form of Indebtedness[intentionally deleted]; (ii) stock, membership interests, obligations or other securities ofof a corporation which is, or capital contributions to, a corporation or other entity which immediately after the such purchase or acquisition of such stockbecomes, membership interests, obligations or other securities will be a Subsidiary, provided that contemporaneously with such purchase or acquisition, such Person has become a Subsidiary Guarantor; (iii) obligations backed by the full faith and credit of the United States Government (whether directly issued by the United States Government or an agency thereof), and any of its agencies or obligations fully guaranteed by the United States GovernmentStates, in each case which provided that such obligations mature within one year from the date acquired; (iv) demand and time deposits with, or (A) certificates of deposit which mature within one year from the date of purchase that are issued by, or (B) bankers' acceptances eligible for rediscount under requirements of The Board of Governors of the Federal Reserve System that are accepted by, any commercial bank or trust company (A1) organized under the laws of the United States or any of its states or having branch offices therein, (B2) having equity capital in excess of consolidated capital, surplus and undivided profits aggregating at least $250,000,000 750,000,000 and (C3) which issues either (1) whose senior unsecured debt securities are rated A AA or better by S&P, or by Moody's or (2) commercial paper rated A-1 by S&P or Prime-1 Aa2 or better by Moody's, in each case payable in the United States in United States dollars, in each case which mature within one year from the date acquiredMoodx'x; (v) readily marketable commercial paper rated as given an A-1 or better rating by S&P or Prime-1 S&P, a P-1 or better rating by Moody's (or, in either case, an equivalent rating from another nationally recognized credit rating agency) and Moodx'x xxx maturing not more than 270 days from the date acquired; (vi) bonds, debentures, notes loans and advances (A) between Guarantor and any wholly owned Subsidiary (other than Exempt Subsidiaries) or similar debt instruments issued by a state or municipality given a "AA" rating or better by S&P or an equivalent rating by another nationally recognized credit rating agency and maturing not more (B) between wholly owned Subsidiaries (other than one year from the date acquiredExempt Subsidiaries); (vii) negotiable instruments endorsed outstanding loans and advances to employees for collection travel and other similar expenses reasonably incurred in the ordinary course of business; (viii) the loans, investments notes receivables with a term not in excess of 180 days arising from transactions with customers and advances existing as of the date hereof and listed on Schedule 6B(2) attached hereto; (ix) investments comprised of notes payable, or stock or other securities issued by account debtors to the Company or any Subsidiary pursuant to negotiated agreements with respect to settlement of such account debtor's account suppliers in the ordinary course of business; (x) loans or advances to employees not in excess of $750,000 in the aggregate outstanding at any time; (xi) any loan to a Person to finance the purchase of real property, personal property, services or equipment from the Company or any Subsidiary provided that (a) if such loan exceeds $200,000, the Company or such Subsidiary shall retain a Lien on any property or equipment sold to the extent permitted under applicable law, (b) the aggregate principal amount of all such loans to any Person or its affiliates outstanding at any time shall not exceed $2,500,000 and (c) the aggregate principal amount of all such loans outstanding at any time shall not exceed $5,000,000; (xii) investments in water xxxxx drilled by the Company or any Subsidiary for local municipalities in connection with which such municipality has entered into a contract with the Company or such Subsidiary to purchase water from the well and to purchase the well from the Company or any Subsidiary at a future date; provided the aggregate amount invested by the Company and its Subsidiaries in all such investments shall not exceed $2,500,000 in the aggregate outstanding at any time; and (xiiiix) any loans, advances or investments other than as specified in clauses (i) - (viii) above, so long as no Default has occurred and is continuing or would be caused thereby, making investments (excluding interest on intercompany indebtedness and royalties) in (a) Persons that are not Subsidiaries and (b) Subsidiaries that are not Subsidiary Guarantors; provided that the aggregate amount of all such loans, advances and investments in clauses does not, at any time, exceed the sum of (aA) and $2,000,000 plus (bB) made after 10% of Consolidated Tangible Net Worth, the latter measured at the end of the fiscal quarter immediately preceding the date of this Agreement shall not at any time exceed 15% of Tangible Net Worth plus up to $5,000,000 in the aggregate outstanding at any time with respect to Xxxxx Water Development of Texas, LLC, in each case, as calculated as of any datedetermination thereof.