Common use of Restrictions on Investments Clause in Contracts

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such Subsidiary; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors Services, Inc., and not less than "A 1" if rated by Standard and Poor's; (d) Investments existing on the date hereof and listed on Schedule 9.3 hereto; (e) Investments consisting of loans, advances or guaranties to or for the benefit of employees in the ordinary course of business not to exceed $250,000.00 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens.

Restrictions on Investments. The Borrower will notNone of the Borrowers will, and none will not permit any of its Subsidiaries to, to make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) demand deposits, certificates of deposit, bankers bank acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paperCOMMERCIAL PAPER" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors Services, Inc.Moody's, and not less than "A 1X 0" if rated by Standard and Poor'sS&P; (d) Investments existing on the date hereof and listed on Schedule 9.3 SCHEDULE 10.3 hereto; (e) Loan, Investments and advances by any Borrower in or to another Borrower to the extent permitted by ss.10.1(f); (f) Investments consisting of loansPermitted Acquisitions; (g) Investments consisting of promissory notes received as proceeds of asset dispositions permitted by ss.10.5.2, PROVIDED that the aggregate value of such promissory notes received in connection with any such asseT disposition shall not exceed five percent (5%) of the aggregate value of the proceeds of such asset disposition; and (h) Investments consisting of loans and advances or guaranties to or employees for the benefit of employees moving, entertainment, travel and other similar expenses in the ordinary course of business not to exceed $250,000.00 500,000 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens.;

Restrictions on Investments. The Borrower No Loan Party will, nor will not, and will not it permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryLoan Parties; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "“commercial paper" ” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "“P 1" ” if rated by Xxxxx'x Investors Services, Inc.Mxxxx’x, and not less than "“A 1" ” if rated by Standard and Poor'sS&P; (d) Investments existing on the date hereof and listed on Schedule 9.3 10.3 hereto; (e) Investments by Holdings in Crystal Rock LLC; (f) Investments consisting of loanspromissory notes received as proceeds of asset dispositions permitted by §10.5.2; (g) Investments consisting of Permitted Acquisitions; (h) (i) Investments by the Borrowers in Subsidiaries that have guarantied the Obligations and otherwise complied with the provisions of §9.17 and (ii) Investments by one Borrower in another Borrower; and (i) Investments consisting of loans and advances to employees for moving, advances or guaranties to or for the benefit of employees entertainment, travel and other similar expenses in the ordinary course of business not to exceed $250,000.00 100,000 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception of (x) demand deposits referred to in Section 9.3(b§10.3(b), (y) and loans and advances referred to in Section 9.3(e)§10.3(i) and (z) other Investments having a fair market value of less than $50,000 individually and $150,000 in the aggregate for all of such other Investments in the aggregate, such Investments will be considered Investments permitted by this Section 9.3 §10.3 only if all actions have been taken to the satisfaction of the Agents Administrative Agent to provide to the Collateral Administrative Agent, for the benefit of the Lenders and the AgentsSecured Parties, a first priority perfected security interest in all of such Investments free of all encumbrances Liens other than Permitted Liens.

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such Subsidiary; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "“commercial paper" ” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "“P 1" ” if rated by Xxxxx'x Mxxxx’x Investors Services, Inc., and not less than "“A 1" ” if rated by Standard and Poor's’s; (d) Investments existing on the date hereof and listed on Schedule 9.3 hereto; (e) Investments consisting of loans, advances or guaranties to or for the benefit of employees in the ordinary course of business not to exceed $250,000.00 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens.

Restrictions on Investments. The Borrower will not, and Borrowers will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) demand deposits, certificates of deposit, bankers bank acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000; (c) securities commonly known as "commercial paperCOMMERCIAL PAPER" maturing not more than nine (9) months from the date of issue and issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors Services, Inc.Xxxxx'x, and not less than "A 1" if rated by Standard and Poor'sS&P ; (d) Investments existing on the date hereof and listed on Schedule SCHEDULE 9.3 hereto; (e) Investments associated with insurance policies required or allowed by state law to be posted as financial assurance for landfill closure and post-closure liabilities; (f) Investments by any Borrower in any other Borrower; (g) Investments consisting of loansloans and advances to employees for moving, advances or guaranties to or for the benefit of employees entertainment, travel and other similar expenses in the ordinary course of business not to exceed $250,000.00 250,000 in the aggregate at any time outstanding; (h) Investments by any Borrower in connection with an acquisition permitted by Section 9.5.1; and (fi) other Investments not otherwise permitted hereunder not to exceed $10,000,000 in the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liensaggregate at any time outstanding.

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors Services, Inc., and not less than "A 1" if rated by Standard and Poor's; (d) Investments existing on the date hereof and listed on Schedule 9.3 hereto; (e) Investments consisting of loanspromissory notes received as proceeds of asset dispositions permitted by Section 9.5.2; and (f) Investments consisting of loans and advances to employees for moving, advances or guaranties to or for the benefit of employees entertainment, travel and other similar expenses in the ordinary course of business not to exceed $250,000.00 50,000 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e9.3(f), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents Agent to provide to the Collateral Agent, for the benefit of the Lenders Banks and the AgentsAgent, a first priority perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens.

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such Subsidiary; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Moody's Investors Services, Inc., and not less than "A 1" if rated by raxxx xx Standard and Poor's; (d) Investments existing on the date hereof and listed on Schedule SCHEDULE 9.3 hereto; (e) Investments consisting of loans, advances or guaranties to or for the benefit of employees in the ordinary course of business not to exceed $250,000.00 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; providedPROVIDED, howeverHOWEVER, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens.

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such Subsidiary; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Moodx'x Investors Services, Inc., and not less than "A 1" if rated by Standard and Poor's; (d) Investments existing on the date hereof and listed on Schedule 9.3 12.3 hereto;; and (e) Investments consisting of loans, advances or guaranties to or for the benefit of employees in the ordinary course of business not to exceed $250,000.00 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b12.3(b) and loans and advances referred to in Section 9.3(e12.3(e), such Investments will be considered Investments permitted by this Section 9.3 12.3 only if all actions have been taken to the satisfaction of the Agents and the Collateral Agent to provide to the Collateral Agent, for the benefit of the Lenders Banks, the Agents and the AgentsCollateral Agent, a first priority perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens.

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such Subsidiary; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "“commercial paper" ” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "“P 1" ” if rated by Xxxxx'x Xxxxx’x Investors Services, Inc., and not less than "“A 1" ” if rated by Standard and Poor's’s; (d) Investments existing on the date hereof and listed on Schedule 9.3 hereto; (e) Investments consisting of loans, advances or guaranties to or for the benefit of employees in the ordinary course of business not to exceed $250,000.00 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens.

Restrictions on Investments. The Borrower Company will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America or those other specific governments or jurisdictions listed on SCHEDULE 7.7(a) hereto that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryCompany; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks or banks organized under the laws of those specific other jurisdictions (if any) listed on SCHEDULE 7.7(B) hereto having in each case total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Moodx'x Investors ServicesService, Inc., and not less than "A 1" if rated by Standard and Poor's's Rating Group; (d) Investments existing on the date hereof and listed on Schedule 9.3 SCHEDULE 7.7 hereto; (e) Investments consisting with respect to Indebtedness permitted by Section 7.6(d) so long as such entities remain Subsidiaries of loans, advances or guaranties to or for the benefit of employees in the ordinary course of business not to exceed $250,000.00 in the aggregate at any time outstanding; andBorrower; (f) Investments to consisting of the extent permitted under Guaranty; and (g) other Investments not specifically provided for in this Section 9.4; 7.7, provided, however, that, with the exception aggregate amount of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), all such Investments will be considered Investments permitted by made pursuant to this Section 9.3 only if all actions have been taken to 7.7(g) shall not exceed $2,000,000 during the satisfaction term of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens.this Credit Agreement. SECTION VIII ------------ DEFAULTS --------

Restrictions on Investments. The Borrower Borrowers will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryCash Equivalents; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000Permitted Acquisitions; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors Services, Inc., and not less than "A 1" if rated by Standard and Poor's; (d) Investments existing on the date hereof and listed on Schedule 9.3 hereto; (d) Investments with respect to Indebtedness permitted by §9.1(g) so long as the Person in which such Investments are made remains a Borrower; (e) Investments by the Borrowers in Subsidiaries of the Borrowers existing on the Effective Date; (f) Investments consisting of loanspromissory notes received as proceeds of asset dispositions permitted by §9.5.2; (g) Investments by the Borrowers in Subsidiaries that have guarantied the Obligations and otherwise complied with the provisions of §8.16; and (h) Investments consisting of loans and advances to employees for moving, advances or guaranties to or for the benefit of employees entertainment, travel and other similar expenses in the ordinary course of business not to exceed $250,000.00 1,000,000 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e§§9.3(g) and (h), such Investments will be considered Investments permitted by this Section §9.3 only if all actions have been taken to the satisfaction of the Agents Administrative Agent to provide to the Collateral Administrative Agent, for the benefit of the Lenders and the AgentsAdministrative Agent, a first priority perfected security interest in all of such Investments free of all encumbrances Liens other than Permitted Liens.

Restrictions on Investments. The Borrower Borrowers will not, and will not permit any of its their Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryCash Equivalents; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors Services, Inc., and not less than "A 1" if rated by Standard and Poor's; (d) Investments existing on the date hereof and listed on Schedule SCHEDULE 9.3 hereto; (c) The existing Investment of Right Start in its Subsidiary, The Right Start Subsidiary I, Inc. as of the Closing Date; (d) Investments by the Borrowers in each other; (e) Investments consisting of loanspromissory notes received as proceeds of asset dispositions permitted by Section 9.5.2; (f) Investments with respect to Indebtedness permitted under Section 9.1(e) provided such Borrowers remain Borrowers and remain Subsidiaries hereunder; (g) Investments consisting of loans and advances to employees for moving, advances or guaranties to or for the benefit of employees entertainment, travel and other similar expenses in the ordinary course of business not to exceed $250,000.00 500,000 in the aggregate at any time outstanding; and (fh) Investments to the extent guarantees permitted under Section 9.4; provided9.1(i). PROVIDED, howeverHOWEVER, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents Agent to provide to the Collateral Agent, for the benefit of the Lenders and the AgentsAgent, a first priority perfected security interest in all of such Investments free of all encumbrances Liens other than Permitted Liens.

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such Subsidiary; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors Services, Inc., and not less than "A 1" if rated by Standard and Poor's; (d) Investments existing on the date hereof and listed on Schedule 9.3 hereto; (e) Investments consisting of loans, advances or guaranties to or for the benefit of employees in the ordinary course of business not to exceed $250,000.00 in the aggregate at any time outstanding; and; (f) Investments to the extent permitted under Section 9.4; and (g) Investments by the Borrower in acquiring Indebtedness arising under the Indentures in an aggregate principal amount not to exceed $750,000 for all such purchases; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders Banks and the Agents, a first priority perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens.

Restrictions on Investments. The From and after the first date upon which the Total Leverage Ratio equals 1.0:1.0, the Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "“commercial paper" ” issued by (i) any of the Banks or (ii) a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "“P 1" ” if rated by Xxxxx'x Xxxxx’x Investors Services, Inc., and not less than "“A 1" ” if rated by Standard and & Poor's’s Corporation; (d) Investments existing on the date hereof and listed on Schedule 9.3 hereto and Investments consisting of the accrual of interest on the Investments listed on Schedule 9.3 hereto; (e) Investments consisting Permitted Acquisitions; (f) loans and advances to employees of loans, advances or guaranties to or for the benefit of employees Borrower made in the ordinary course of business not to exceed $250,000.00 100,000 in any individual case and $500,000 in the aggregate at any time outstandingaggregate; (g) guarantees permitted under Section 9.1; and (fh) such other Investments to as the extent permitted under Section 9.4; providedAgent may approve in writing, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will which approval shall not be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liensunreasonably withheld.

Restrictions on Investments. The Borrower will notNone of the Borrowers will, and none will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding Outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors ServicesMoodx'x Xxxestors Service, Inc., and not less than "A 1" if rated by Standard and Poor's's Rating Group; (d) Investments existing on the date hereof and listed on Schedule 9.3 10.3 hereto; (e) loans, investments and advances by any Borrower in or to another Borrower to the extent permitted by Section 10.1(f); (f) Investments consisting of loansPermitted Acquisitions; (g) Investments by the Borrowers and their Subsidiaries in respect of any Rate Protection Agreement which is permitted by Section 10.1(c); (h) Investments consisting of promissory notes received as proceeds of asset dispositions permitted by Section 10.5.2, provided that the aggregate value of such promissory notes received in connection with any such asset disposition shall not exceed 50% of the aggregate value of the proceeds of such asset disposition; and (i) Investments consisting of loans and advances or guaranties to or employees for the benefit of employees moving, entertainment, travel and other similar expenses in the ordinary course of business not to exceed $250,000.00 100,000 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b10.3(b) and loans and advances referred to in Section 9.3(e10.3(h), such Investments will be considered Investments permitted by this Section 9.3 10.3 only if all actions have been taken to the satisfaction of the Agents Agent to provide to the Collateral Agent, for the benefit of the Lenders Banks and the AgentsAgent, a first priority perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens.

Restrictions on Investments. The Neither Borrower will notwill, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments inexcept: (a) Investments in marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) Investments in demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,0002,000,000,000; (c) Investments in securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors Services, Inc., and not less than "A 1" if rated by Standard and Poor's; (d) Investments existing on the date hereof and listed on Schedule 9.3 hereto; (e) Investments consisting in the form of loansloans to employees of either Borrower, advances other than to Xxxxx Xxxxxxxxx or guaranties any family member of Xxxxx Xxxxxxxxx, not to or exceed $100,000 in the aggregate at any time; (f) Investments constituting the Permitted Acquisitions; (g) Investments in Starter Europe in an aggregate amount not to exceed $500,000 at any time and which are used for the benefit general working capital purposes only; (h) extensions of employees trade credit in the ordinary course of business not to exceed $250,000.00 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liensbusiness.

Restrictions on Investments. The Borrower Borrowers will not, and will not permit any of its their Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America or the United Kingdom that mature within one (1) year from the date of purchase by the Borrower or such Subsidiarypurchase; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,0001,000,000,000 or, with respect to Subsidiaries of ICT located outside the United States, deposit accounts with local banks having total assets in excess of $1,000,000,000 or the local currency equivalent thereof; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors Services, Inc., and not less than "A 1" if rated by Standard and Poor's's Rating Group; (d) Investments existing on the date hereof and listed on Schedule 9.3 10.3 hereto; (e) Investments with respect to Indebtedness permitted by section 10.1(j) so long as such entities remain Subsidiaries of ICT; (f) Investments by ICT in Subsidiaries of ICT (i) existing on the Closing Date or (ii) constituting Approved Acquisitions; and (g) Investments consisting of loansloans and advances to employees for moving, advances or guaranties to or for the benefit of employees entertainment, travel and other similar expenses in the ordinary course of business not to exceed $250,000.00 750,000 in the aggregate at any time outstanding; and (fh) other Investments to the extent permitted under Section 9.4in an aggregate amount not in excess of $2,000,000; provided, however, that, with the exception of demand deposits referred to in Section 9.3(bsection 10.3(b) and loans and advances referred to in Section 9.3(esection 10.3(g), such Investments will be considered Investments permitted by this Section 9.3 section 10.3 only if all actions have been taken to the satisfaction of the Agents Agent to provide to the Collateral Agent, for the benefit of the Lenders and the AgentsAgent, a first priority perfected security interest in all of such Investments that constitute Collateral, free of all encumbrances other than Permitted LiensEncumbrances. Notwithstanding the foregoing proviso, so long as no Default or Event of Default shall have occurred and be continuing, the Borrowers shall have five (5) Business Days after making an Investment referred to in section 10.3(a)-(c) in which to provide to the Agent an Account Agreement in respect of such Investment.

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that which mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits or repurchase agreements which are fully insured or are issued by commercial banks organized under the laws of the United States banks of America or any state thereof and having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1P-1" if rated by Xxxxx'x Moody's Investors Services, Inc., and not less than "A 1A-1" if rated xx xxxed by Standard and Poor's; 's Rating Group; (d) and Investments existing pursuant to the Borrower's Investment Policy as in effect on the date hereof Closing Date and listed more fully described on Schedule 9.3 SCHEDULE 7.3 hereto; (e) Investments consisting of loans; PROVIDED, advances or guaranties to or for the benefit of employees in the ordinary course of business not to exceed $250,000.00 in the aggregate at any time outstanding; and (f) Investments to the extent permitted under Section 9.4; providedHOWEVER, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), that such Investments will be considered Investments permitted by this Section 9.3 7.3 only if all actions have been taken to the satisfaction of the Agents Agent to provide to the Collateral Agent, for the benefit of the Lenders Banks and the AgentsAgent, a first priority perfected security interest in all of such Investments free of all encumbrances other than Permitted Liens. Nothwithstanding anything to the contrary in the Loan Documents, the requirements of this Section 7.3 that the Agent be provided a first priority perfected security interest in all such Investments shall be complied with by the filing of a Uniform Commercial Code financing statement with respect thereto (including a financing statement filed pursuant to Section 9.9) and by such further actions as may be reasonably requested by the Agent from time to time.

Restrictions on Investments. The Borrower will not, and will not --------------------------- permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors ServicesService, Inc., and not less than "A 1" if rated by Standard and Poor's's Rating Group; (d) Investments existing on the date hereof and listed on Schedule 9.3 10.3 hereto;; -------- ---- (e) Investments existing on the date hereof consisting of loans, advances or guaranties to or for Investments by the benefit Borrower in Subsidiaries of employees in the ordinary course of business not to exceed $250,000.00 in the aggregate at any time outstanding; andBorrower; (f) Investments to the extent permitted under Section 9.4; provided, however, that, with the exception consisting of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments promissory notes received as proceeds of asset dispositions permitted by this Section 9.3 only if all actions have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liensss.

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one three (13) year years from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Mxxxx'x Investors Services, Inc., and not less than "A 1" if rated by Standard and Poor's; (d) Investments existing on the date hereof and listed on Schedule 9.3 10.3 hereto; (e) Investments consisting of loanspromissory notes received as proceeds of asset dispositions permitted by 10.5.2; (f) shares of any so-called "money market fund", advances provided that such fund is registered under the Investment Company Act of 1940, has net assets of at least $500,000,000 and has an investment portfolio with an average maturity of 365 days or guaranties less; (g) Investments (other than loans to or for employees) which are not otherwise included in this 10.3, provided, however that the benefit aggregate amount of employees in the ordinary course of business all Investments permitted by this 10.3 shall not to exceed $250,000.00 in the aggregate 250,000 at any time outstandingtime; and (fh) Investments permitted pursuant to the extent permitted under Section 9.4; 10.4. provided, however, that, with the exception of demand deposits referred to in Section 9.3(b10.3(b) and employee loans and advances referred to in Section 9.3(e), 10.3(h) such Investments will be considered Investments permitted by this Section 9.3 10.3 only if all actions have been taken to the satisfaction of the Agents Agent to provide to the Collateral Agent, Agent for the benefit of the Lenders Banks and the AgentsAgent, a first priority perfected security interest in all of such Investments free of all encumbrances other than Permitted LiensEncumbrances.

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments inexcept: (a) Investments in marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) Investments in demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) Investments in securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors Services, Inc., and not less than "A 1" if rated by Standard and Poor's; (d) Investments existing on the date hereof and listed and described on Schedule 9.3 SCHEDULE 10.3 hereto; (e) Investments consisting by the Borrower in Subsidiaries of loansthe Borrower so long as such entities remain Subsidiaries of the Borrower, advances or guaranties PROVIDED that the aggregate amount of cash Investments permitted pursuant to or for the benefit of employees in the ordinary course of business not to this ss.10.3(e) shall not, at any time, exceed $250,000.00 in the aggregate at any time outstanding; and2,500,000; (f) Investments to consisting of the extent permitted under Section 9.4; provided, however, that, with the exception Guaranty; (g) Investments in shares of demand deposits referred to mutual funds investing substantially in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments permitted by this Section 9.3 only if all actions have been taken pursuant to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Liensss.ss.

Restrictions on Investments. The Borrower will not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower or such SubsidiaryBorrower; (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than "P 1" if rated by Xxxxx'x Investors ServicesService, Inc., and not less than "A 1" if rated by Standard and Poor's's Rating Group; (d) Investments existing on the date hereof and listed on Schedule 9.3 8.3 hereto; (e) Investments consisting of loansmade in connection with the Borrower's Investment Policy Guidelines, advances or guaranties provided, notwithstanding such Investment Policy Guidelines, the Borrower shall not be permitted to or for make any Investment in any Subsidiary; (f) the benefit of employees Investment by the Borrower in the ordinary course of business First Silicon in an aggregate amount not to exceed $250,000.00 in the aggregate at any time outstanding20,000,000; and (fg) Investments by the Borrower in a Subsidiary in an aggregate amount not to exceed $5,000,000 outstanding at any time with respect to the extent permitted under Section 9.4; provided, however, that, with the exception of demand deposits referred to in Section 9.3(b) and loans and advances referred to in Section 9.3(e), such Investments will be considered Investments Indebtedness permitted by this Section 9.3 only if (S)8.1 (i) so long as all actions the conditions set forth in (S)8.1(i) have been taken to the satisfaction of the Agents to provide to the Collateral Agent, for the benefit of the Lenders and the Agents, a perfected security interest in all of such Investments free of all encumbrances other than Permitted Lienssatisfied.