Amendment to Section 6.06. Section 6.06 of the Existing Credit Agreement is hereby amended and restated in its entirety to read as follows:
Amendment to Section 6.06. Section 6.06 of the Credit Agreement is hereby amended to delete the word “and” at the end of subsection (m) thereof, delete the period at the end of subsection (n) thereof and substitute a semicolon and the word “and” in its place and insert the following new subsection (o) at the end of said Section 6.06:
Amendment to Section 6.06. Section 6.06 of the Credit Agreement is hereby amended by deleting it in its entirety and substituting the following therefor:
Amendment to Section 6.06. Section 6.06 of the Credit Agreement is hereby amended by deleting the parenthetical “(other than, in the case of CFC, CHL)” and inserting in lieu thereof "(other than, in the case of CFC, CHL and Treasury Bank, N.A.)”.
Amendment to Section 6.06. Section 6.06 of the Credit Agreement is hereby amended by deleting the text "and (b)" immediately following the text "permitted by Section 6.01(a)(xi)" and replacing it with the text ",
Amendment to Section 6.06. Section 6.06 of the Credit Agreement is hereby amended by replacing “$10,000,000” with “$75,000,000”.
Amendment to Section 6.06. The Credit Agreement is, effective as of the Amendment Effective Date (hereinafter defined) and subject to the satisfaction (or due waiver) of the conditions set forth in Section 2 (Conditions Precedent to the Effectiveness of this Amendment) hereof, hereby amended by deleting Section 6.06 (Leverage Ratio) in its entirety and inserting in lieu thereof the following: Leverage Ratio. The Parent will not permit the Leverage Ratio as of the end of any fiscal quarter to exceed 3.0 to 1.0.
Amendment to Section 6.06. Section 6.06 of the Credit Agreement is hereby amended by deleting subclause (i) thereof in its entirety and replacing it with the following:
(i) any Subsidiary may make Restricted Payments with respect to Equity Interests in such Subsidiary; and”
Amendment to Section 6.06. Section 6.06 of the Credit Agreement is hereby amended as of the Second Amendment Effective Date by as follows:
(a) Clause (a) of Section 6.06 of the Credit Agreement is hereby amended by inserting the word “Parts” immediately before the word “Collateral” where such word appears in such clause.
(b) Clause (e) of Section 6.06 of the Credit Agreement is hereby amended by amending and restating subclause (v) of such clause in its entirety as follows:
Amendment to Section 6.06. Clause (a) of Section 6.06 of the Credit Agreement shall be amended and restated in its entirety to read in full as follows:
(a) The Borrowers will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except:
(i) the Borrowers may declare and pay dividends with respect to their capital stock in cash or in additional shares of their common stock so long as no Specified Event of Default exists or would arise therefrom;
(ii) the limited liability company interests in XXX LLC, a Delaware limited liability company, and LIO LLC, a Delaware limited liability company, may be distributed to the Subsidiary Borrower Mercantile Stores Company, Inc., a Delaware corporation (“MSC”), on or prior to January 26, 2006;
(iii) wholly-owned Subsidiaries of MSC that are Subsidiary Borrowers may adopt a plan of liquidation and distribute all of their assets to MSC;
(iv) MSC may make a one-time cash distribution of $549,450 to WMI in redemption of WMI’s 0.075% interest in MSC’s stock
(v) MSC may distribute its remaining assets to the Subsidiary Borrower Mercantile Operations, Inc., a Delaware corporation (“MOI”), in liquidation of MOI’s 99.925% interest in the stock of MSC;
(vi) MOI may redeem MMC Acquisition, Inc.'s 28% interests in the stock of MOI for cash in the amount of $1,374,154, for inter-company promissory notes in the amounts of $103,000,000 and $77,000,000 and for the limited liability company interests in XXX LLC, a Delaware limited liability company, LIO LLC, a Delaware limited liability company, and MERC PROP LLC, a Delaware limited liability company; provided that the inter-company promissory note in the amount of $103,000,000 shall be distributed to Lead Borrower on or about January 25, 2006; and
(vii) the Lead Borrower may repurchase equity interests in the Lead Borrower (a “Repurchase”) as long as (A) no Default or Event of Default then exists or, after giving effect to such Repurchase, would arise; and (B) during the ninety (90) day period prior (on a pro forma basis) to the date of such Repurchase, and for the ninety (90) day period following (on a projected basis) the date of such Repurchase, there shall be average Excess Availability of at least $250,000,000.
