Common use of Capital Expenditure Limitation Clause in Contracts

Capital Expenditure Limitation. The Borrower shall not permit the Capital Expenditures of the Borrower and the Restricted Subsidiaries for any fiscal year of the Borrower to exceed (i) with respect to the fiscal years ending December 31, 2003 and 2004, $100,000,000 and (ii) with respect to the fiscal years ending December 31, 2005 and thereafter, $200,000,000 (the applicable amount under clause (i) or clause (ii), the “Capex Limit”). The Capex Limit in respect of any fiscal year commencing with the fiscal year ending on December 31, 2004, shall be increased (but not decreased) by the amount of unused permitted Capital Expenditures for the immediately preceding fiscal year (such amount, the “Capex Carryforward”); provided, however, that in no event shall the Capex Limit for any fiscal year be increased by more than $50,000,000. Any Capex Carryforward that is not permitted to be used in any fiscal year as a result of the proviso to the preceding sentence may, subject to such proviso, be applied to any subsequent fiscal year.

Appears in 4 contracts

Samples: Credit Agreement (McLeodusa Inc), Credit Agreement (McLeodusa Inc), Credit Agreement (McLeodusa Inc)

AutoNDA by SimpleDocs

Capital Expenditure Limitation. The Borrower shall not permit the Capital Expenditures of the Borrower and the Restricted Subsidiaries for any fiscal year of the Borrower to exceed (i) with respect to the fiscal years year ending December 31, 2003 and 2004, $100,000,000 and 75,000,000 (ii) with respect to the fiscal years ending December 31, 2005 2005, $100,000,000, and (iii) with respect to fiscal years ending December 31, 2006 and thereafter, $200,000,000 (the applicable amount under clause (i), (ii) or clause (iiiii), the “Capex Limit”). The Capex Limit in respect of any fiscal year commencing with the fiscal year ending on December 31, 20042005, shall be increased (but not decreased) by the amount of unused permitted Capital Expenditures for the immediately preceding fiscal year (such amount, the “Capex Carryforward”); provided, however, that in no event shall the Capex Limit for any fiscal year be increased by more than $50,000,000. Any Capex Carryforward that is not permitted to be used in any fiscal year as a result of the proviso to the preceding sentence may, subject to such proviso, be applied to any subsequent fiscal year.” (d) Amendment of Section 6.17. Section 6.17 is amended in its entirety as follows:

Appears in 2 contracts

Samples: Credit Agreement (McLeodusa Inc), Credit Agreement (McLeodusa Inc)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!