Capital Expenditure Requirements Sample Clauses

Capital Expenditure Requirements. In addition to the foregoing, the Sellers shall cause the Acquired Companies to make capital expenditures in the Ordinary Course and in a manner that will allow the Acquired Companies to complete the construction described in Section 3.19 of the Disclosure Schedule and in a manner consistent with the Capital Expenditure Budget.

Capital Expenditure Requirements a. During each Fiscal Year, commencing with the Fiscal Year commencing January 1, 2001, Borrowers shall make or cause to be made, Maintenance Capital Expenditures to the Hotel/Casino Facilities in a minimum aggregate amount equal to or greater than one percent (1%) of net revenues during each of the Fiscal Years ending December 31, 2001 and December 31, 2002, and during each Fiscal Year thereafter occurring equal to or greater than two percent (2%) of net revenues ("Minimum Maintenance Cap Ex Requirement") in each case determined with reference to the net revenues derived from the Hotel/Casino Facilities by the Borrower Consolidation during the immediately preceding Fiscal Year, but in no event shall Maintenance Capital Expenditures made during any Fiscal Year be greater than a maximum aggregate amount equal to six percent (6%) of net revenues ("Maximum Maintenance Cap Ex Limit") derived from the Hotel/Casino Facilities by the Borrower Consolidation during the immediately preceding Fiscal Year. b. In no event shall the Borrower Consolidation make Expansion Capital Expenditures greater than the cumulative maximum aggregate amount of One Hundred Five Million Dollars ($105,000,000.00) during the period commencing on the Closing Date and ending as of Credit Facility Termination."

Capital Expenditure Requirements. 128 Section 6.06. Contingent Liability(ies)..............................................................129 Section 6.07. Investment Restrictions................................................................129 Section 6.08. Total Liens............................................................................130 Section 6.09. Limitation on Indebtedness.............................................................130 Section 6.10. Minimum Subordinated Debt..............................................................132 Section 6.11. Restriction on Distributions and Argosy Dividends......................................132 Section 6.12. No Change of Control...................................................................132 Section 6.13. Consolidation, Merger, Sale of Assets, etc.............................................132 Section 6.14. Transactions with Affiliates...........................................................133 Section 6.15. No Transfer of Ownership...............................................................134 Section 6.16. ERISA..................................................................................134 Section 6.17. Margin Regulations.....................................................................134 Section 6.18. Limitation on Additional Subsidiaries..................................................135 Section 6.19. Limitation on Consolidated Tax Liability...............................................135 Section 6.20. Change in Accounting Principles........................................................135

Capital Expenditure Requirements a. During each Fiscal Year, commencing with the Fiscal Year commencing January 1, 1999, the Borrower Consolidation shall make or cause to be made, Non-Financed Capital Expenditures to the Argosy Owned Facilities in a minimum aggregate amount equal to or greater than three percent (3%) of Net Gaming Revenues ("Minimum Cap Ex Requirement") derived from the Argosy Owned Facilities by the Borrower Consolidation during the immediately preceding Fiscal Year, but in no event shall Non-Financed Capital Expenditures to the Argosy Owned Facilities during any Fiscal Year exceed a maximum aggregate amount equal to six percent (6%) of Net Gaming Revenues ("Maximum Cap Ex Limit") derived from the Argosy Owned Facilities by the Borrower Consolidation during the immediately preceding Fiscal Year; provided, however, to the extent the Borrower Consolidation spends less than the Maximum Cap Ex Limit during any Fiscal Year, the unused amount may be expended by the Borrower Consolidation for Non-Financed Capital Expenditures to the Argosy Owned Facilities during the next occurring Fiscal Year in addition to the Maximum Cap Ex Limit required during the next occurring Fiscal Year. The amount of any such carryover shall be deemed the first expenditures made during the next such ensuing Fiscal Year. b. Notwithstanding and in addition to the provisions set forth in Section 6.05(a) hereinabove, the Borrower Consolidation may make the Capital Expenditures to the Argosy Owned Facilities which are described on the Schedule of Excluded Capital Expenditures, Schedule 6.05(b), from assets of the Borrower Consolidation and from advances under the Bank Facilities. c. During each Fiscal Year, commencing with the Fiscal Year commencing January 1, 1999, the Borrower Consolidation shall cause to be made Non- Financed Capital Expenditures to the Lawrenceburg Casino Facilities in a minimum aggregate amount equal to Five Million Dollars ($5,000,000.00) during each Fiscal Year. d. Notwithstanding anything contained to the contrary in this Section 6.05, in no event shall the Borrower Consolidation make any Capital Expenditures except to the extent permitted under the definition of Aggregate Expenditure Availability.

Capital Expenditure Requirements. Section 6.07 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

Capital Expenditure Requirements. Unless approved in writing by the Requisite Lenders, no member of the Borrower Consolidation shall make any Capital Expenditures, except a member of the Borrower Consolidation may make a Capital Expenditure if the amount of such Capital Expenditures plus the aggregate amount of any other Capital Expenditures made by any member of the Borrower Consolidation during the Fiscal Year in which such proposed Capital Expenditure is to occur does not exceed Sixteen Million Seven Hundred Thousand Dollars ($16,700,000); provided, however, that the Borrower Consolidation may make Capital Expenditures for any Fiscal Year in excess of the Sixteen Million Seven Hundred Thousand Dollars ($16,700,000) permitted above so long as (i) such Capital Expenditures are necessary for a Borrower to comply with the rules and regulations mandated by any Gaming Authority and (ii) the total amount of Capital Expenditures does not exceed (I) for Fiscal Year 2008 and 2009, $33,400,000 and (II) for the first Fiscal Quarter of 2010, $4,175,000. In the event that Borrower Consolidation makes permitted Capital Expenditures for any Fiscal Year in excess of the Sixteen Million Seven Hundred Thousand Dollars ($16,700,000) permitted above, then the amount of permitted Capital Expenditures for the immediately following Fiscal Year shall be reduced by the amount of such excess.”

Related to Capital Expenditure Requirements

Capital Expenditures The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).
Capital Expenditure Make or incur any Capital Expenditure if, after giving effect thereto, the aggregate amount of all Capital Expenditures by Borrower in any fiscal year would exceed the amount set forth on the Schedule;
XXXXXX’S EXPENDITURES If any action or proceeding is commenced that would materially affect Xxxxxx’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Xxxxxxxx. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity.
Maximum Capital Expenditures The Parent and the Borrower will, and will cause each Consolidated Subsidiary to, not make Capital Expenditures on a consolidated basis that exceed $30,000,000 in any fiscal year (the “Base Capital Expenditure Amount”). Notwithstanding anything to the contrary, the Base Capital Expenditure Amount shall be increased by the following amounts: (i) to the extent that the aggregate amount of Capital Expenditures made by the Parent and its Consolidated Subsidiaries in any fiscal year is less than the Base Capital Expenditure Amount, the amount of such difference may be carried forward and used to make Capital Expenditures in succeeding fiscal years, provided that in any fiscal year, the amount permitted to be applied to make Capital Expenditures pursuant to this clause (i) shall in no event exceed an amount equal to 75% of the unused portion of the Base Capital Expenditure Amount for such fiscal year (without giving effect to any prior adjustments), (ii) if no Default or Event of Default has occurred and is continuing, or would result after giving effect thereto, the Parent and its Consolidated Subsidiaries may make additional Capital Expenditures to the extent that the amount of such excess is deducted from the Base Capital Expenditure Amount in succeeding fiscal years, provided that in any fiscal year, the amount permitted to be applied to make Capital Expenditures pursuant to this clause (ii) shall in no event exceed an amount equal to 25% of the Base Capital Expenditure Amount (without giving effect to any prior adjustments) and (iii) the Base Capital Expenditure Amount shall exclude any Capital Expenditures that are funded with the Available Credits; provided that, at the time of such Capital Expenditures, the Borrower shall deliver a certificate of a Financial Officer stating the portion of Capital Expenditures that is being made from the Available Credit, and setting forth a calculation of the Available Credit immediately before and immediately after such Capital Expenditures.
Consolidated Capital Expenditures (i) Company will not, and will not permit any of its Subsidiaries to, make or commit to make Consolidated Capital Expenditures in any Fiscal Year, beginning with the Fiscal Year ending December 31, 2003, except Consolidated Capital Expenditures which do not aggregate in excess of the corresponding amount set forth below opposite such Fiscal Year: Fiscal Year ending December 31, 2003 $ 5,000,000 Fiscal Year ending December 31, 2004 $ 5,000,000 Fiscal Year ending December 31, 2005 and each Fiscal Year thereafter $ 7,000,000 provided that (a) if the aggregate amount of Consolidated Capital Expenditures actually made in any such Fiscal Year shall be less than the limit with respect thereto set forth above (before giving effect to any increase therein pursuant to this proviso) (the “Base Amount”), then the amount of such shortfall (up to an amount equal to 50% of the Base Amount for such Fiscal Year, without giving effect to this proviso) may be added to the amount of such Consolidated Capital Expenditures permitted for the immediately succeeding Fiscal Year and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used prior to Company and its Subsidiaries using the amount of capital expenditures permitted by this section in such succeeding Fiscal Year, without giving effect to such carryforward and (b) for any Fiscal Year (or portion thereof) following any acquisition of a business (whether through the purchase of assets or of shares of capital stock) permitted under subsection 6.7, the Base Amount for such Fiscal Year (or portion) shall be increased, for each such acquisition, by an amount equal to the product of (A) the lesser of (x) $5,000,000 and (y) 4% of revenues of the business acquired in such acquisition for the period of four Fiscal Quarters most recently ended on or prior to the date of such business acquisition multiplied by (B) (x) in the case of any partial Fiscal Year, a fraction, the numerator of which is the number of days remaining in such Fiscal Year after the date of such business acquisition and the denominator of which is 365 (or 366 in a leap year), and (y) in the case of any full Fiscal Year, 1. (ii) The parties acknowledge and agree that the permitted Consolidated Capital Expenditure level set forth in clause (i) above shall be exclusive of the amount of Consolidated Capital Expenditures actually made with the proceeds of a cash capital contribution to Company (including the proceeds of issuance of equity securities) made by Parent from the issuance by Parent of its equity Securities after the Closing Date and specifically identified in a certificate delivered by an Authorized Officer of Company to Administrative Agent on or about the time such capital contribution is made; provided that, to the extent any such cash capital contributions constitute Net Securities Proceeds after the Closing Date, only that portion of such Net Securities Proceeds which is not required to be applied as a prepayment pursuant to Section 2.4B(ii)(c) (or pursuant to the First Lien Credit Agreement) may be used for Consolidated Capital Expenditures pursuant to this clause (ii).
Expenditure Limit The Contractor shall notify the County of Orange assigned Deputy Purchasing Agent in writing when the expenditures against the Contract reach 75 percent of the dollar limit on the Contract. The County will not be responsible for any expenditure overruns and will not pay for work exceeding the dollar limit on the Contract unless a change order to cover those costs has been issued.
Expenditures The Assuming Institution will pay such bills and invoices on behalf of the Receiver and the Corporation as the Receiver or the Corporation may direct for the period beginning on the date of the Bank Closing Date and ending on Settlement Date. The Assuming Institution shall submit its requests for reimbursement of such expenditures pursuant to Article VIII of this Agreement.
Excluded Expenditures The Recipient undertakes that the proceeds of the Financing shall not be used to finance Excluded Expenditures. If the Association determines at any time that an amount of the Financing was used to make a payment for an Excluded Expenditure, the Recipient shall, promptly upon notice from the Association, refund an amount equal to the amount of such payment to the Association. Amounts refunded to the Association upon such request shall be cancelled.
Eligible Expenditures 1. Subject to Article 8.7 of the Regulation, eligible expenditures of this Programme are: (a) management costs of the Programme Operator in accordance with the detailed budget in the financial plan; (b) payments to projects within this Programme in accordance with the Regulation, this programme agreement and the project contract. 2. Eligible expenditures of projects are those actually incurred by the Project Promoter or project partners, meet the criteria set in Article
Operating Budgets (i) The Borrowers shall, not later than thirty (30) days before the Commercial Operation Date for any Plant, adopt an Operating Budget with respect to such Plant and an updated aggregate Operating Budget for the Project from such date to the conclusion of the calendar year immediately following the then-current calendar year and provide a copy of such operating plan and budget at such time to the Administrative Agent. (ii) No less than sixty (60) days in advance of the beginning of each calendar year with respect to each Plant that has achieved its Commercial Operation Date, the Borrowers shall similarly adopt an operating plan and a budget setting forth in reasonable detail the projected requirements for Operation and Maintenance Expenses and Maintenance Capital Expenses for the ensuing two (2) calendar years for each Plant that has achieved its Commercial Operation Date and an aggregate operating plan and budget for the Project and provide a copy of each such operating plan and budget at such time to the Administrative Agent. (Each such operating plan and budget is herein called an "Operating Budget"). (iii) Each Operating Budget shall include the same items and detail as provided in the Financial Model and be prepared in accordance with a form similar to the Madera Operating Budget delivered on the Closing Date (or a form otherwise approved by the Administrative Agent) and shall become effective upon approval of the Administrative Agent (acting in consultation with the Consultants if the Administrative Agent reasonably determines that such consultation is necessary or desirable). The Administrative Agent's approval of such updated Operating Budgets shall not be unreasonably withheld or delayed. (iv) If the Borrowers have not adopted an annual Operating Budget covering the applicable two-year period for each Plant that has achieved its Commercial Operation Date and for the Project before the beginning of any calendar year following the Madera Funding or any Operating Budget adopted by the Borrowers has not been accepted by the Administrative Agent before the beginning of any upcoming calendar year, the Operating Budget for each relevant Plant for the preceding calendar year shall, until the adoption of an annual Operating Budget by the Borrowers and acceptance of such Operating Budget by the Administrative Agent, be deemed to be in force and effective as the annual Operating Budget for such Plant for such upcoming calendar year; provided that if the initial Operating Budget for any Plant is not approved by the Administrative Agent, the Borrowers may use a budget for such Plant that is consistent with the Financial Model until an initial Operating Budget is approved, and the Borrowers shall work diligently to prepare an initial Operating Budget for each Plant that is acceptable to the Administrative Agent. (v) If either the actual Operation and Maintenance Expenses or Maintenance Capital Expenses for any Fiscal Quarter is in excess of the applicable Permitted Operating Budget Deviation Levels, the Borrowers may deliver to the Administrative Agent and the Consultants a proposed updated Operating Budget(s), which shall be subject to approval by the Administrative Agent. Such proposed updated Operating Budget(s) shall not become effective until approved by the Administrative Agent. (vi) Each Operating Budget delivered to the Administrative Agent pursuant to this Section 7.01(j) shall be accompanied by a memorandum addressing all material deviations from the Financial Model.

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