Capital Investment Limitations. Section 10.7 of the Credit Agreement is amended to read in full as follows:
Capital Investment Limitations. The Borrower shall not make or become legally obligated to make any Net Capital Expenditures exceeding $60,000,000 in the aggregate during any Fiscal Year, provided that commencing with Fiscal Year 2010, in the event Net Capital Expenditures in the prior Fiscal Year were $55,000,000 or less, then the Borrower shall not make or become legally obligated to make any Net Capital Expenditures exceeding $65,000,000 in the aggregate during such Fiscal Year.
Capital Investment Limitations. Borrower shall not purchase, invest in or otherwise acquire additional real estate, equipment or other fixed assets (other than the replacement of breeding animals in the ordinary course of business or relating to Permitted Acquisitions) which would cause its Net Capital Expenditures in any Fiscal Year to exceed the lesser of (a) $30,000,000 plus 75% of EBITDA in excess of $60,000,000 during the Fiscal Year or (b) 125% of depreciation during the Fiscal Year, excluding depreciation of breeding stock. Provided, however 50% of the unused amount of the limit for Borrower’s 2005 Fiscal Year and Borrower’s Fiscal Years thereafter (in each case without giving effect to this carryover provision) may be carried forward into Borrower’s 2006 Fiscal Year and into the following Fiscal Years, respectively.
Capital Investment Limitations. The Borrower shall not purchase, invest in or otherwise acquire additional real estate, equipment or other fixed assets (other than the replacement of breeding animals in the ordinary course of business) which would cause its Capital Spending Amount in any one Fiscal Year, beginning with fiscal year 2003, to exceed $23,000,000 during fiscal year 2003 and $27,000,000 during any fiscal year thereafter. Provided, however 35% of the unused amount of the limit for Borrower's 2003 Fiscal Year and the Borrower's Fiscal Years thereafter may be carried forward into the Borrower's 2004 Fiscal Year and into the following Fiscal Years, respectively.
Capital Investment Limitations. The Company shall not (i) purchase, invest in or otherwise acquire (including acquisitions through capitalized leases) additional real estate, equipment or other fixed assets in connection with the Project, in excess $110,000,000, in aggregate, over Fiscal Years 2004 through and including 2008 (“Project Related Capital Expenditures”) or (ii) purchase, invest in or otherwise acquire (including acquisitions through capitalized leases) additional real estate, equipment or other fixed assets (including Project Related Capital Expenditures) in any Fiscal Year, in an amount in excess of $13,000,000 in the aggregate in any such Fiscal Year; it being agreed that the maximum permissible expenditures in clauses (i) and (ii) shall be cumulative and expenditures under one clause shall not reduce the permitted amounts expendable under the other clause.
Capital Investment Limitations. The Borrower shall not purchase, invest in or otherwise acquire additional real estate, equipment or other fixed assets (other than the replacement of breeding animals and obsolete and worn out Equipment in the ordinary course of business), totaling more in any one Fiscal Year than the lesser of: (a) the maximum amount that would maintain the Borrower's Fixed Charge Coverage Ratio for such Fiscal Year at no less than 1.0 to 1.0, (b) $43,000,000, or (c) the following specific limits: (i) $31,000,000 during the Borrower's 1997 Fiscal Year, (ii) $30,000,000 during the Borrower's 1998 Fiscal Year, plus the amount (if any) by which the Borrower's capital expenditures during its 1997 Fiscal Year were less than the specific limit for that Fiscal Year, (iii) $28,000,000 during the Borrower's 1999 Fiscal Year, plus the amounts (if any) by which the Borrower's capital expenditures during its 1997 and 1998 Fiscal Years were less than the specific limits for those Fiscal Years, (iv) $33,000,000 during the Borrower's 2000 Fiscal Year, plus the amounts (if any) by which the Borrower's capital expenditures during its 1997, 1998 and 1999 Fiscal Years were less than the specific limits for those Fiscal Years, and (v) $29,000,000 during the Borrower's 2001 Fiscal Year, plus the amounts (if any) by which the Borrower's capital expenditures during its 1997, 1998, 1999 and 2000 Fiscal Years were less than the specific limits for those Fiscal Years. Notwithstanding the foregoing specific limits, the Borrower may expend up to an additional $3,000,000 per Fiscal Year in capital expenditures, as long as such additional capital expenditures do not result in the Borrower's Fixed Charge Coverage Ratio for such Fiscal Year being less than 1.0 to 1.0, and as long as the capital expenditures in any one Fiscal Year do not exceed $43,000,000.
Capital Investment Limitations. Borrower shall not incur Capital Expenditures in any Fiscal Year in an amount in excess of the sum of (the "Cap"): (i) the net proceeds received by Borrower in such Fiscal Year from the sale of Equipment, plus (ii) Capital Expenditures paid for with Applied Financing Proceeds, plus (iii) the amount set forth below opposite such Fiscal Year, plus (iv) the lesser of (x) $500,000, and (y) the amount, if any, by which the Cap for the immediately preceding Fiscal Year exceeds the actual amount of Capital Expenditures incurred by Borrower during the immediately preceding Fiscal Year (excluding, for the purpose of computing such excess, any excess amount from a prior Fiscal Year), plus (v) for the Fiscal Year ending July 31, 2003, up to $2,000,000 to the extent funded with additional Indebtedness permitted by Subsection 8.2(iv): Fiscal Years Ending: Amount: July 31, 2003 $3,500,000 July 31, 2004 $5,500,000 July 31, 2005 and thereafter $3,500,000
Capital Investment Limitations. The Borrower shall not make any Capital Expenditures at any time when there exists a Default or a Matured Default or if such Capital Expenditure would result in a Default or a Matured Default. At any time when there does not exist a Default or a Matured Default, the Borrower may make Capital Expenditures in any Fiscal Year in any amount which does not exceed the greater of: (a) such amount as will permit the Borrower's Fixed Charge Coverage Ratio during such Fiscal Year to not be less than 1.0 to 1, or (b) $7,500,000.
Capital Investment Limitations. Borrower shall not purchase, invest in or otherwise acquire (including acquisitions through capitalized leases) additional real estate, equipment or other fixed assets in any fiscal year in an amount in excess of $12,000,000 in the aggregate in any such fiscal year.
Capital Investment Limitations. Borrower shall not (i) purchase, invest in or otherwise acquire (including acquisitions through capitalized leases) additional real estate, equipment or other fixed assets in connection with the Project, in excess $105,000,000, in aggregate, over fiscal years 2004 through and including 2008 (“Project Related Capital Expenditures”) or (ii) purchase, invest in or otherwise acquire (including acquisitions through capitalized leases) additional real estate, equipment or other fixed assets (other than Project Related Capital Expenditures) (x) in fiscal year 2004, in an amount in excess of $12,000,000, in the aggregate for such fiscal year and (y) in any fiscal year thereafter, in an amount in excess of $13,000,000 in the aggregate in any such fiscal year; it being agreed that the maximum permissible expenditures in clauses (i) and (ii) shall be cumulative and expenditures under one clause shall not reduce the permitted amounts expendable under the other clause.”
