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 s...
Consolidated Capital Expenditures. Borrower and its Restricted Subsidiaries shall not, in any Fiscal Year, make Consolidated Capital Expenditures in the aggregate amount in excess of $1,500,000.
Consolidated Capital Expenditures. Company shall not, and shall not permit its Subsidiaries to, make or incur Consolidated Capital Expenditures in any period indicated below, in an aggregate amount in excess of the corresponding amount (the "MAXIMUM CONSOLIDATED CAPITAL EXPENDITURES AMOUNT") set forth below under the column Maximum Capital Expenditures Amount opposite such period, subject to the following:
(i) the Maximum Consolidated Capital Expenditures Amount for any Fiscal Year shall be increased by an amount equal to the excess, if any, of the Maximum Consolidated Capital Expenditures Amount (as adjusted in accordance with clause (ii) but without taking any adjustment made in accordance with this clause (i) into account) for the previous Fiscal Year over the actual amount of Consolidated Capital Expenditures for such previous Fiscal Year; provided, that in no event shall the amount of such increase exceed 25% of the Maximum Consolidated Capital Expenditures Amount for such previous Fiscal Year (as adjusted in accordance with clause (ii) but without taking any adjustment made in accordance with this clause (i) into account) and provided, further, that the amount of such increase may be spent by Company at anytime during the Fiscal year without regard to the six-month period referred to in clause (ii);
(ii) the Maximum Consolidated Capital Expenditures Amount for each six-month period shown below shall be decreased by the product of two times the difference between the amount shown below under budgeted EBITDA and actual Consolidated EBITDA in each case for the twelve months ending on the date that is one year prior to the end of each six-month period (if such difference is a negative number, it shall be deemed to be zero); provided that in calculating such decrease for periods ending in 1998 based on the Fiscal Year ending in 1997, the product shall be four times such difference, which shall reduce the Maximum Capital Expenditures Amount for the periods ending in 1998 by a pro rata portion for each period; and
(iii) the Maximum Consolidated Capital Expenditures Amount shall not be decreased in accordance with clause (ii) by an amount that is greater than the amount shown below under Maximum New Restaurant Capital Expenditures: Period Ending* Budgeted EBITDA** Maximum New Restaurant Capital Expenditures** Minimum/ Maintenance Capital Expenditures** Maximum Capital Expenditures Amount**
Consolidated Capital Expenditures. Permit Consolidated Capital Expenditures for any fiscal year, commencing with fiscal year ending April 24, 2010, to exceed $25,000,000 plus up to $5,000,000 of the unused amount available for Consolidated Capital Expenditures under this Section 8.11(d) for the immediately preceding fiscal year (excluding any carry forward available from any prior fiscal year); provided, however, that with respect to any fiscal year, Consolidated Capital Expenditures made during such fiscal year shall be deemed to be made first with respect to the applicable limitation for such fiscal year and then with respect to any carry-forward from the immediately preceding fiscal year.
Consolidated Capital Expenditures. Company and Borrowers shall not, and shall not permit its or their Subsidiaries to, make or incur Consolidated Capital Expenditures, in any Fiscal Year, in an aggregate amount in excess of the Maximum Consolidated Capital Expenditures Amount for such Fiscal Year.
Consolidated Capital Expenditures. Company shall not, and shall not permit its Subsidiaries to, make or incur Consolidated Capital Expenditures, in any Fiscal Year indicated below, in an aggregate amount in excess of the corresponding amount (the Maximum Consolidated Capital Expenditures Amount) set forth below opposite such Fiscal Year; provided that the Maximum Consolidated Capital Expenditures Amount for any Fiscal Year shall be increased by an amount equal to the excess, if any, of the Maximum Consolidated Capital Expenditures Amount for the previous Fiscal Year (without giving effect to any adjustment in accordance with this proviso) over the actual amount of Consolidated Capital Expenditures for such previous Fiscal Year:
Consolidated Capital Expenditures. Company shall not, and shall not permit its Subsidiaries to, make or incur Consolidated Capital Expenditures, in any calendar year indicated below, in an aggregate amount in excess of the corresponding amount (the “Maximum Consolidated Capital Expenditures Amount”) set forth below opposite such calendar year; provided that the Maximum Consolidated Capital Expenditures Amount for any calendar year shall be increased by an amount equal to the excess, if any, of the Maximum Consolidated Capital Expenditures Amount for the previous calendar year (without giving effect to any adjustment in accordance with this proviso) over the actual amount of Consolidated Capital Expenditures for such previous calendar year with the Consolidated Capital Expenditures in such following calendar year to be applied first to such unused amounts; provided, further that in no event shall the amount of such increase exceed 50% of the Maximum Consolidated Capital Expenditures Amount for such previous calendar year (prior to any adjustment in accordance with this proviso); provided further that the foregoing limitations shall not restrict Consolidated Capital Expenditures funded with Net Securities Proceeds: 2008 $ 14,000,000 2009 $ 18,000,000 2010 $ 10,000,000 2011 $ 11,000,000 2012 $ 11,000,000 2013 $ 12,000,000
Consolidated Capital Expenditures. As of the end of each fiscal quarter of the Borrower beginning with the fiscal quarter ending June 30, 2008, Consolidated Capital Expenditures of the Borrower for the immediately preceding twelve month period shall not exceed two hundred percent (200%) of the last twelve month depreciation and amortization of the Borrower and its consolidated Subsidiaries determined on a rolling four fiscal quarter basis.
Consolidated Capital Expenditures. Make or commit to make any Consolidated Capital Expenditure, except Consolidated Capital Expenditures of the Borrowers and their respective Subsidiaries in the ordinary course of business not exceeding (a) for the fiscal year of Holdings ending June 30, 2007, 25%, (b) for the fiscal year of Holdings ending June 30, 2008, 30%, and (c) for each fiscal year of Holdings ending after June 30, 2008, 25%, of Consolidated EBITDA for the immediately preceding fiscal year (determined on a Pro Forma Basis as if any Material Acquisitions and Material Dispositions that occurred following the end of such immediately preceding fiscal year had occurred at the beginning of such immediately preceding fiscal year); provided that (i) up to 50% of any such amount that is not expended in the fiscal year for which it is permitted may be carried over for expenditure in the next succeeding fiscal year only and (ii) Consolidated Capital Expenditures made pursuant to this Section 7.7 during any fiscal year shall be deemed made, first, in respect of amounts carried over from the prior fiscal year pursuant to clause (i) above and, second, in respect of amounts permitted for such fiscal year as provided above; and provided, further, that prior to the delivery of the annual audited financial statements for the immediately preceding fiscal year pursuant to Section 6.1(a), Consolidated Capital Expenditures of the Borrowers and their respective Subsidiaries shall not exceed a dollar amount equal to 35% of the maximum limitation on Consolidated Capital Expenditures that was applicable during the immediately preceding fiscal year.
Consolidated Capital Expenditures. The Borrower shall not permit the --------------------------------- aggregate amount of Maintenance Capital Expenditures, Improvement Capital Expenditures and New Site Capital Expenditures for itself and its Subsidiaries during the periods set forth below to be greater than the amounts opposite such periods: ============================================================================ PERIOD AMOUNT AMOUNT AMOUNT ------ ------ ------ ------ ============================================================================ Maintenance Improvement New Site ---------------------------------------------------------------------------- Closing Date $4,300,000 $5,200,000 $ 8,700,000 through Fiscal Year end 1997 ---------------------------------------------------------------------------- Fiscal year 1998 $4,300,000 $3,600,000 $25,600,000 ---------------------------------------------------------------------------- Fiscal year 1999 $4,300,000 $1,300,000 $11,600,000 ---------------------------------------------------------------------------- Fiscal year 2000 $4,300,000 $0 $3,900,000 ---------------------------------------------------------------------------- Fiscal year 2001 $4,300,000 $0 $1,300,000 ---------------------------------------------------------------------------- Fiscal Years Thereafter $4,300,000 $0 $1,300,000 ---------------------------------------------------------------------------- Capital Expenditures not spent in a given year may be carried over and added to the applicable basket only for the immediately following year (after first utilizing the amount of Capital Expenditures permitted for such fiscal year), each such carry over not to exceed one year. The unused portion of Maintenance Capital Expenditures for any fiscal year may be added to the aggregate amount of permitted Improvement Capital Expenditures or New Site Capital Expenditures for the same year, but not for any subsequent year. In addition, in the event the Borrower or any Subsidiary disposes of any assets in accordance with (S)12.5.2 hereof, the amount of the cash proceeds received by the Borrower or such Subsidiary from such disposition shall increase the amount of the permitted Capital Expenditures as set forth in (S)12.5.2 for the twelve month period immediately following the date in which such disposition occurred, and shall be deemed to be the first portion of such Capital Expenditures utilized for such period.
