Limitations on Capital Expenditures. (a) Subject to clauses (b) and (c) below, the Company will not, and will not cause or permit any of its Subsidiaries to, directly or indirectly, make (or be or become legally or contractually obligated to make) any Capital Expenditures (other than Capital Expenditures in Venezuela by Subsidiaries that are part of the Venezuelan Division) during any Fiscal Year that would cause the aggregate Capital Expenditures for such year to exceed the Permitted Capital Expenditures Amount for such Fiscal Year (which amount shall include any Permitted New Capital Obligations consisting of Capital Lease Obligations incurred in such Fiscal Year).
(b) To the extent that the Company and its Subsidiaries do not expend the full Permitted Capital Expenditures Amount in any given Fiscal Year the Company and its Subsidiaries will be permitted to carry forward any Unused CapEx to the immediately following Fiscal Year (but not to any subsequent Fiscal Year); provided that (i) the Company has delivered the CapEx Report in the present Fiscal Year and (ii) no Default or Event of Default has occurred and is continuing or would occur after giving effect to such transaction.
(c) In addition to the foregoing, the Company may, in its discretion, make additional Capital Expenditures to the extent permitted by Section 7.02(b) (Investments); provided that (i) the Company has delivered the CapEx Report in the present Fiscal Year and (ii) no Default or Event of Default has occurred and is continuing or would occur after giving effect to such Capital Expenditure.
Limitations on Capital Expenditures. The Parent Guarantors and the Borrower will not, and will not permit any of their respective Subsidiaries to, make any Capital Expenditures (including any Capital Expenditures with respect to the Acquired Properties) during any Fiscal Year which exceed, in the aggregate for the Ultimate Parent and its Subsidiaries, $9,000,000. Notwithstanding anything to the contrary contained in the preceding sentence, (x) in the event the amount of Capital Expenditures permitted to be made by the Ultimate Parent and its Subsidiaries pursuant to this Section 8.09(e) in any Fiscal Year (before giving effect to any increase in such permitted expenditure amount pursuant to this sentence) is greater than the amount of such Capital Expenditures made by the Ultimate Parent and its Subsidiaries during such Fiscal Year, such excess may be carried forward and utilized to make Capital Expenditures in the succeeding Fiscal Year, (y) the amount of Capital Expenditures permitted to be made by the Ultimate Parent and its Subsidiaries during any Fiscal Year shall be increased by an amount equal 108 to that portion of the proceeds of any Recovery Event not required to be applied to prepay Loans pursuant to Section 2.07(c), and (z) the amount of Capital Expenditures permitted to be made by the Ultimate Parent and its Subsidiaries during any Fiscal Year shall be increased by an amount equal to $750,000 for each Station Acquired during the Fiscal Year in which such Acquisition occurs (except with respect to the Acquired Properties) and for each such Station for each Fiscal Year thereafter.
Limitations on Capital Expenditures. The Borrowers shall not without the prior written consent of the Required Lenders, which consent shall not be unreasonably withheld, make:
(a) capital expenditures for leasehold improvements of more than four million five hundred thousand dollars ($4,500,000) in any year;
(b) other capital expenditures exceeding thirty-three million dollars ($33,000,000) per year.
Limitations on Capital Expenditures. Make, or incur any obligation to make, Capital Expenditures (excluding expenditures to produce or acquire items of Product) for all Credit Parties and their Subsidiaries in excess of (x) US$5,000,000 for any fiscal year which to the extent unused may be carried over to subsequent fiscal years and (y) US$15,000,000 in the aggregate from and after the Closing Date.
Limitations on Capital Expenditures. Make or incur on a consolidated basis any obligation to make Capital Expenditures (other than amounts included in the Budgeted Negative Cost of an item of Product) for any fiscal year in excess of $250,000.
Limitations on Capital Expenditures. Section 10.12 of the Credit Agreement is amended to read as follows:
Limitations on Capital Expenditures. Without the prior written consent of the Bank, the Borrower and its Subsidiaries shall not make capital expenditures of more than the following aggregate amounts in each of its fiscal years, provided that the Borrower may expend an amount equal to the unspent portion of monies from the immediately preceding fiscal year in the immediately succeeding fiscal year: $8,000,000 for fiscal year 2002; $16,000,000 for fiscal year 2003; $20,000,000 for fiscal year 2004; and $12,000,000 for each fiscal year thereafter.
Limitations on Capital Expenditures. (a) No Obligor shall, and Aracruz Celulose shall not cause or permit any other Aracruz Party to, make (or be or become legally or contractually obligated to make) any Maintenance CAPEX other than Permitted Maintenance CAPEX; provided that to the extent that the Aracruz Parties do not expend any amount of Permitted Efficiency CAPEX in any given year, the Aracruz Parties will be permitted to carry forward any such unused Permitted Efficiency CAPEX to subsequent years; and
(b) No Obligor shall, and Aracruz Celulose shall not cause or permit any other Aracruz Party to, make (or be or become legally or contractually obligated to make) any additional Investment CAPEX in respect of the Guaíba II Project until on or after January 1, 2011 and thereafter, any additional Investment CAPEX in respect of the Guaiba II Project shall be made only in accordance with this Section 8.19.
(c) No Obligor shall, and Aracruz Celulose shall not cause or permit any other Aracruz Party or Veracel to, make (or be or become legally or contractually obligated to make) any Investment CAPEX other than in connection with (i) any project (including an Approved CAPEX Project) that is financed exclusively (A) through equity of Aracruz Celulose (and not, directly or indirectly, out of Aracruz Celulose’s consolidated cash flows) and/or (B) with respect to Veracel, through Veracel Project Finance Debt (provided that any such project shall be carried out through a bankruptcy-remote Subsidiary of Veracel), or (ii) an Approved CAPEX Project that is financed by Permitted Investment CAPEX Debt, to the extent that, upon commencement of such Approved CAPEX Project the following conditions are met (A) the Debt to Adjusted EBITDA Ratio does not, and is not during the expected term of such Approved CAPEX Project projected to, exceed 4.5:1.0 (as certified by the Chief Financial Officer of Aracruz Celulose in an officer’s certificate in the form of Exhibit M) and (B) other than with respect to the Veracel II Project, the Borrower has previously repaid at least 35% of the principal amount of the Loans outstanding on the Closing Date.
Limitations on Capital Expenditures. Borrower shall not permit the aggregate amount of Capital Expenditures made during the fiscal year ending on January 31, 2010 to exceed $15.0 million; provided, however, that such amount may be increased by the amount of cash contributions received under the Equity Cure Agreement.
Limitations on Capital Expenditures. Make or incur any obligation to make Capital Expenditures during any fiscal year in excess of $500,000 for all Credit Parties in the aggregate.
