Modified Leverage Ratio. As of the last day of each Computation Period, Ultimate Parent shall not permit the Total Modified Leverage Ratio to be greater than, for the Computation Period(s) ending (i) September 30, 2023, 5.75 to 1.00, (ii) December 31, 2023, 6.25 to 1.00 and (iii) March 31, 2024 and thereafter, 4.25 to 1.00.
Modified Leverage Ratio. Lessee will not permit the ratio, measured at the end of each quarter of (i) Adjusted Total Debt to (ii) the sum of (A) consolidated income of Lessee and its Subsidiaries before income taxes for the preceding twelve month period (excluding extraordinary cash gains or losses for the preceding twelve month period), plus (B) interest expense for the preceding twelve month period, plus (C) operating lease expense for the preceding twelve month period plus (D) depreciation and amortization expense for the preceding twelve month period, at any time to be greater than 6.00 to 1.00; PROVIDED, HOWEVER, for the calculation measured as of November 1, 1997 for the preceding twelve month period, such ratio shall not be greater than 6.25 to 1.00."
3. Section 11.02(e) (LIMITATION ON CAPITAL EXPENDITURES) shall be amended in its entirety to read as follows:
Modified Leverage Ratio. Borrower shall maintain a Modified Leverage Ratio as of the fiscal year ending December 31, 2015, of not greater than 3.95 to 1.00.
Modified Leverage Ratio. The Borrower will not permit the Modified Leverage Ratio at any time during a period set forth below to be greater than the ratio set forth opposite such period below: Period Ratio ------ ----- Initial Borrowing Date through and including December 30, 2004 1.50:1.00 December 31, 2004 through and including September 29, 2005 1.25:1.00 September 30, 2005 and thereafter 1.00:1.00
Modified Leverage Ratio. The Borrower shall maintain at all times a Modified Leverage Ratio of not greater than (a) if such time is before December 31, 1997, 5.00 to 1.00, (b) if such time is on or after December 31, 1997 and before December 31,1998, 4.75 to 1.00 or (c) if such time is on or after December 31, 1998, 4.50 to 1.00.
Modified Leverage Ratio. Lessee will not permit the ratio, measured at the end of each quarter, of (i) Adjusted Total Debt to (ii) the sum of (A) consolidated income of Lessee and its Subsidiaries before income taxes for the preceding twelve month period (excluding extraordinary cash gains or losses for the preceding twelve month period), plus
(B) interest expense or the preceding twelve month period, plus (C) operating lease expense for the preceding twelve month period, plus (D) depreciation and amortization expense for the preceding twelve month period, at any time to be greater than six (6) to one (l). $64,400,000 of the provision established in the fiscal quarter ending July 30, 1995 for inventory markdowns shall be added to pretax consolidated income of the Lessee for fiscal quarter ending July 30, 1995 only for purposes of determining compliance with the covenant contained in this Section for the fiscal quarter ending April 28, 1996 only."
4. The definition of "Fixed Charges" in APPENDIX A to the Original Lease Agreement is deleted in its entirety and replaced by the following:
Modified Leverage Ratio. Lessee will not permit the ratio, measured at the end of each quarter (beginning with the fourth quarter of fiscal year 1996), of (i) Adjusted Total Debt to (ii) the sum of (A) consolidated income of Lessee and its Subsidiaries before income taxes for the preceding twelve month period (excluding extraordinary cash gains or losses for the preceding twelve month period), plus (B) interest expense for the preceding twelve month period, plus (C) operating lease expense for the preceding twelve month period plus (D) depreciation and amortization expense for the preceding twelve month period, at any time to be greater than six (6) to one (1).
Modified Leverage Ratio. The Company will at all times maintain a ratio of Indebtedness for Borrowed Money to Total Capitalization, in each case on a consolidated basis for the Company and its Subsidiaries, of not more than 0.40 to 1.
