Total Debt to Capitalization. Permit the Total Debt to Capitalization Ratio, expressed as a percentage, to exceed 60% at any time.
Total Debt to Capitalization. As of the end of any fiscal quarter of the Borrower, have a ratio of (i) Total Debt to (ii) Total Capitalization greater than 0.65 to 1.00.
Total Debt to Capitalization. The ratio of Total Debt to Capitalization shall at no time be greater than .50 to 1.
Total Debt to Capitalization. As of the end of each of its fiscal quarters, the Borrower shall maintain a ratio of (i) Covenant Indebtedness to (ii) Capitalization shall not exceed 0.50 to 1.00.
Total Debt to Capitalization. The ratio of Total Debt to Capitalization shall at no time be greater than .50 to 1."
(j) Section 6.1(d) of the Credit Agreement is hereby amended to read as follows: "CAPITAL EXPENDITURES. Capital Expenditures (excluding any Capital Expenditures in respect of any (i) Capital Leases and (ii) Acquisitions, permitted pursuant to Section 6.8 hereof) paid or incurred during any fiscal year of the Company set forth below shall not exceed the amount set forth below: Fiscal Year ending 1/31/98 $75,000,000 any Fiscal Year ending thereafter $85,000,000"
(k) Section 6.5(a) of the Credit Agreement is amended in its entirety to read as follows:
(a) liquidate or dissolve itself (or suffer any liquidation or dissolution) or otherwise wind up; or sell, lease, abandon, assign, or otherwise dispose of all or any part of its assets, properties or business, except (i) immaterial sales or dispositions of assets in the ordinary course of business, including dispositions of obsolete or useless assets, (ii) disposition of assets, including capital stock, of the Company or any Subsidiary, provided that (A) the aggregate value of the assets disposed of from October 29, 1997, through the date of any such disposition, including the value of assets to be disposed of by such disposition, shall not exceed, as of the date of such disposition, 10% of the consolidated value of the assets of the Company and the Subsidiaries calculated as the greater of book value and fair market value of such consolidated assets, (B) the disposition of such assets does not result in the release or disposition of collateral or guaranties securing the Company's obligations hereunder, and (C) 100% of the proceeds of such disposition shall be applied to prepay Advances hereunder, (iii) sale-leaseback transactions in which the consideration received is at least equal to the fair market value of the asset sold or (iv) the Company's Xxxxx warehouse and underperforming or replacement stores listed on Schedule 6.5 hereto and related inventory and inventory and fixtures related to the discontinuance of Discovery Centers and 3 Dog Bakeries. Notwithstanding the foregoing, a wholly owned Subsidiary of the Company may be dissolved or liquidated, so long as such Subsidiary owns no assets and conducts no business; or"
(l) Section 10.2(a) of the Credit Agreement is hereby amended in its entirety to read as follows:
(a) If to the Company: PETsMART, Inc. 00000 Xxxxx 00xx Xxxxxx Xxxxxxx, Xxxxxxx 00000 Attention: Chief Financi...
Total Debt to Capitalization. Have a ratio of (i) Total Debt to (ii) Total Capitalization greater than 50%.
Total Debt to Capitalization. Not permit the ratio of (a) Total Debt to (b) the sum of Total Debt plus Adjusted Net Worth to exceed at any time 0.675 to 1.0.
Total Debt to Capitalization. Not permit the ratio of (a) Total Debt to (b) the sum of Total Debt plus Adjusted Net Worth to exceed at any time 0.675 to 1.0.
1.11 AMENDMENT TO SECTION 7.7. Section 7.7(h)(i) is amended by deleting the reference to "U.S.$15,000,000" and substituting "U.S.$5,000,000" therefor.
1.12 AMENDMENT TO SECTION 7.11. Clause (d)(iv) of Section 7.11 is amended in its entirety to read as follows:
Total Debt to Capitalization. As of the end of each of its fiscal quarters, the Borrower shall maintain a ratio of (i) Covenant Indebtedness to (ii) Capitalization not to exceed 0.60 to 1.00.
3.13. Section 12.17 is hereby amended to delete the address Bank appearing therein and replace it with the following: Bank of America N.A. 000 Xxxxx XxXxxxx Xxxxxx Xxxxxxx, Xxxxxxxx 00000 Attn.: Xxxxx Xxxxxxxxxx 3.14. Schedule 6.4 is deleted in its entirety and is replaced by Schedule 6.4 attached hereto.
Total Debt to Capitalization. Borrower and its Consolidated Subsidiaries will not suffer or permit at any time, on a consolidated basis, the ratio of (a) Total Funded Indebtedness to (b) Total Funded Indebtedness plus Equity, to exceed (i) .60 to 1.00 on June 30, 1997 through December 31, 1997, (ii) .55 to 1.00 on January 1, 1998 through December 31, 1998, and (iii) .50 to 1.00 on January 1, 1999 and thereafter, based upon Borrower's financial statements for the most recent calendar quarter.
13. The Credit Agreement is hereby amended by deleting Annex 1 and Annex 2 thereof in its entirety and by inserting in place thereof a new Annex 1 and Annex 2, respectively, in the form of Annex 1 and Annex 2, respectively, attached hereto.
14. The Credit Agreement is hereby amended by deleting Exhibit A in its entirety and by substituting in place thereof a new Exhibit A in the form of Exhibit A attached hereto.
