Common use of Net Capital Expenditures Clause in Contracts

Net Capital Expenditures. Make Net Capital Expenditures during any fiscal year which, in the aggregate, for both Borrowers, exceed $11,000,000; provided however, that capital expenditures incurred with respect to the construction of a fish oil refinery in Reedville, Virginia, to the extent such capital expenditures are not financed by Bank or any other Person and do not exceed $20,000,000 in the aggregate, shall be excluded from such limitation. The Loan Agreement is further amended by deleting the definition of Fixed Charge Coverage Ratio and substituting the following in lieu thereof:

Net Capital Expenditures. Make Net Capital Expenditures during any fiscal year which, in the aggregate, for both Borrowers, exceed (a) $11,000,00016,500,000 during the Borrowers’ fiscal year ending December 31, 2005, and (b) $11,000,000 during any subsequent fiscal year; provided provided, however, that capital expenditures incurred with respect to the construction of a fish oil refinery in Reedville, Virginia, to the extent such capital expenditures are not financed by Bank or any other Person and do not exceed $20,000,000 in the aggregate, shall be excluded from such limitation. The Loan Agreement is further amended by deleting the definition of Fixed Charge Coverage Ratio and substituting the following in lieu thereof:.

Net Capital Expenditures. Make Net Capital Expenditures during any fiscal year which, in the aggregate, for both Borrowers, exceed $11,000,0009,000,000; provided provided, however, that capital expenditures incurred with respect to the construction of a fish oil refinery in Reedville, Virginia, to the extent such capital expenditures are not financed by Bank or any other Person and do not exceed $20,000,000 16,000,000 in the aggregate, shall be excluded from such limitation. The Loan Agreement is further amended by deleting the definition of Fixed Charge Coverage Ratio and substituting the following in lieu thereof:.