Supercuts 2012 Annual Report Download - page 156

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1.2. Paragraph 6C(1) of the Shelf Agreement is hereby amended by deleting the “and” at the end of clause (iii) thereof and
replacing clause (iv) thereof with the following:
“(iv) Liens securing Capital Lease Obligations in an aggregate outstanding amount not to exceed $50,000,000 at any
time, provided such Liens attach only to the assets subject to the underlying capital lease, and provided further, that Priority Debt does
not at any time exceed 20% of Net Worth determined as of the end of the most recently ended fiscal quarter; and
(v) Liens securing Indebtedness other than Capital Lease Obligations not otherwise permitted by clauses (i)-(iv) above,
provided that (a) Priority Debt does not at any time exceed 20% of Net Worth determined as of the end of the most recently ended
fiscal quarter; and (b) the aggregate amount of Indebtedness secured by Liens pursuant to this clause (v) shall not exceed four percent
(4%) of Net Worth determined as of the end of the most recently ended fiscal quarter; and provided , further , that such Liens may not
secure the Credit Agreement, the Term Loan Agreement or other Indebtedness to a bank, insurance company or other financial
institution in excess of $20,000,000.”
1.3. Paragraph 6C(2) of the Shelf Agreement is hereby amended and restated in its entirety to read as follows:
“6C(2). Unsecured Subsidiary Debt. The Company shall not permit any Subsidiary to incur any unsecured Debt if
after giving effect thereto Priority Debt would exceed 20% of Net Worth, determined as of the end of the most recently ended fiscal
quarter.”
1.4. Paragraph 6C(3) of the Shelf Agreement is hereby amended by amending and restating clause (vii) thereof to read as follows:
“(
vii) make or permit to remain outstanding other Investments (including Investments in Joint Ventures) in addition to the
foregoing Investments permitted under this Section 6(C)(3); provided that (i) the aggregate amount thereof shall at no time exceed
30% of Consolidated Net Worth and (ii) the aggregate amount thereof made in or to Persons that are not in the same or similar line of
business in which the Company and its Subsidiaries are engaged as of June 30, 2011 shall at no time exceed 10% of Consolidated Net
Worth.”
1.5. Paragraph 6C(4) of the Shelf Agreement is hereby amended and restated in its entirety to read as follows:
“6C(4). Margin Regulations. The Company shall not, whether directly or indirectly, and whether immediately,
incidentally or ultimately, purchase or carry ay Margin Stock or extend credit to others for the purpose of purchasing or carrying
Margin Stock.”
1.6. Paragraph 6E of the Shelf Agreement is hereby amended by (i) replacing the phrase “any agreement creating or evidencing
Indebtedness in excess of $15,000,000” with “any
2