Annual Excess Cash Flow Recapture Sample Clauses

Annual Excess Cash Flow Recapture. For (a) the period --------------------------------- commencing on January 1, 2000 and ending on September 30, 2000, and (b) each fiscal year thereafter, for which Consolidated Excess Cash Flow exceeds $1,000,000, the Borrower shall make a prepayment of principal on the Term Loan in an amount equal to fifty percent (50%) of such Consolidated Excess Cash Flow, such mandatory prepayment to be due ninety (90) days after the end of each applicable fiscal year and to be applied against the remaining scheduled installments of principal due on the Term Loan on a pro rata basis. --------
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Annual Excess Cash Flow Recapture. For each fiscal year ending on or after December 31, 1999 for which the Borrowers have positive Consolidated Excess Cash Flow, the Domestic Borrowers shall prepay the principal of the Term Loans in an amount equal to seventy-five percent (75%) of such Consolidated Excess Cash Flow, provided that in the event that the Leverage Ratio as at the end of the applicable fiscal year, and as at the end of the fiscal quarter immediately preceding the date such payment is due is less than 4.25:1, only fifty percent (50%) of such Consolidated Excess Cash Flow shall be required to be utilized to prepay the Term Loans. Each such mandatory prepayment shall be due one hundred (100) days after the end of each applicable fiscal year and shall be applied pro rata to repayment of each of the Term Loans based on the then outstanding amounts of each of the Term Loans, provided, however, to the extent any holder of the Term Loan B elects not to accept such prepayments, such prepayments so declined shall be applied pro rata to the repayment of the Term Loan A. Such payments shall be applied against the remaining scheduled installments of principal due on the respective Term Loans pro rata. To the extent the Borrowers are required to make any payments pursuant to this ss.3.3.3 and such a payment would subject the Borrowers to certain costs under ss.5.10 associated with a prepayment of a Eurocurrency Rate Loan prior to the last day of an Interest Period with respect thereto, the Agent shall, if requested by the Company, hold such proceeds as cash collateral (and thereafter the Agent shall apply such cash collateral to the Obligations) until the earliest to occur of (a) the last day of the Interest Period with respect to such Eurocurrency Rate Loans, (b) the first date when such prepayment can be made without any costs being incurred pursuant to ss.5.10 and (c) the date when the Agent determines in its reasonable discretion that such amounts shall be used to repay all or any portion of the Term Loans.
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Annual Excess Cash Flow Recapture. For each fiscal year of the Borrower ending on or after December 31, 1998 for which Consolidated Excess Cash Flow exceeds $500,000, the Borrower shall make a prepayment of principal on the Term Loans in an amount equal to fifty percent (50%) of such Consolidated Excess Cash Flow, such mandatory prepayment to be due one hundred twenty (120) days after the end of each applicable fiscal year and to be applied pro rata to each of the Term Loans based on the then outstanding amounts of each of the Term Loans and applied against the scheduled installments of principal due on the respective Term Loans on a pro rata basis.
Sample 1
Annual Excess Cash Flow Recapture. In addition to the foregoing, --------------------------------- the Borrower agrees that on April 30, 1998 and on each April 30th thereafter during the term of this Agreement, the Borrower shall make a repayment of the principal of the Term Loan then outstanding in an amount equal to (i) seventy- five percent (75%) of Annual Excess Cash Flow for the Borrower's preceding fiscal year if the Leverage Ratio as of the end of such preceding fiscal year (but before giving effect to such repayment) is greater than or equal to 5.5:1, or (ii) fifty percent (50%) of Annual Excess Cash Flow for the Borrower's preceding fiscal year if the Leverage Ratio at the time of such payment (but before giving effect to such repayment) is less than 5.5:1, together, in any case, with accrued interest on the portion of the Term Loan so repaid. All amounts paid by the Borrower pursuant to this subsection in respect of the principal of the Term Loan shall be applied to such principal in inverse order of maturity.
Sample 1
Annual Excess Cash Flow Recapture. In addition to the foregoing, the Borrower agrees that commencing on April 30, 2000, and continuing on each April 30th thereafter, the Borrower shall make a repayment of the principal of the Loans then outstanding in an amount equal to fifty percent (50%) of the Borrower's Annual Excess Cash Flow for the Borrower's preceding fiscal year, together with accrued interest on the portion of the Loans so repaid. All amounts paid by the Borrower pursuant to this subsection shall be applied to the Loans then outstanding on a pro rata basis, and shall be applied pro rata to the remaining payments of the Term Loans required under Section 2.7(a) hereof and to the Revolving Loans to the remaining reductions in the Revolving Loans under Section 2.5(b)(ii) hereof on a pro rata basis for the remaining reductions under Section 2.5(b)(ii) hereof. Amounts applied to the Revolving Loans pursuant to this subsection shall also permanently reduce the Commitment by a corresponding amount (with such reduction to be applied on a pro rata basis to the remaining reductions in Section 2.5(b)(ii) hereof).
Sample 1
Annual Excess Cash Flow Recapture. For each fiscal year of the Borrower ending on or after December 31, 1998 in which the Leverage Ratio for the period of two consecutive fiscal quarters ending December 31 of such year is equal to or less than 1.50:1.00, the Borrower shall make a prepayment of principal on the Term Loan in an amount equal to fifty percent (50%) of Consolidated Excess Cash Flow for such fiscal year, such mandatory prepayment to be due one hundred twenty (120) days after the end of each applicable fiscal year and to be applied to the Term Loan based on the then outstanding amount of the Term Loan and applied against the scheduled installments of principal due on the Term Loan on a pro rata basis.
Sample 1
Annual Excess Cash Flow Recapture. On or before the date 105 days after the end of each fiscal year commencing with the fiscal year of the Company ending December 31, 2000, the Company shall prepay the Term Loans in an amount equal to the lesser of (1) the Effective Amount of all Term Loans that have been, as of the end of such prior fiscal year, outstanding for one year or more, and (2) 50% of Excess Cash Flow for such fiscal year, as calculated based upon the financial data contained in the Company's financial statements for the fourth fiscal quarter of each fiscal year delivered pursuant to subsection 6.01(c)(ii) and the Compliance Certificate delivered with respect to that fiscal quarter pursuant to subsection 6.02(a). Mandatory prepayments of the Term Loans pursuant to this subsection made after the Revolving Termination Date shall be applied to the Scheduled Payments in the inverse order of their maturity.
Sample 1
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Related to Annual Excess Cash Flow Recapture

  • Excess Cash Flow In the event that there shall be Excess Cash Flow in excess of $2,500,000 for any Fiscal Year, the Borrower shall, not later than the tenth Business Day following the date that is ninety days after the end of such Fiscal Year, prepay the Loans in an aggregate amount equal to 50% (provided that (i) such prepayment percentage shall be 25% if, as of the last day of the most recently ended Fiscal Year, the Senior Secured Net Leverage Ratio (determined for any such period by reference to the Compliance Certificate delivered pursuant to Section 5.1(c) calculating the Senior Secured Net Leverage Ratio as of the last day of such Fiscal Year) shall be 1.80:1.00 or less and (ii) no such prepayment shall be required by this clause (e) if the foregoing Senior Secured Net Leverage Ratio as of the last day of such Fiscal Year shall be 1.30:1.00 or less) of the entire Excess Cash Flow for such Fiscal Year minus 100% of voluntary repayments of the Loans made during such Fiscal Year with Internally Generated Cash; provided, that, if at the time that any such prepayment would be required, the Borrower is required to repay or repurchase or to offer to repurchase or repay Senior Secured Debt permitted pursuant to Section 6.1 pursuant to the terms of the documentation governing such Indebtedness with all or a portion of such Excess Cash Flow (such Senior Secured Debt required to be repaid or repurchased or to be offered to be so repaid or repurchased, “Other Applicable ECF Indebtedness”), then the Borrower may apply such Excess Cash Flow on a pro rata basis to the prepayment of the Loans and to the repayment or re-purchase of Other Applicable ECF Indebtedness, and the amount of prepayment of the Loans that would have otherwise been required pursuant to this Section 2.10(e) shall be reduced accordingly (for purposes of this proviso pro rata basis shall be determined on the basis of the aggregate outstanding principal amount of the Loans and Other Applicable ECF Indebtedness at such time, with it being agreed that the portion of Excess Cash Flow allocated to the Other Applicable ECF Indebtedness shall not exceed the amount of such Excess Cash Flow required to be allocated to the Other Applicable ECF Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such net proceeds shall be allocated to the Loans in accordance with the terms hereof); provided further, that to the extent the holders of Other Applicable ECF Indebtedness decline to have such indebtedness repurchased or prepaid, the declined amount shall promptly (and in any event within ten Business Days after the date of such rejection) be applied to prepay the Loans in accordance with the terms hereof.

  • Consolidated Excess Cash Flow Subject to Section 2.14(g), if there shall be Consolidated Excess Cash Flow for any Fiscal Year beginning with the Fiscal Year ending December 31, 2018, the Borrowers shall, within ten Business Days of the date on which the Borrowers are required to deliver the financial statements of Holdings and its Restricted Subsidiaries pursuant to Section 5.1(b), prepay the Loans and/or certain other Obligations as set forth in Section 2.15(b) in an aggregate amount equal to (i) 50% of such Consolidated Excess Cash Flow minus (ii) voluntary prepayments of the Loans, First Lien Loans or Refinanced Debt (as defined in the First Lien Credit Agreement) made during such Fiscal Year (excluding repayments of revolving First Lien Loans or Refinanced Debt (as defined in the First Lien Credit Agreement) except to the extent the applicable revolving credit commitments are permanently reduced in connection with such repayments) paid from Internally Generated Cash (provided that such reduction as a result of prepayments made pursuant to Section 10.6(k) shall be limited to the actual amount of cash used to prepay principal of Term Loans, First Lien Loans or Refinanced Debt (as defined in the First Lien Credit Agreement) (as opposed to the face amount thereof)); provided, if, as of the last day of the most recently ended Fiscal Year, the Consolidated Total Net Leverage Ratio (determined for such Fiscal Year by reference to the Compliance Certificate delivered pursuant to Section 5.1(c) calculating the Consolidated Total Net Leverage Ratio as of the last day of such Fiscal Year) shall be (A) less than or equal to 4.50:1.00 but greater than 4.00:1.00, the Borrowers shall only be required to make the prepayments and/or reductions otherwise required hereby in an amount equal to (1) 25% of such Consolidated Excess Cash Flow minus (2) voluntary repayments of the Loans, First Lien Loans or Refinanced Debt (as defined in the First Lien Credit Agreement) made during such Fiscal Year (excluding repayments of revolving First Lien or Refinanced Debt (as defined in the First Lien Credit Agreement) except to the extent the applicable revolving credit commitments are permanently reduced in connection with such repayments) paid from Internally Generated Cash (provided that such reduction as a result of prepayments made pursuant to Section 10.6(k) shall be limited to the actual amount of cash used to prepay principal of Term Loans, First Lien Loans or Refinanced Debt (as defined in the First Lien Credit Agreement) (as opposed to the face amount thereof)) and (B) less than or equal to 4.00:1.00, the Borrowers shall not be required to make the prepayments and/or reductions otherwise required by this Section 2.14(e).

  • Excess Cash Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent into which Borrower shall deposit all Excess Cash on each Payment Date during the continuation of a Cash Sweep Period (the “Excess Cash Reserve Account”). Amounts so deposited shall hereinafter be referred to as the “

  • Cash Flow Coverage Ratio The ratio of (a) the Borrower's Cash Flow to (b) the sum of (i) the Borrower's consolidated Interest Expense plus (ii) the Borrower's scheduled payments of principal (including the principal component of Capital Leases) to be paid during the 12 months following any date of determination shall at all times exceed (1) 1.5 to 1.

  • Net Cash Flow The term “Net Cash Flow” shall mean all cash and cash equivalents from all sources on hand as of the last day of the measurement period prior to any distributions to the Partners, and after the payment of all then due expenses of operating and managing the Restaurants, and after payment of all debts and liabilities and after any prepayments of any debts and liabilities that the General Partner, in its reasonable and good faith discretion, elects to cause to be made, and after the establishment of any reserves reasonably deemed necessary by the General Partner for (i) the repayment of any due debts or liabilities, including debts owed to the General Partner; (ii) the working capital requirements; (iii) capital improvements and replacement of furniture, fixtures or equipment; and (iv) any contingent or unforeseen liabilities. In determining Net Cash Flow of each Restaurant there shall be deducted the Supervision Fee and the Accounting Fee as provided in Section 4.7, the Advertising Payment and the Insurance Payment as provided in Section 4.8, and the OSRS Charges as provided in Section 4.2.

  • Maximum Annual Operating Expense Limit The Maximum Annual Operating Expense Limit with respect to each Fund shall be the amount specified in Schedule A based on a percentage of the average daily net assets of each Fund.

  • End of Fiscal Years; Fiscal Quarters The Borrower will cause (i) its and each of its Domestic Subsidiaries’ fiscal years to end on December 31 of each calendar year and (ii) its and each of its Domestic Subsidiaries’ fiscal quarters to end on March 31, June 30, September 30 and December 31 of each calendar year.

  • Minimum Cash Balance Licensee shall fund the Facility Checking Account --------------------- with an initial amount equal to $25,000.00 and thereafter Licensee shall provide the working capital required by Section I(H) of this Agreement

  • Cash Flow Leverage Ratio The Borrower will not permit the Cash Flow Leverage Ratio on the last day of any fiscal quarter to exceed 3.50 to 1.00.

  • Adjustment of Minimum Quarterly Distribution and Target Distribution Levels (a) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution, Third Target Distribution, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 5.10. In the event of a distribution of Available Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, as the case may be, by a fraction of which the numerator is the Unrecovered Capital of the Common Units immediately after giving effect to such distribution and of which the denominator is the Unrecovered Capital of the Common Units immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall also be subject to adjustment pursuant to Section 6.9.

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