Cash Flow Sweep. In the event of a Cash Trap Event Period, all Excess Cash Flow (as defined in the Cash Management Agreement) shall be deposited into the Excess Cash Flow Subaccount (as defined in the Cash Management Agreement), as more particularly set forth in the Cash Management Agreement.
Cash Flow Sweep. If a Default, an Event of Default, a Credit Rating Event, a Triggering Event or an Excess Leverage Event has occurred and is continuing, the Borrower shall make a mandatory repayment of the Loan in an amount equal to any cash Distribution made by Opco to the Borrower from any sources, including from the operations and activities of Opco or the proceeds of any financing or refinancing of Opco, in excess of the portion thereof used or reserved to pay interest on the Loan and any Taxes payable by the Borrower in respect thereof, within three (3) Business Days after receipt of such payment.
Cash Flow Sweep. Section 2.7 of the Credit Agreement is amended to add a new Section 2.7(c) to read as follows:
Cash Flow Sweep. The Company shall use no less than 75% of its Excess Cash Flow (as defined in the Senior Credit Facility (as in effect on the date hereof)) to repay its outstanding Indebtedness until such time as the ratio of funded debt to EBITDA (as defined in the Certificate of Designations as in effect on date hereof) of the Company is less than 3.0 to 1, at which time the Company shall use no less than 50% of its Excess Cash Flow to repay its outstanding Indebtedness.
Cash Flow Sweep. Concurrently with the delivery of the certificate required pursuant to Section 5.2(f) for each fiscal quarter of the Borrower and its Subsidiaries (commencing with the fiscal quarter ending on December 25, 2016), the Borrower shall prepay the Loans and/or Cash Collateralize the LOC Obligations in an amount equal to 100% of Cash On Hand in excess of $2,000,000 as of the last day of such fiscal quarter (the “Cash Flow Sweep”); provided that no payments of the Cash Flow Sweep shall be required to be made to the extent that the Consolidated Lease-Adjusted Leverage Ratio for two (2) most recently ended consecutive fiscal quarters of the Borrower and its Subsidiaries is less than 5.00 to 1.0 (as demonstrated in the financial information and certificates delivered to the Administrative Agent pursuant to Sections 5.1 and 5.2(b) for such fiscal quarters). Any payments of the Cash Flow Sweep shall be applied as set forth in clause (vi) below.
Cash Flow Sweep. (a) If, for any Determination Date with respect to which the financial covenants set forth in Section 8.01 are to be complied with, Borrower shall fail to meet any of such covenants, then, (i) within forty-five (45) days after the end of the first calendar month immediately following the calendar month in which such Determination Date occurs, Borrower shall, and hereby covenants to, make a payment to Administrative Agent in an amount equal to Net Cash Flow for such immediately following calendar month and (ii) within forty-five (45) days after the end of each subsequent calendar month until Administrative Agent is required to release sums as provided in paragraph (b) below, Borrower shall, and hereby covenants (subject to paragraph (c) below) to, make a payment to Administrative Agent in an amount equal to Net Cash Flow for such subsequent calendar month, irrespective of whether the requisite DSCR, Refinance DSCR and Debt Yield, as the case may be, were attained as of the end of the quarter in which such subsequent calendar month falls. Notwithstanding the foregoing, in the case of monthly payments of Net Cash Flow for any January, such payments shall be due with the monthly payment for deposit in the Cash Flow Collateral Account in respect of February (i.e., on April 14). Said amounts shall be deposited by Administrative Agent into interest-bearing, "blocked" cash collateral account no. 6005-524103 established with Administrative Agent (the "Cash Flow Collateral Account") to be held by Administrative Agent for the benefit of Lenders as hereinafter provided. Borrower hereby assigns the Cash Flow Collateral Account and all sums therein, including interest thereon, to Administrative Agent, for the benefit of Lenders, as security for the payment and performance of the Obligations and acknowledges that Borrower shall have no right to such sums except to the extent specifically provided for herein. Borrower further acknowledges that Administrative Agent shall retain possession of all documents evidencing the Cash Flow Collateral Account to perfect its security interest therein. Upon the occurrence of an Event of Default, Administrative Agent may, at the option of the Required Lenders, apply any and all sums in the Cash Flow Collateral Account (including interest) to the immediate reduction of the Principal Amount and/or accrued and unpaid interest and/or other sums payable hereunder or under the Note or other Loan Documents, in such order and amounts as the Req...
Cash Flow Sweep. The Master Agreement is amended to add a new Section 1.14, as follows:
Cash Flow Sweep. Section 1.12(b) of the Loan Agreement is deleted.
Cash Flow Sweep. In addition to all other payments required under this First Supplement, Borrower shall make special principal payments to Lender in an amount of 40% of Borrower's Net Available Cash for each fiscal year (each a "Special Principal Payment"). Special Principal Payments required under this Section 9(d) shall be due and payable at the time Borrower submits its audited annual report to Lender as required under Section 4.01(a) of the Master Agreement. Special Principal Payments shall be applied in the inverse order of the maturities of scheduled principal payments, so as to not affect or reduce the GAAP-based current portion of Borrower's long-term debt. Borrower shall not be required to make any Special Principal Payments so long as Borrower achieves and maintains an Owner's Equity Ratio of 50% (as reported on audited fiscal year-end financial statements); provided, Borrower's obligation to make Special Principal Payments pursuant to this Section 9(d) will be reinstated if Borrower's Owner's Equity Ratio falls below 50% at any quarterly reporting period.
Cash Flow Sweep. Commencing in 2012 and subject to compliance with senior lender and the Bank covenants, the Borrower will make a mandatory annual principal payment to the Bank in the form of a cash flow sweep. The annual cash flow sweep will be equal to 20% of the Excess Available Funds before discretionary bonuses based on the annual year end audited financial statements of Apex Systems Integrators Inc. The maximum annual cash flow sweep in any year will be equal to Four Hundred Twenty Five Thousand Dollars ($425,000). Such payments will be applied to reduce the outstanding principal payment due on the Maturity Date. In the event that the Borrower’s annual audited financial statements are not received within 120 days of the Borrower’s fiscal year end, the full Four Hundred Twenty Five Thousand Dollars ($425,000) becomes due and payable on the next Payment Date.
