Mandatory Prepayments From Excess Cash Flow. In addition to the regularly scheduled principal payments set forth in Section 5.2(a) above, Borrower further agrees to pay to Agent on behalf of Banks as a mandatory prepayment against the Term Loan principal balance on each April 30 during the Term hereof, (a) for each year following a determination of Borrower's Ratio of Consolidated Total Debt to Consolidated EBITDA as of the preceding December 31 where such ratio remains greater than or equal to 4.0 to 1.0, an amount equal to seventy-five percent (75%) of Excess Cash Flow, (b) for each year following a determination of Borrower's Ratio of Consolidated Total Debt to Consolidated EBITDA as of the preceding December 31 where such ratio shall have been reduced to less than 4.0 to 1.0 but such ratio remains greater than or equal to 3.0 to 1.0, an amount equal to fifty percent (50%) of Excess Cash Flow, and (c) for each year following a determination of Borrower's Ratio of Consolidated Total Debt to Consolidated EBITDA as of the preceding December 31 where such ratio shall have been reduced to less than 3.0 to 1.0, an amount equal to twenty-five percent (25%) of Excess Cash Flow, with such Excess Cash Flow determined in each case for Borrower's immediately preceding fiscal year by reference to Borrower's audited year-end financial statements for such preceding fiscal year (the first such mandatory prepayment due on April 30, 1997 for Borrower's Excess Cash Flow for its fiscal year ending December 31, 1996). Such annual mandatory prepayments from Excess Cash Flow shall be applied by the Banks in accordance with their respective Pro Rata Shares, ratably, to the remaining installments of principal (including any balloon payment at maturity) due under their respective Term Notes, with such payments being applied, prior to the occurrence of a Default or Event of Default to the Base Rate Loans and LIBOR Loans in such order as Borrower shall determine, or after the occurrence of a Default or Event of Default hereunder such payments shall be applied, subject to Section 11 herein, first, to any portion of the Term Loans outstanding as Base Rate Loans, and second, to that portion of the Term Loans which are LIBOR Loans, provided, however, that for any repayment applied to LIBOR Loans (whether before or after the occurrence of any
Mandatory Prepayments From Excess Cash Flow. So long as the Company's Maximum Leverage Ratio for any Fiscal Quarter is greater than 4.25:1.00, then at the time of furnishing the financial statements required by Section 7.4.2, 7.4.2 hereof with respect to any Fiscal Quarters of the Company and in any event within 60 days after the end of each such Fiscal Quarter of the Company, commencing with the Fiscal Quarter ending December 31, 1997, the Company will pay to you, without premium (except as provided in Section 3.5 hereof), as a mandatory prepayment on account of the principal amount of the Loans, the lesser of (i) an amount equal to 100% of the Excess Cash Flow as of the end of each such Fiscal Quarter, or (ii) the principal amount of the Loans as may then be outstanding. The principal amount of the Loans prepaid pursuant to this Section 5.2.4 may not be reborrowed and shall reduce the Maximum Amount of Credit.
Mandatory Prepayments From Excess Cash Flow. 31 5.4 Mandatory Prepayment From Equity Offerings . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Mandatory Prepayments From Excess Cash Flow. So long as the Company's Maximum Leverage Ratio for any Fiscal Quarter is greater than 4.25:1.00, then at the time of furnishing the financial statements required by Section 7.4.2, 7.4.2 hereof with respect to any Fiscal Quarters of the Company
Mandatory Prepayments From Excess Cash Flow. On or prior to the last Business Day of the first Fiscal Quarter in each Fiscal Year (commencing with the Fiscal Quarter ending March 31st immediately following the Fiscal Year in which the Initial Project Completion Date occurs), the Borrower shall deliver to the Lender a completed Excess Cash Flow Certificate setting out the Excess Cash Flow for the most recently completed Fiscal Year. Upon delivery of the foregoing Excess Cash Flow Certificate, subject to Section 5.2.6, the Borrower shall prepay the Obligations in the aggregate amount equal to the Excess Cash Flow Prepayment Amount, provided that if the payment of Excess Cash Flow Prepayment Amount would cause the Borrower to have less than the required minimum Liquidity required pursuant to Section 9.3.2, then the Borrower shall only be required to pay such Excess Cash Flow amount that allows the Borrower to remain in compliance with Section 9.3.2, which shall be demonstrated to the Lender’s satisfaction in the Excess Cash Flow Certificate. The amount of each such prepayment shall be applied first to any accrued and unpaid interest (including any PIK Interest) and second, to the amortization payments set out in Schedule L in inverse order of maturity.
Mandatory Prepayments From Excess Cash Flow. In addition to the payments described elsewhere in this Section 2.9, not more than 130 days following the end of each fiscal year of the Borrower, commencing with the fiscal year ending June 30, 2008, the Borrower shall prepay the Obligations in an amount equal to 50% of Excess Cash Flow of the Consolidated Group with respect to such fiscal year.
Mandatory Prepayments From Excess Cash Flow. For each fiscal year ending on or after March 31, 2000, so long as the Leverage Ratio as at the end of such fiscal year is greater than 3.25:1, TransTechnology shall prepay the Term Loan in an amount equal to 50% of the Consolidated Excess Cash Flow for such fiscal year, such mandatory prepayment to be due and payable ninety (90) days after the end of each such fiscal year.
Mandatory Prepayments From Excess Cash Flow. No later than the 30th day following the date on which Borrower delivers the Financial Statements required under Section 9.3(a) for fiscal year 2000 and each fiscal year thereafter (but in any event within 120 days after the end of each fiscal year of Borrower), the Revolver Principal Debt shall be permanently prepaid (and the Revolver Commitment reduced to the extent required in this Section 3.3(c)) by an amount equal to 50% of Excess Cash Flow for the fiscal year covered by such Financial Statements, if the Leverage Ratio of the Companies as of the end of such fiscal year is greater than 4.0:1.0. Unless a Default or Potential Default then exists or arises as a result therefrom (whereupon the provisions of Section 3.10(b) shall apply), each reduction or prepayment under this Section 3.3(c) from payments from Excess Cash Flow made in fiscal year 2003 and thereafter shall be applied as a mandatory prepayment of the Revolver Principal Debt, or if a Default then exists or arises, as a mandatory reduction of the Revolver Commitment. All mandatory prepayments of the Revolver Facility shall be allocated Pro Rata to each Revolver Lender. Amounts of Revolver Principal Debt prepaid pursuant to this Section 3.3(c), shall not reduce the Revolver Commitment unless a Default or Potential Default then exists or arises.
Mandatory Prepayments From Excess Cash Flow. On each Excess Cash Flow Payment Date (commencing with the Excess Cash Flow Payment Date occurring during 2024), the Borrowers shall prepay the Term Loans in the amount of the Excess Cash Flow Payment Amount for the period ended on the immediately preceding June 30; provided that the Borrowers shall have no obligation to pay any Excess Cash Flow Payment Amount on any Excess Cash Flow Payment Date for which the Senior Net Cash Flow Leverage Ratio was less than or equal to 2.00 to 1.00 for the four fiscal quarters ended on the immediately preceding June 30. Any such prepayments shall be paid to the Agent for the ratable benefit of the Lenders. All prepayments applied to Term Loans under Sections 2.6(a) or (b) hereof shall be applied to the scheduled principal payments on the Term Loans in the inverse order of their maturities.
Mandatory Prepayments From Excess Cash Flow. The Borrower shall, on the day the Borrower files its Form 10-Q or Form 10-K, but not later than 45 days following the end of each calendar quarter (the "Prepayment Date" and the "Reference Quarter", respectively), prepay an aggregate principal amount of the Revolving Advances comprising part of the same Revolving Borrowings in an amount sufficient to cause the aggregate principal amount of all Advances outstanding as of the Prepayment Date to equal the aggregate principal amount of all Advances outstanding as of the first day of the Reference Quarter, less the amount of Excess Cash Flow for the Reference Quarter. Amounts prepaid under this Section 2.11(b) shall be available to be reborrowed on the following Business Day, provided that all other conditions to such Borrowing under this Agreement are met.
