Prepayments and Reductions from Excess Cash Flow Sample Clauses

Prepayments and Reductions from Excess Cash Flow. Within the earlier of five days after delivery of the Annual Financials pursuant to Section 6.03(d) and 95 days following the end of each Fiscal Year, the Borrower shall prepay the Term Loans and/or the Revolving Loans, and/or the Revolving Commitments shall be permanently reduced (in each case, as and to the extent set forth in Section 2.04(c)(xiii)), in an aggregate principal amount equal to (A) the product of (1) the Applicable Canadian Facility Percentage of the amount of the total Excess Cash Flow of Panolam International and its Subsidiaries for such Fiscal Year and (2) the prepayment percentage set forth below opposite the applicable Consolidated Leverage Ratio as of the end of such Fiscal Year as set forth in the Effective Quarterly Compliance Certificate delivered pursuant to Section 6.03(d), minus (B) the aggregate principal amount of all voluntary prepayments of Term Loans paid pursuant to Section 2.04(a) during such Fiscal Year, provided, however, if no Quarterly Compliance Certificate has -------- ------- been delivered at the time required by Section 6.03(d), the Consolidated Leverage Ratio shall be deemed to be greater than 3.50:1.00 for purposes of this clause (i): Consolidated Leverage Ratio Excess Cash Flow Prepayment Percentage greater than or equal to 3.50:1.00 50% greater than or equal to 3.00:1.00 less than 3.50:1.00 35% less than 3.00:1.00 0%
Sample 1
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Prepayments and Reductions from Excess Cash Flow. In the event that (i) there shall be Excess Cash Flow for the Fiscal Year ending on December 31, 2003 and for any Fiscal Year thereafter and (ii) the Leverage Ratio for such Fiscal Year is greater than or equal to 4.00:1.00, then Borrowers shall, on or before April 30 of each year following each such Fiscal Year, prepay the Loans and reduce the Commitments in an amount equal to 50% of such Excess Cash Flow for such Fiscal Year, in the manner specified in subsection 2.4B(iv)(b).
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Prepayments and Reductions from Excess Cash Flow. In the event that there shall be Excess Cash Flow for any Fiscal Year (commencing with Fiscal Year ending on or about December 31, 2004), Borrowers shall, no later than June 30 of the following Fiscal Year, prepay the Loans in an aggregate amount equal to 25% of such Excess Cash Flow.
Sample 1
Prepayments and Reductions from Excess Cash Flow. If there shall be Excess Cash Flow of Company and its Subsidiaries for any Fiscal Year (commencing with the Fiscal Year ending February 28, 2003), no later than 90 days after the end of such Fiscal Year, (A) Company shall prepay the Junior Term Loans in an amount equal to the sum of (x) 100% of the first US$25,000,000 of Excess Cash Flow of that Fiscal Year plus (y) 75% of such Excess Cash Flow in excess of US$25,000,000 (the "EXCESS CASH FLOW PREPAYMENT AMOUNT") in accordance with the Term Loan Agreement and (B) to the extent the Excess Cash Flow Prepayment Amount exceeds the aggregate outstanding principal amount of the Junior Term Loans, Company shall prepay the Loans and/or the Revolving Loan Commitments shall be permanently reduced, in an amount equal to such excess; provided that such mandatory prepayments and/or reduction in the Revolving Loan Commitments for the Fiscal Year ending February 28, 2003, if any, shall be apportioned to relate solely to the period from the Closing Date until February 28, 2003; and provided, further, that so long as no Event of Default or Potential Event of Default has occurred and is continuing Company may retain all Excess Cash Flow with respect to any Fiscal Year, and the Revolving Loan Commitments shall not be permanently reduced, if (1) the Leverage Ratio at the last day of such Fiscal Year is 3.50:1.00 or less and (2) the Leverage Ratio at the last day of the immediately preceding Fiscal Year was 3.50:1.00 or less.
Sample 1
Prepayments and Reductions from Excess Cash Flow. In the event that there shall be Excess Cash Flow for any Fiscal Year (commencing with the Fiscal Year ended as at December 31, 2007, or October 31, 2007 if the Merger Transaction is not consummated), Borrower shall, no later than March 15th of the following Fiscal Year (or no later than January 15th if the Merger Transaction is not consummated), prepay the Loans and/or the Revolving Loan Commitments shall be permanently reduced in an aggregate amount equal to (1) fifty percent (50%) of such Excess Cash Flow if (y) any Event of Default has occurred and is continuing or (z) if the Total Leverage Ratio at the end of such Fiscal Year is greater than or equal to 4.00:1.00, or (2) twenty-five percent (25%) of such Excess Cash Flow if the Total Leverage Ratio at the end of such Fiscal Year is less than 4.00:1.00 but greater than or equal to 3.50:1.00; provided, however, that if neither of the foregoing clause (1) or (2) is applicable, no payments shall be required hereunder with respect to Excess Cash Flow.
Sample 1
Prepayments and Reductions from Excess Cash Flow. In the event that there shall be Excess Cash Flow for the Fiscal Year ending December 31, 2000, the Borrower shall, no later than ninety (90) days after the end of such Fiscal Year prepay the Loans and/or the Revolving Loan Commitments shall be permanently reduced in an aggregate amount equal to seventy-five percent (75%) of such Excess Cash Flow.
Sample 1

Related to Prepayments and Reductions from Excess Cash Flow

  • Excess Cash Flow No later than ten (10) Business Days after the date on which the financial statements with respect to each fiscal year of Holdings ending on or after December 31, 2019 in which an Excess Cash Flow Period occurs are required to be delivered pursuant to Section 5.01(a) (each such date, an “ECF Payment Date”), the Borrower shall, if and to the extent Excess Cash Flow for such Excess Cash Flow Period exceeds $1,375,000, make prepayments of Term Loans in accordance with Section 2.10(h) and (i) in an aggregate amount equal to (A) the Applicable ECF Percentage of Excess Cash Flow for the Excess Cash Flow Period then ended (for the avoidance of doubt, including the $1,375,000 floor referenced above) (B) minus $1,375,000 minus (C) at the option of the Borrower, the aggregate principal amount of (x) any Term Loans, Incremental Term Loans, Revolving Loans or Incremental Revolving Loans (or, in each case, any Credit Agreement Refinancing Indebtedness in respect thereof), in each case prepaid pursuant to Section 2.10(a), Section 2.16(b)(B) or Section 10.02(e)(i) (or pursuant to the corresponding provisions of the documentation governing any such Credit Agreement Refinancing Indebtedness) (in the case of any prepayment of Revolving Loans and/or Incremental Revolving Loans, solely to the extent accompanied by a corresponding permanent reduction in the Revolving Commitment), during the applicable Excess Cash Flow Period (or, at the option of the Borrower and without duplication, after such Excess Cash Flow Period and prior to such ECF Payment Date) and (y) the amount of any reduction in the outstanding amount of any Term Loans or Incremental Term Loans resulting from any assignment made in accordance with Section 10.04(b)(vii) of this Agreement (or the corresponding provisions of any Credit Agreement Refinancing Indebtedness issued in exchange therefor), during the applicable Excess Cash Flow Period (or, at the option of the Borrower and without duplication, after such Excess Cash Flow Period and prior to such ECF Payment Date), and in the case of all such prepayments or buybacks, to the extent that (1) such prepayments or buybacks were financed with sources other than the proceeds of long-term Indebtedness (other than revolving Indebtedness to the extent intended to be repaid from operating cash flow) of Holdings or its Restricted Subsidiaries and (2) such prepayment or buybacks did not reduce the amount required to be prepaid pursuant to this Section 2.10(f) in any prior Excess Cash Flow Period (such payment, the “ECF Payment Amount”).

  • Voluntary Prepayments Commitment Reductions (a) Prior to the Stated Maturity Date, the Borrower may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of the Loans; provided, however, that:

  • Payments from Available Funds Only All payments to be made by the Borrower under this Agreement shall be made only from the amounts that constitute Scheduled Payments, Special Payments and other payments under the Operative Agreements, including payment under Section 4.02 of the Participation Agreements and payments under Section 2.14 of the Indentures, and only to the extent that the Borrower shall have sufficient income or proceeds therefrom to enable the Borrower to make payments in accordance with the terms hereof after giving effect to the priority of payments provisions set forth in the Intercreditor Agreement. The Liquidity Provider agrees that it will look solely to such amounts to the extent available for distribution to it as provided in the Intercreditor Agreement and this Agreement and that the Borrower, in its individual capacity, is not personally liable to it for any amounts payable or liability under this Agreement except as expressly provided in this Agreement, the Intercreditor Agreement or any Participation Agreement. Amounts on deposit in the Class A Cash Collateral Account shall be available to the Borrower to make payments under this Agreement only to the extent and for the purposes expressly contemplated in Section 3.05(f) of the Intercreditor Agreement.

  • Allocation of Applied Realized Loss Amounts Any Applied Realized Loss Amounts shall be allocated by the Trustee to the most junior Class of Subordinated Certificates then Outstanding in reduction of the Class Certificate Balance thereof.

  • Mandatory Prepayments and Commitment Reductions 28 2.11 Conversion and Continuation Options............................... 29 2.12 Minimum Amounts and Maximum Number of Eurodollar Tranches......... 30 2.13 Interest Rates and Payment Dates.................................. 30 2.14 Computation of Interest and Fees.................................. 30 2.15 Inability to Determine Interest Rate.............................. 31 2.16 Pro Rata Treatment and Payments................................... 31 2.17

  • Mandatory Prepayments Commitment Reductions 53 2.13 Application of Prepayments/Reductions............................................................................... 55 2.14 Allocation of Certain Payments and Proceeds......................................................................... 56 2.15

  • Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls In the event that any Mortgage Loan is the subject of a Prepayment Interest Shortfall resulting from a Principal Prepayment in full, the Servicer shall, from amounts in respect of the Servicing Fee for such Distribution Date, deposit into the Collection Account, as a reduction of the Servicing Fee for such Distribution Date, no later than the Servicer Advance Date immediately preceding such Distribution Date, an amount up to the Prepayment Interest Shortfall; provided that the amount so deposited with respect to any Distribution Date shall be limited to one half of the product of (x) one-twelfth of 0.50% and (y) the aggregate Stated Principal Balance of the Mortgage Loans. In case of such deposit, the Servicer shall not be entitled to any recovery or reimbursement from the Depositor, the Master Servicer, the Securities Administrator, the Trustee, the Trust Fund or the Certificateholders. With respect to any Distribution Date, to the extent that the Prepayment Interest Shortfall exceeds Compensating Interest (such excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest Shortfall shall reduce the Current Interest with respect to each Class of Certificates, pro rata, based upon the amount of interest each such Class would otherwise be entitled to receive on such Distribution Date. Notwithstanding the foregoing, there shall be no reduction of the Servicing Fee in connection with Prepayment Interest Shortfalls relating to the Relief Act and the Servicer shall not be obligated to pay Compensating Interest with respect to Prepayment Interest Shortfalls related to the Relief Act.

  • Payments Reductions of Commitments Prepayments 16 2.5. Promise to Pay; Promissory Notes. 26

  • Lenders to make available Contributions Subject to the provisions of this Agreement, each Lender shall, on and with value on each Drawdown Date, make available to the Agent for the account of the Borrower the amount due from that Lender on that Drawdown Date under Clause 2.2.

  • Application of Available Finance Charge Collections and Available Principal Collections On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:

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