Cash Flow Recapture. Borrower shall be required to utilize 50% of the excess cash flow of Ranor Inc. above the required 1.2X Fixed Charge Coverage Ratio to be applied to payments due on the Term Loan in the inverse order of maturity. Such amount shall be due on or before April 1, 2007 for the period ending March 31, 2007, and annually on July 1 of each year thereafter.
Cash Flow Recapture. Borrower shall also pay the amounts required under Section 6.7 of the Loan Agreement.
Cash Flow Recapture. If for any fiscal year commencing with the fiscal year ending on December 31, 2015, there shall be Excess Cash Flow for such fiscal year, the Borrower shall pay to Bank an amount equal to the Applicable Recapture Percentage of such Excess Cash Flow (the “Cash Flow Recapture Requirement”), to be applied by Bank to the principal amount of the Term Loan in the reverse order of maturity. The Cash Flow Recapture Requirement for any such fiscal year shall be received by the Bank no later than the date of delivery of the financial statements for such fiscal year required pursuant to Section 3(a)(i). As used herein, the term “Applicable Recapture Percentage” shall mean (i) until such time as payments received by Bank as respects the principal amount of the Term Loan and the principal amount of the term loan made to JR Licensing by the Bank equals $1,000,000 in the aggregate (other than a result of scheduled amortization payments), fifth percent (50%) and (ii) at all times thereafter, twenty percent (20%).”
Cash Flow Recapture. If for any fiscal year commencing with the fiscal year ending on December 31, 2015, there shall be Excess Cash Flow for such fiscal year, the Borrower shall pay to Bank an amount equal to fifty percent (50%) of such Excess Cash Flow (the “Cash Flow Recapture Requirement”), to be applied by Bank to the principal amount of the Term Loan in the reverse order of maturity. The Cash Flow Recapture Requirement for any such fiscal year shall be received by the Bank no later than the date of delivery of the financial statements for such fiscal year required pursuant to Section 3(a)(i).”
Cash Flow Recapture. Within 30 days after the end of each fiscal quarter, Borrower shall pay to Bank 20% of Borrower's earnings before interest, taxes, depreciation and amortization in excess of $750,000 for such quarter ("Recapture Contribution"); provided, however, in no event shall any Recapture Contribution exceed 25% of Borrower's then outstanding Obligations. The Recapture Contributions shall be maintained in a separate account maintained at Bank, shall bear interest at the Bank's then prevailing rates for other such similar interest bearing accounts and shall constitute part of Bank's Collateral.
Cash Flow Recapture. On April 30 of each calendar year beginning on April 30, 2002, until payment in full of all outstanding principal and interest of Term Loan III, in addition to any scheduled principal payment required under 2(d)(ii) above, the Company shall also make a principal prepayment on Term Loan III in an amount equal to fifty percent (50 %) of Excess Cash Flow for the immediately preceding fiscal year of the Company. Such Excess Cash Flow prepayment shall be applied to latest scheduled installments of principal payable under Term Loan III in inverse order of maturity. As used herein, the term "Excess Cash Flow" means the remainder of-. (A) EBITDA, minus (B) the sum of: (1) interest expense, (2) capital expenditures not made with borrowed funds, (3) cash taxes and/or member distributions permitted hereunder for the payment of taxes, plus (4) scheduled principal payments on term indebtedness including principal payments on Subordinated Debt permitted under the Subordination Agreements, plus or minus (C) changes in working capital.
Cash Flow Recapture. Beginning for the fiscal year of the Borrower ending in November of 2003 and continuing for each fiscal year thereafter, on the date which occurs 90 days after the end of each fiscal year of the Borrower, the Borrower agrees to: (1) provide GE Capital, CIT and Banknorth with a statement of the Borrower's "Free Cash Flow" (as hereinafter defined) for such fiscal year, certified by an authorized officer of the Borrower to have been calculated in accordance with the requirements of this Agreement; and (2) make an annual payment (each a "Cash Flow Payment") to GE Capital, CIT and Banknorth in an amount equal to twenty-five percent (25%) of the Free Cash Flow for such fiscal year, which Cash Flow Payments shall be shared by GE Capital, CIT and Banknorth in accordance with the terms of a Collateral Sharing Agreement of even date herewith. Each portion of a Cash Flow Payment received by GE Capital shall be applied as a principal payment against the Loans, allocated pro rata among all of the Loans, until all of the other Loans shall have been paid, and with respect to each Loan to which any such payment or portion thereof is allocated, applied against the principal balance thereof in the inverse order of scheduled maturities. The provisions of the Notes prohibiting prepayment of the Notes in part shall not be applicable to the payments required under this subsection 6.3, and the payments required under this subsection 6.3 shall be without premium. For purposes of this subsection 6.3, the term "Free Cash Flow" means, with respect to any fiscal year of the Borrower, the amount obtained by subtracting (a) the sum of (i) the interest expense of the Borrower for such fiscal year, (ii) principal payments on debt of the Borrower paid during such fiscal year, (iii) the non-financed capital expenditures of the Borrower for such fiscal year, (iv) the amount of federal and state income taxes paid by the Borrower during such fiscal year, (v) the amount paid by the Borrower during such fiscal year on account of any pension payments, and (vi) the amount paid by the Borrower during such fiscal year on account of environmental payments against reserves (excluding ongoing environmental expenses), from (b) the EBITDA (as defined in the Security Agreement) of the Borrower for such fiscal year.
Cash Flow Recapture. On and after January 1, 2015, prior to Borrower making any distribution as permitted hereunder other than Expense Distributions and Tax Distributions, Borrower shall prepay the outstanding amount of the Term Loan from Excess Cash Flow for the prior fiscal year in an amount equal to the Applicable Recapture Percentage of such Excess Cash Flow (the “Cash Flow Recapture Requirement”). Such payments received by the Bank in accordance with this provision shall be applied by the Bank to the principal amount of the Term Loan in the reverse order of maturity. As used herein, the term “Applicable Recapture Percentage” shall mean (i) until such time as payments received by Bank as respects the principal amount of the Term Loan and the principal amount of the term loan made to JR Licensing by the Bank equals $1,000,000 in the aggregate (other than a result of scheduled amortization payments), fifty percent (50%) and (ii) at all times thereafter, twenty percent (20%).”
Cash Flow Recapture. The Borrower shall prepay a portion of the principal of the Loan by May 1 of each year commencing May 1, 2003, in an amount equal to 15% of Excess Cash Flow, but not to exceed 20% of the outstanding principal balance of the Loan. Any prepayments made under the requirements of this provision shall not be subject to any prepayment penalty contained in the Note. For purposes hereof, the following definitions have the following meanings:
Cash Flow Recapture. Defined as EBITDA less cash taxes, interest expense, scheduled debt payments, and capital expenditures, multiplied by fifty percent (50%) to reduce the Facility No. 2 principal balance, measured annually beginning with receipt of fiscal year end 1997 CPA audited financials on Borrower. Cash Flow Recapture capped at Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00) per fiscal year, with a lifetime cap of Five Hundred Thousand and no/100 Dollars ($500,000.00).
