Common use of Excess Cashflow Clause in Contracts

Excess Cashflow. Within ten Business Days after delivery of the Annual Accounts in relation to each Financial Year the Parent shall procure that an amount equal to (i) 66 2/3 per cent. of the amount of Excess Cashflow for that Financial Year minus (ii) (without double counting) the aggregate amount of prepayments made in accordance with clause 10.1 (Voluntary prepayments), 10.4 (Asset Disposals), 10.5 (Insurance claims) and 10.7 (Report claims) and any amount permitted to be retained by the Group in accordance with those clauses during (or referable to) that Financial Year, to the extent that the relevant amounts or proceeds giving rise to the relevant prepayments have been included in calculating Cashflow is applied in prepayment of the Facility provided that: (a) in relation to the Financial Year ending in 2003 the reference to 66 2/3 per cent. in (i) above shall be deemed to be a reference to 100 per cent. until an aggregate amount of (pound)6,000,000 has been prepaid in accordance with this clause 10.6 (Excess Cashflow) and thereafter shall revert to 66 2/3 per cent. in respect of any remaining Excess Cashflow; and (b) in relation to any Financial Year ending in 2004, the reference to 66 2/3 per cent. in (i) above shall be deemed to be a reference to 100 per cent. until an aggregate amount of (pound)11,000,000 has been prepaid in accordance with this clause 10.6 (Excess Cashflow) and thereafter shall revert to 66 2/3 per cent. in respect of any remaining Excess Cashflow; and (c) in relation to any Financial Year ending after 2004, the reference to 66 2/3 per cent. in (i) above shall be deemed to be a reference to 100 per cent. until an aggregate amount of (pound)11,000,000 has been prepaid in accordance with this clause 12.6 (Excess Cashflow) and thereafter shall be deemed to be a reference to 50 per cent. in respect of any remaining Excess Cashflow.

Excess Cashflow. Within ten Business Days after delivery of the Annual Accounts in relation to each Financial Year the Parent shall procure that an amount equal to (i) 66 2/3 662/3 per cent. of the amount of Excess Cashflow for that Financial Year minus (ii) (without double counting) the aggregate amount of prepayments made in accordance with clause 10.1 12.1 (Voluntary prepayments), 10.4 12.4 (Asset Disposals), 10.5 12.5 (Insurance claims) and 10.7 12.7 (Report claims) and any amount permitted to be retained by the Group in accordance with those clauses during (or referable to) that Financial Year, to the extent that the relevant amounts or proceeds giving rise to the relevant prepayments have been included in calculating Cashflow is applied in prepayment of the Facility Facilities provided that: (a) in relation to the Financial Year ending in 2003 the reference to 66 2/3 662/3 per cent. in (i) above shall be deemed to be a reference to 100 per cent. until an aggregate amount of (pound)6,000,000 has been prepaid in accordance with this clause 10.6 12.6 (Excess Cashflow) and thereafter shall revert to 66 2/3 662/3 per cent. in respect of any remaining Excess Cashflow; and (b) in relation to any Financial Year ending in 2004, the reference to 66 2/3 662/3 per cent. in (i) above shall be deemed to be a reference to 100 per cent. until an aggregate amount of (pound)11,000,000 has been prepaid in accordance with this clause 10.6 12.6 (Excess Cashflow) and thereafter shall revert to 66 2/3 662/3 per cent. in respect of any remaining Excess Cashflow; and (c) in relation to any Financial Year ending after 2004, the reference to 66 2/3 662/3 per cent. in (i) above shall be deemed to be a reference to 100 per cent. until an aggregate amount of (pound)11,000,000 has been prepaid in accordance with this clause 12.6 (Excess Cashflow) and thereafter shall be deemed to be a reference to 50 per cent. in respect of any remaining Excess Cashflow.