Excess Cash Flow Prepayment Percentage means, as of any date on which mandatory prepayments arising from Excess Cash Flow are required to be made pursuant to Section 2.10(d), if the Total Leverage Ratio of the Borrower and its Subsidiaries as of the last day of the fiscal year of the Borrower for which Excess Cash Flow is being measured is (a) greater than or equal to 6.50 to 1.00, an amount equal to 50%, (b) greater than or equal to 5.00 to 1.00 but less than 6.50 to 1.00, an amount equal to 25%, and (c) less than 5.00 to 1.00, an amount equal to 0%.
Excess Cash Flow Prepayment Percentage in Section 1.01 of the Credit Agreement is hereby amended by deleting the text of such definition in its entirety and replacing it with the following:
Excess Cash Flow Prepayment Percentage means either (a) 25% or (b) 0% if (i) the Total Funded Debt/EBITDA Ratio for any fiscal year occurring after the date of this Agreement is less than 2.00 to 1.0 as evidenced by the most recent fiscal year-end Compliance Certificate furnished to the Administrative Agent pursuant to Section 8.5(b) hereof, and (ii) no Default or Event of Default has occurred and is continuing at such time.
Examples of Excess Cash Flow Prepayment Percentage in a sentence
No later than 90 days after the last day of each fiscal year of the Borrower, the Borrower shall pay over to the Agent for the ratable benefit of the Lenders, as and for a mandatory prepayment, an amount equal to the Excess Cash Flow Prepayment Percentage of the Excess Cash Flow of the Borrower and its Subsidiaries for such fiscal year, each such prepayment to be allocated to the Term Loan until repaid in full, and then to prepay the Revolving Loans and prefund any outstanding Letters of Credit.
More Definitions of Excess Cash Flow Prepayment Percentage
Excess Cash Flow Prepayment Percentage means 50%; provided that the Excess Cash Flow Prepayment Percentage shall reduce to 25% with respect to any fiscal year for which (i) the Total Funded Debt/EBITDA Ratio calculated on a Pro Forma Basis for the most recently completed two consecutive fiscal quarters is less than 3.25 to 1.0 as evidenced by the most recent fiscal year-end Compliance Certificate furnished to the Administrative Agent pursuant to Section 8.5(b) and (j) hereof, and (ii) no Default or Event of Default has occurred and is continuing at such time, and shall further reduce to 0% with respect to any fiscal year for which (i) the Total Funded Debt/EBITDA Ratio calculated on a Pro Forma Basis for the most recently completed two consecutive fiscal quarters is less than 2.75 to 1.0 as evidenced by the most recent fiscal year-end Compliance Certificate furnished to the Administrative Agent pursuant to Section 8.5(b) and (j) hereof, and (ii) no Default or Event of Default has occurred and is continuing at such time.
Excess Cash Flow Prepayment Percentage means 75%; provided that so long as no Event of Default shall have occurred and be continuing such percentage shall be permanently reduced to (i) 50% at such time as the Total Leverage Ratio as demonstrated by the financial statements of the Parent submitted pursuant to Section 8.5 hereof has been less than 3.50 to 1.00 for two (2) consecutive fiscal quarters, (ii) 25% at such time as the Total Leverage Ratio as demonstrated by the financial statements of the Parent submitted pursuant to Section 8.5 hereof has been less than 2.50 to 1.00 for two (2) consecutive fiscal quarters and (iii) 0% at such time as the Total Leverage Ratio as demonstrated by the financial statements of the Parent submitted pursuant to Section 8.5 hereof has been less than 1.50 to 1.00 for two (2) consecutive fiscal quarters.
Excess Cash Flow Prepayment Percentage means, for any Fiscal Year, (x) 50%, if the Consolidated Senior Secured Net Leverage Ratio as of the last day of the applicable Fiscal Year is greater than 2.75 to 1.00, (y) 25%, if the Consolidated Senior Secured Net Leverage Ratio as of the last day of the applicable Fiscal Year is greater than 2.25 to 1.00 and less than or equal to 2.75 to 1.00 and (z) 0%, if the Consolidated Senior Secured Net Leverage Ratio as of the last day of the applicable Fiscal Year is less than or equal to 2.25 to 1.00. “Consolidated Senior Secured Net Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Net Funded Indebtedness that is secured by Liens on property or assets of the Borrower or its Subsidiaries as of such date (other than any Subordinated Indebtedness) to (b) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date for which financial statements have (or are required to have) been delivered pursuant to Section 8.1(a) or 8.1(b) of the Credit Agreement.
Excess Cash Flow Prepayment Percentage. 75%; provided, that the -------------------------------------- -------- Excess Cash Flow Prepayment Percentage shall be (a) 50% for any fiscal year in respect of which the Consolidated Leverage Ratio on the last day thereof was greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00 and (b) 0% for any fiscal year in respect of which the Consolidated Leverage Ratio on the last day thereof was less than 3.50 to 1.00.
Excess Cash Flow Prepayment Percentage means (i) 100% for any mandatory prepayments from Excess Cash Flow required pursuant to Section 2.10(d)(i), and (ii) for any mandatory prepayments from Excess Cash Flow required pursuant to Section 2.10(d)(ii), if the Total Leverage Ratio of the Borrower and its Subsidiaries as of the last day of the fiscal year of the Borrower for which Excess Cash Flow is being measured is (a) greater than or equal to 5.50 to 1.00, an amount equal to 50%, (b) greater than or equal to 4.00 to 1.00 but less than 5.50 to 1.00, an amount equal to 25%, and (c) less than 4.00 to 1.00, an amount equal to 0%.
Excess Cash Flow Prepayment Percentage means, (X) 0% at all times while the Holdco Leverage Ratio is less than 1.75:1.00, (Y) 25% at all times while the Holdco Leverage Ratio
Excess Cash Flow Prepayment Percentage means, at any date of determination, 50%, provided that so long as no Default or Event of Default is then in existence, if the Total Leverage Ratio for the Test Period then most recently ended (as established pursuant to the officer's certificate last delivered (or required to be delivered) pursuant to Section 8.01(d)) is less than or equal to 2.0:1.0, the Excess Cash Flow Prepayment Percentage shall instead be 0%.