Cash Flow Sweep. In the event of a Cash Trap Event Period, all Excess Cash Flow (as defined in the Cash Management Agreement) shall be deposited into the Excess Cash Flow Subaccount (as defined in the Cash Management Agreement), as more particularly set forth in the Cash Management Agreement.
Cash Flow Sweep. (a) If a Cash Management Period has occurred and is continuing, Lender shall deliver written notice to Borrower (a “
Cash Flow Sweep. Borrower shall fail to timely comply with the provisions of Section 3.13(c).
Cash Flow Sweep. In addition to the mandatory Repayments required under this Section 12.5, the Canadian Borrower shall pay annually, within one hundred and thirty (130) days of the end of each Financial Year of the Canadian Borrower based upon the annual audited financial statements of LM Intermediate Holdings, LLC prepared on a consolidated basis, an amount equal to (a) 75% of the Excess Cash Flow of LM Intermediate Holdings, LLC for that Financial Year less (b) any voluntary prepayments of the Outstanding Advances under the Term Facility under Section 12.6 as a prepayment of the Term Facility (in inverse order of maturity) and a permanent reduction of all Outstanding Advances under the Term Facility until the Term Facility is repaid in full. The first payment of Excess Cash Flow shall be paid no later than August 9, 2013 in respect of the Financial Year ended March 30, 2013. Subsequent to LM Intermediate Holdings, LLC achieving a Funded Debt to EBITDA Ratio of less than 2.25:1.00 for two (2) consecutive Fiscal Quarters, determined on a consolidated basis, and no Default or Event of Default has occurred and is continuing on the last day of such two (2) consecutive Fiscal Quarters, the Canadian Borrower shall pay annually, within 130 days of the end of each Financial Year of the Canadian Borrower based upon the annual audited financial statements of LM Intermediate Holdings, LLC prepared on a consolidated basis, an amount equal to (a) 50% of the excess cash flow of XX Intermediate Holdings, LLC for that Financial Year less (b) any voluntary prepayments of the Outstanding Advances under the Term Facility under Section 12.6 as a prepayment of the Term Facility and a permanent reduction of the Outstanding Advances under the Term Facility until the Term Facility is repaid in full. The Cash Flow sweep provision of this Section 12.5.7 shall permanently terminate subsequent to LM Intermediate Holdings, LLC achieving a Funded Debt to EBITDA ratio of less than 2.00:1 for two consecutive Fiscal Quarters, determined on a consolidated basis, and no Default or Event of Default has occurred and is continuing on the last day of such two consecutive Fiscal Quarters.
Cash Flow Sweep. Section 2.7 of the Credit Agreement is amended to add a new Section 2.7(c) to read as follows:
Cash Flow Sweep. The Master Agreement is amended to add a new Section 1.14, as follows:
Cash Flow Sweep. If a Default, an Event of Default, a Credit Rating Event, a Triggering Event or an Excess Leverage Event has occurred and is continuing, the Borrower shall make a mandatory repayment of the Loan in an amount equal to any cash Distribution made by Opco to the Borrower from any sources, including from the operations and activities of Opco or the proceeds of any financing or refinancing of Opco, in excess of the portion thereof used or reserved to pay interest on the Loan and any Taxes payable by the Borrower in respect thereof, within three (3) Business Days after receipt of such payment.
Cash Flow Sweep. If and for so long as a Trigger Period shall exist and be continuing, then one hundred percent (100%) of the Net Cash Flow for each calendar month shall be deposited into the Curtailment Account in accordance with Section 3.7 hereof.
Cash Flow Sweep. In addition to all other payments required under this First Supplement, Borrower shall make special principal payments to Lender in an amount of 40% of Borrower's Net Available Cash for each fiscal year (each a "Special Principal Payment"). Special Principal Payments required under this Section 9(d) shall be due and payable at the time Borrower submits its audited annual report to Lender as required under Section 4.01(a) of the Master Agreement. Special Principal Payments shall be applied in the inverse order of the maturities of scheduled principal payments, so as to not affect or reduce the GAAP-based current portion of Borrower's long-term debt. Borrower shall not be required to make any Special Principal Payments so long as Borrower achieves and maintains an Owner's Equity Ratio of 50% (as reported on audited fiscal year-end financial statements); provided, Borrower's obligation to make Special Principal Payments pursuant to this Section 9(d) will be reinstated if Borrower's Owner's Equity Ratio falls below 50% at any quarterly reporting period.
Cash Flow Sweep. Commencing in 2012 and subject to compliance with senior lender and the Bank covenants, the Borrower will make a mandatory annual principal payment to the Bank in the form of a cash flow sweep. The annual cash flow sweep will be equal to 20% of the Excess Available Funds before discretionary bonuses based on the annual year end audited financial statements of Apex Systems Integrators Inc. The maximum annual cash flow sweep in any year will be equal to Four Hundred Twenty Five Thousand Dollars ($425,000). Such payments will be applied to reduce the outstanding principal payment due on the Maturity Date. In the event that the Borrower’s annual audited financial statements are not received within 120 days of the Borrower’s fiscal year end, the full Four Hundred Twenty Five Thousand Dollars ($425,000) becomes due and payable on the next Payment Date.
