Excess Cashflow Clause Samples

Excess Cashflow. On each Distribution Date, the Trustee shall distribute: the Monthly Excess Cashflow Amount, to the extent available, to the parties, in the amounts and in the priorities indicated: (i) first, concurrently, to the Class A-1, Class A-2 and Class A-3 Certificates, pro rata, any remaining applicable Interest Distribution Amount for that Distribution Date; (ii) second, concurrently, to the Class A-1, Class A-2 and Class A-3 Certificates, pro rata, any remaining Class Unpaid Interest Amounts for the Classes of Senior Certificates; (iii) third, to fund the Extra Principal Distribution Amount for that Distribution Date for distribution in accordance with the priorities set forth under clauses (b) and (c) above; (iv) fourth, to the Class M-1 Certificates, any remaining Interest Distribution Amount for that Distribution Date; (v) fifth, to the Class M-1 Certificates, any remaining Class Unpaid Interest Amount for the Class M-1 Certificates; (vi) sixth, to fund the Class M-1 Realized Loss Amortization Amount for that Distribution Date; (vii) seventh, to the Class M-2 Certificates, any remaining Interest Distribution Amount for that Distribution Date; (viii) eighth, to the Class M-2 Certificates, any remaining Class Unpaid Interest Amount for the Class M-2 Certificates; (ix) ninth, to fund the Class M-2 Realized Loss Amortization Amount for that Distribution Date; (x) tenth, to the Class M-3 Certificates, any remaining Interest Distribution Amount for that Distribution Date; (xi) eleventh, to the Class M-3 Certificates, any remaining Class Unpaid Interest Amount for the Class M-3 Certificates; (xii) twelfth, to fund the Class M-3 Realized Loss Amortization Amount for that Distribution Date; (xiii) thirteenth, to the Class M-4 Certificates, any remaining Interest Distribution Amount for that Distribution Date; (xiv) fourteenth, to the Class M-4 Certificates, any remaining Class Unpaid Interest Amount for the Class M-4 Certificates; (xv) fifteenth, to fund the Class M-4 Realized Loss Amortization Amount for that Distribution Date; (xvi) sixteenth, to the Class M-5 Certificates, any remaining Interest Distribution Amount for that Distribution Date; (xvii) seventeenth, to the Class M-5 Certificates, any remaining Class Unpaid Interest Amount for the Class M-5 Certificates; (xviii) eighteenth, to fund the Class M-5 Realized Loss Amortization Amount for that Distribution Date; (xix) nineteenth, to the Class M-6 Certificates, any remaining Interest Distribution Amount for t...

Excess Cashflow. After payment of the amounts specified in --------------- clauses (i) through (viii) above, any remaining Amount Available shall be treated as Excess Cashflow and distributed as described in subsection (e) below.

Excess Cashflow. (a) The Obligors’ Agent will, within 10 Business Days of delivery of the audited Financial Statements of the Group for each Financial Year commencing with the Financial Year ending on or about 31 December 2005, prepay or procure the prepayment of the Facilities (except Facility C) and/or provide cash cover in accordance with Clauses 14.8 (Prepayment: Order of Application) and 14.9 (Prepayments during Interest Periods) below, in an amount equal to 75% of Excess Cashflow above £5,000,000 (in the case of Financial Years 2005 and 2006) and above £10,000,000 (in the case of Financial Year 2007 and thereafter) in respect of the Financial Year commencing on or around 1 January 2005 and each Financial Year thereafter, reducing to 50% of Excess Cashflow above such threshold once a Net Leverage Ratio of 3.5:1 is achieved; (b) Prior to the repayment, prepayment and / or cancellation in full of Facility A, Facility B, the Revolving Facility and the Ancillary Facilities, the Facility C Lenders shall have no rights or claims under Clauses 14.7(a) and Clause 14.8 (Prepayments: Order of Application); (c) Once Facility A, Facility B, the Revolving Facility and the Ancillary Facilities have been repaid, prepaid and / or cancelled in full the Obligors’ Agent will, within 10 Business Days of delivery of the audited Financial Statements of the Group for each Financial Year commencing with the Financial Year ending on or about 31 December 2005, prepay or procure the prepayment of Facility C and/or provide cash cover in accordance with Clauses 14.8 (Prepayments: Order of Application) and 14.9 (Prepayments during Interest Periods) below, in an amount equal to 75% of Excess Cashflow above £5,000,000 (in the case of Financial Years 2005 and 2006) and above £10,000,000 (in the case of Financial Year 2007 and thereafter) in respect of the Financial Year commencing on or around 1 January 2005 and each Financial Year thereafter, reducing to 50% of Excess Cashflow above such threshold once a Net Leverage Ratio of 3.5:1 is achieved; The Obligors’ Agent will deliver, together with the audited accounts to be delivered to the Agent pursuant to Clause 22.8(d)(i) (Financial Statements), a certificate from the Auditors certifying the amount of Excess Cashflow for the relevant Financial Year (if any), such certificate to contain reasonably detailed calculations of how the amount of Excess Cashflow has been determined.

Excess Cashflow. (a) If at any time EDC WGQ credits any Excess Cashflow Prepayment Amount (WGQ) into the Excess Cashflow Account (WGQ) pursuant to Clause 18.6 (Excess Cashflow Account), EDC WGQ shall, on the immediate next Interest Payment Date apply all Excess Cashflow Prepayment Amount (WGQ) towards the prepayment of the Facility A Loans. (b) If at any time EDC YG credits any Excess Cashflow Prepayment Amount (YG) into the Excess Cashflow Account (YG) pursuant to Clause 18.6 (Excess Cashflow Account), EDC YG shall, on the immediate next Interest Payment Date apply all Excess Cashflow Prepayment Amount (YG) ratably towards the prepayment of the Loans (other than Facility A Loans) and (to the extent applicable) the Offshore Loans.

Excess Cashflow. Clause 10.6 (Excess cashflow) shall be amended to read as follows: "

Excess Cashflow. If at any time the Borrower credits any Excess Cashflow Prepayment Amount into the Excess Cashflow Account pursuant to Clause 18.6 (Excess Cashflow Account), the Borrower shall, on the immediate next Interest Payment Date apply all Excess Cashflow Prepayment Amount towards the prepayment of the Loans.

Excess Cashflow. In respect of the first full financial year ending after the Closing Date and annually thereafter, a percentage of Excess Cashflow generated during any such financial year shall be applied in prepayment by reference to the Net Leverage Ratio for the period ending on the last day of that financial year calculated on a pro forma basis to take into account any prepayment required under this section (such that an amount will be applied at the relevant percentage level until the Net Leverage Ratio falls into a lower range, following which such lower percentage shall apply) (Sweep Excess Cashflow) as set out below. Greater than 4.50:1 70% Less than or equal to 4.50:1 but greater than 3.50:1 50% Less than or equal to 3.50:1 but greater than 2.50:1 25% Less than or equal to 2.50:1 0% Such prepayment shall be made on, in respect of a financial year, the Repayment Date immediately falling after the last day by which the annual financial statements is required to be delivered to the Agent, which annual financial statements are in respect of such financial year evidencing that an amount of Sweep Excess Cashflow (in respect of such financial year) is required to be applied in prepayment in accordance with this paragraph (a). From the amount of Sweep Excess Cashflow to be applied in prepayment there shall be deducted, among others: (i) such amount as required to maintain a positive cash balance of not less than US$50,000,000 (or its equivalent) for the Group taken as a whole (after taking into account any trapped cash); (ii) the amount on a dollar for dollar basis equal to the amount of all voluntary prepayments of loans under the Facility Loan (including loans incurred pursuant to any Permitted Additional Debt Facility in the nature of a term loan under the Facility Agreement) made during such financial year (unless elected to reduce any Sweep Excess Cashflow mandatory prepayment in respect of the previous financial year and except for voluntary prepayments of loans funded by drawing of loans under the Facility or pursuant to any Permitted Additional Debt) or until the date of prepayment (without double counting and provided that no such prepayment may be deducted more than once); (iii) the cash cost of any permitted debt buy-backs (including any debt buybacks by the Group) made during such financial year (unless elected to reduce any Sweep Excess Cashflow mandatory prepayment in respect of the previous financial year) or until the date of prepayment (without double co...

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. Subordination: The Mezzanine Certificates will be subordinate to, and provide credit support for, the Senior Certificates. Among the Mezzanine Certificates, they will rank in priority from highest to lowest in the following order: Class M-1, Class M-2 and Class M-3 Certificates, with each subsequent Class providing credit support for the prior Class or Classes, if any. Overcollateralization: Commencing in December 2004, any Excess Cashflow will be applied as principal on the Offered Certificates. This will cause the principal balance of the Mortgage Loans to exceed the Class Principal Balance of the Certificates, resulting in Overcollateralization. Any realized losses on the Mortgage Loans will be applied first to Excess Cashflow and then to Overcollateralization. In the event that the Overcollateralization is so reduced, Excess Cashflow will be directed to pay principal on the Certificates, resulting in the limited acceleration of the Certificates relative to the amortization of the Mortgage Loans, until the Overcollateralization reaches the Overcollateralization Target. Upon this event, the acceleration feature will cease, unless the amount of Overcollateralization is reduced by realized losses.