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expenditures, distributions and repurchases; and increased flexibility and capacity for permitted investments and acquisitions by the Company. The principal amount, maturity and amortization terms of the term loan were not changed by the amendments, with the exception of amounts required to be paid with defined excess cash flow. 

The LIBOR floor of 1.25% represents an embedded interest rate derivative that requires bifurcation, where the bifurcated amount is carried at fair value (note 22) . 

Under the term facility, the Company made a required mandatory prepayment in the first quarter of 2013 of its defined excess cash flow relating to fiscal 2012. The agreement requires the prepayment to be applied in the direct order of maturity of the remaining repayments due for the twenty-four months following the relevant mandatory prepayment event, and thereafter, ratably to the remaining repayments. Accordingly, there is no current portion of the term debt due as no payments are required in the next twelve months. 

The principal payments required on long-term debt and finance leases are as follows: 

## Long-term debt 

<img src='content_image/261271.jpg'>

## Finance lease obligations 

<img src='content_image/261273.jpg'>

## NOTE 14 Future employee benefits 

For the fifty-two weeks ended December 28, 2013 and December 29, 2012, the expected return on plan assets was calculated using the same interest rate as applied for the purpose of discounting the defined benefit obligation. The amended standard (note 3)  increased the estimated fiscal 2013 net benefit expense to $1.7 million. The adjustment required for the fifty-two weeks ended December 29, 2012, was nominal. 

## Description of pension and non-pension benefit plans 

In Canada, the Company maintains a defined contribution plan and two active defined benefit pension plans covering all Canadian employees. With respect to U.S. employees, the Company’s subsidiary maintains a defined contribution plan (401(k)) that covers all U.S. employees. 

In Canada, the Company also sponsors a non-pension benefit plan for employees hired before May 19, 1993. This benefit is a paid-up life insurance policy or a lump sum payment based on the employee’s final earnings at retirement. 

## Defined contribution plans 

Effective December 31, 1999, the Company introduced a new defined contribution pension plan for all Canadian salaried employees including new Named Executive Officers (“NEOs”). 

In the U.S., the Company maintains a defined contribution savings plan under the provisions of the Employment Retirement Income Security Act of 1974 (a 401(k) plan), which covers substantially all employees of the Company’s U.S. subsidiary, including U.S. NEOs. In fiscal 2013, NEOs were permitted to contribute up to 20% of their base pay, to a maximum of $16.5 thousand (employees over 50 years of age could contribute an additional $5.5 thousand). The Company also makes a safe harbor matching contribution equal to 100% of their salary deferrals (contributions to the plan) that do not exceed 3% of their compensation plus 50% of salary deferrals between 3% and 5% of their salary compensation. 

