Common use of Cash Sweep Clause in Contracts

Cash Sweep. Notwithstanding anything to the contrary contained in this Deed or other Debenture Documents, the Issuer agrees that in the event the trailing twelve-month Group DSCR is less than 1.4, then cash surplus available with the Issuer in connection with the trailing twelve-month period shall be used towards the mandatory redemption of equivalent amount of Debentures (“Cash Sweep”) and the repayment profile (including the Bullet Installment) of outstanding Debentures will be reduced proportionately. The Group DSCR shall be tested on a semi-annual basis at the end of each Calculation Period for a trailing 12 month period for the purposes of exercising cash sweep right as stated above. In case of the Calculation Period ending on September 30, such testing shall be done no later than 60 (sixty) days from the completion of the relevant Calculation Period, based on limited review financial statements (viz management accounts) of the Group Issuers for the trailing 12 months of the Calculation Period. In case of the Calculation Period ending on March 31, such testing shall be done no later than 60 (sixty) days from the completion of the relevant Calculation Period, based on the annual audited financial statements of the Group Issuers in respect of the Calculation Period. The Group DSCR shall also be tested at the time of testing of Restricted Payment Conditions before effecting transfer of surplus funds into Distribution Account including for making Restricted Payments in accordance with terms of the Debenture Documents. For avoidance of doubt, it is clarified that testing for Cash Sweep and for Restricted Payments will be always done simultaneously, and no Restricted Payments will be done unless Group DSCR covenant is also tested and found to be compliant.