Common use of Cleandown Clause in Contracts

Cleandown. The Company shall ensure that the aggregate of the Base Currency Amounts of: (a) all Loans; (b) any cash loan element of the Ancillary Outstandings under all the Ancillary Facilities (for the avoidance of doubt, calculated net of credit balances and on an aggregate net exposure basis); and (c) (to the extent not included within paragraphs (a) and (b) above), any cash loans of a member of the Restricted Group covered by a letter of credit or guarantee issued under an Ancillary Facility; LESS (d) any amount of Cash or Cash Equivalent Investments held by members of the Restricted Group, (as confirmed in a certificate signed by an authorised signatory of the Company provided to the Agent within 15 Business Days after the end of each Financial Year) shall not exceed zero for a period of not less than five (5) successive Business Days (a “Clean Down Period”) once in each of its Financial Years. Not less than three (3) Months shall elapse between Clean Down Periods.

Cleandown. The Company shall ensure that the aggregate of the Base Currency Amounts of: (a) all Loans; (b) any cash loan element of the Ancillary Outstandings under all the Ancillary Facilities (for the avoidance of doubt, calculated net of credit balances and on an aggregate net exposure basis); and (c) (to the extent not included within paragraphs (a) and (b) above), any cash loans of a member of the Restricted Group covered by a letter of credit or guarantee issued under an Ancillary Facility; LESS (d) any amount of Cash or Cash Equivalent Investments held by members of the Restricted Group, (as confirmed in a certificate signed by an authorised signatory of the Company provided to the Agent within 15 Business Days after the end of each Financial Year) shall not exceed zero for a period of not less than five (5) successive Business Days (a “Clean Down Period”) once twice in each of its Financial Years. Not less than three (3) Months shall elapse between Clean Down Periods.