Common use of Clean Down Clause in Contracts

Clean Down. (a) At all times prior to February 15, 2013, each Borrower shall not permit the total amount of Revolving Loans outstanding to exceed $4,000,000 at any time. (b) After the Closing Date and prior to February 15, 2013, each Borrower shall not permit the total amount of Revolving Loans outstanding to exceed $2,000,000 at any time. (c) Commencing on February 15, 2013 prior to April 15, 2013, each Borrower shall not permit the total amount of Revolving Loans outstanding to exceed $1,000,000 at any time. (d) The Borrowers shall repay all outstanding Revolving Loans on or prior to May 15, 2013. (e) Commencing on the first day on or after April 15, 2013 on which the total amount of Revolving Loans outstanding is $0, and for a period of thirty (30) consecutive days thereafter (such 30-day period, the “Clean-down Period”), each Borrower shall not permit any Revolving Loans to be outstanding. (f) After the Closing Date, the Borrowers shall not be permitted to borrow any Revolving Loans until after the Clean-down Period. Notwithstanding anything herein to the contrary, charges to the Loan Account (i) pursuant to Section 2.6(d)(i) shall not be a violation of this Section 6.14; provided, that such amounts are repaid on the date such amounts are due, and (ii) pursuant to Section 2.6(d)(ii) shall not be a violation of this Section 6.14; provided, that, such amounts are repaid within three (3) Business Days.