Restricted Application Clause Samples

Restricted Application. (i) Payments by the Borrower from the Proceeds Account to the Shareholders’ Account pursuant to Clause 9.4.3(a)(xv) are permitted only: (1) from the time the aggregate outstanding amounts have been paid down to the Required Level; (2) Tranche E has been repaid in full; (3) Tranche A2 has been prepaid in full in accordance with Clause 7.4 (Prepayment of Tranche A2); (4) subject to the absence of a continuing Event of Default or Potential Event of Default; (5) within a period of ten Business Days following a Repayment Date; and (6) the balance standing to the credit of the Debt Service Reserve Account is at least equal to the Target Balance as set out in Clause 11.3 (Target Balance). (ii) If the Annual Debt Service Cover Ratio at any Repayment Date is less than 1.15, the moneys available to be paid into the Shareholders’ Account will be retained in the Proceeds Account, provided that if the Annual Debt Service Cover Ratio (taking Available Cash Flow from Acceptance to the 31 December or 30 June next preceding the First Repayment Date) is less than 1.15 on the First Repayment Date, the Borrower may nevertheless (notwithstanding Clause 9.4.3(c)(i)(5) make payments into the Shareholders’ Account pursuant to Clause 9.4.3(a)(xv) prior to the next following Repayment Date if it submits to the Agent a further calculation of the Annual Debt Service Cover Ratio (taking into account Available Cash Flow from Acceptance to the First Repayment Date) certified by its independent auditors demonstrating that its Annual Debt Service Cover Ratio at the First Repayment Date equalled or exceeded 1.15.