Clean Down definition

Clean Down means the event that the amount outstanding under the Revolving Facilities, less cash and cash equivalents of the Group, amounts to zero (0) or less, for a period of five (5) consecutive Business Days with not less than one (1) month elapsing between two (2) such periods, during each half calendar year starting on 1 July 2019 (i.e. during each period from 1 January up to and including 30 June and from 1 July up to and including 31 December, respectively, each year) (as evidenced by a Compliance Certificate).
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Clean Down has the meaning specified in Section 6.13 (Working Capital Indebtedness Clean-Down).
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Clean Down means the event that the amount outstanding under the Revolving Facilities, less cash and cash equivalents of the Group, amounts to zero (0) or less, for a period of five
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Examples of Clean Down in a sentence

  • Not less than three (3) Months shall elapse between Clean Down Periods.

  • The entire principal balance of the Revolving Loan constituting an Overadvance and all accrued interest and fees on or relating to such Revolving Loan shall be repaid in full in cash on the Business Day immediately preceding the first day of each Overadvance Clean Down Period.

  • The Clean Down Period for a fiscal year may begin on any date that is after the first Distribution Loan is made in such fiscal year.

  • Not less than six (6) months shall elapse between two such Clean Down Periods.

  • During each fiscal year in which Distribution Loans are made, there shall be a period of fifteen (15) consecutive days (the "Clean Down Period") during which (a) there are no Distribution Loans outstanding, and (b) no Distribution Loans will be made.

  • The Issuer shall procure that during each calendar year there shall be a period of five (5) consecutive days (the "Clean Down Period") during which the Clean Down Test is met.

  • For purposes of this subsection (e), "Clean- Down Period" means each period from and including the first day of the fourth Fiscal Quarter of each Fiscal Year to and including the last day of such Fiscal Quarter.

  • The occurrence of a Clean Down Period shall be certified in the next Compliance Certificate to be delivered after the end of the relevant Clean Down Period.

  • Commencing on the Clean Down Date and continuing for a period of thirty (30) consecutive days thereafter, the Borrower shall not be permitted to request, and the Bank shall not be obligated to make, any Advances hereunder.

  • The Issuer shall, from 1 January 2020, procure that during each calendar year there shall be a period of five (5) consecutive days (the "Clean Down Period") during which the Clean Down Test is met.