clean-down clause

clean-down clause
International
A provision applicable to a working capital or overdraft facility to ensure that the borrower is not using that facility as long-term debt. Such a clause will specify that the working capital or overdraft facility must be undrawn for a specified number of consecutive days (usually between five to ten) in each of the borrower's financial years or other specified period. As it may be impractical for a working capital facility to be undrawn even for a short period (for example, if letters of credit (letter of credit) have been issued under it), the lender may require instead that the borrower's net working capital position is above zero for the relevant period. The borrower's net working capital position is calculated by subtracting the amount of the working capital facility which has been utilised at the time the calculation is made from its cash held in bank accounts.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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