Funds shall be domiciled monthly into a USD central collection account under the instruction of the financier.
- KES funds shall be converted(Prevailing Exchange Rate) into USD and transferred to the USD Central Collection Account. USD receivables are also transferred directly into the Central Collection Account.
- Funds credited to the Collection Account shall be transferred into the Debt Service Reserve Account(DSRA) to build a buffer towards there payment of the Facility per agreed percentages with Lender.
- Repayment of the facility shall be made one very quarter as per the instruction of lender.This shall either be done directly or transferred to an escrow agent such as Citi bank on behalf of the lender.
On each DSRA Release Date, the excess on the DSRA will be maintained in the DSRA to build sufficient buffer towards subsequent principal and interest payments to Lenders