• Credit Profile of GoAP.
• Adherence to the stipulated transaction structure.
• Timely servicing of all debt obligations

Affirmative Covenants
The issuer covenants with the Bond Trustee that until the Final Settlement Date of Bonds it shall;

• Utilise proceeds of bonds received towards the purpose.

• Take all steps necessary to get the Bonds listed within 20 (Twenty) calendar days from the Date of allotment.

• In case of a delay by the Issuer in listing the Bonds beyond 20 (Twenty) calendar days from the Date of allotment the Issuer shall make payment to the Bond Holders of additional interest calculated on the face value of the Bonds at the rate of at least 1% (One Percent) p.a. over and above the Interest Rate from the expiry of 30 (Thirty) calendar days from the Date of allotment until the listing of the Bonds.

• APCRDA shall take all necessary steps to preserve its status as authority and shall comply with all relevant necessary guidelines.

• No Misrepresentation.

• Pay all costs, charges and expenses in any way incurred by the Bond Trustee towards protection of Bondholders' interests.

• Increased Costs.

• Furnish all required information to trustee.

• Further Assurances.

• Ensure validity of transaction documents

• Ensure execution of further documents and acts.

• Comply with each of the Financial Terms and Conditions.

• Ensure Records and Inspection.

• Issuer to ensure that Bonds are rated by the Rating Agencies and continue to be rated during the tenure of the Bonds.

• Perform all of its respective obligations under the terms of the Transaction Documents and maintain in full force and effect each of the Transaction Documents to which it is a party.

• The Issuer agrees that it shall forward to the Bond Trustee promptly, whether a request for the same has been made or not: (i) a copy of the Statutory Auditors' and ' Annual Report of Issuer, Balance Sheet and Profit & Loss Account and of all periodical and special reports at the same time as they are issued; (ii) a copy of all notices, resolutions and circulars relating to new issue of debt securities at the same time as they are sent to shareholders/ holders of debt securities; (iii) a copy of all the notices, call letters, circulars, proceedings, etc. of the meetings of debt security holders at the same time as they are sent to the holders of debt securities or advertised in the media.

• The Issuer shall, while submitting half yearly/ annual financial results to the stock exchange disclose the following line items along with the financial results accompanied by a certificate from the Bond Trustee confirming that it has taken note of the said content and the same shall be communicated to the Bond Holder(s) on a half-yearly basis: (i) Credit rating of the Issue and change in credit rating (if any); asset cover available, in case of non convertible debt securities (ii) Asset cover available (iii) Debt- Equity Ratio of the Issuer; (iv) Previous due date for the payment of Interest / principal and whether the same has been paid or not; (v) Next due date of payment along with the amount of interest/redemption amount payable; (vi) debt service coverage ratio; interest service coverage ratio; Net Worth; Net profit after tax;

• Notify the Bond Trustee in writing no later than 5 working days of any information submission.

• The issuer shall provide periodicalstatus / performance reports within 7 (Seven) calender days of the relevant board meeting or within 45 (Forty five) calendar days of respective quarter whichever is earlier.

Negative Covenants
The Issuer hereby covenants with the Bond Trustee that until the Final Settlement Date, the Issuer shall not, except as may otherwise be previously agreed to in writing by the Bond Trustee (acting upon the receipt of the prior written approval of the Majority Bond Holder(s);
(a) Merger, Restructuring Etc.
(b) Engage in or undertake any restructuring, by way of merger, de-merger, acquisition, restructuring or amalgamation, consolidation. Arrangement With Creditors/Shareholders Enter into any transaction of merger, de-merger, consolidation, re-organization, scheme of arrangement or compromise with its creditors or shareholders or effect any scheme of amalgamation or reconstruction; provided however that this restriction shall not apply in the event that the compliance with this restriction would result in the Issuer defaulting in relation to any of its payment obligations in relation to the Bonds.
(c) Disposal Of Assets ; Sell, transfer, or otherwise dispose of assets/business/division in any manner whatsoever.
(d)Change Of Business Undertake any new business or diversify or any change in the general nature and conduct of its business. Further main revenue account shall strictly complywater fall mechanism defined in accounts agreement
(e) take any action/ commit any omission and/ or allow any action to be taken/ any omission to be committed which would result in the termination of any of the Transaction Documents;
(f) undertake that authority shall not provide third party Guarantees in violation of any of the transaction documents
(g) wind up, liquidate or dissolve its affairs;
(h) enter into any compromise or arrangement or settlement with the creditors of the Issuer. Assessment of Adequacy of CE Structure The CE structure has been applied considering unconditional and irrevocable guarantee from GoAP towards debt obligations of APCRDA. Continuous feedback from the trustee is taken to monitor the timely repayment of the debt obligations.