Excess Working Capital Advances Sample Clauses

Excess Working Capital Advances. In the event there are insufficient funds in the Collection Account and also insufficient available funds in the Working Capital Reserve Account (including, as applicable, by a permitted release of such funds to the Collection Account or as otherwise permitted in the Custodial and Paying Agency Agreement) to (a) pay any Working Capital Expenses other than (i) Funding Draws or (ii) the Management Fee, Interim Management Fee or Interim Servicing Fee, or (b) fund the Defeasance Account by such amount as may be required to cure a Purchase Money Notes Trigger Event (as defined in the Reimbursement, Security and Guaranty Agreement), then the Manager (x) shall, except as otherwise provided in Section 12.6, make an advance of its own funds to the Company to be used by the Company for payment of such permitted (or required, as applicable) Working Capital Expenses and (y) may (but shall not have an obligation to) make an advance of its own funds to the Company to be used by the Company for such funding of the Defeasance Account (any such advance to the Company pursuant to this sentence, an “Excess Working Capital Advance”). In no event may Excess Working Capital Advances be used for the making of any Funding Draws. No Excess Working Capital Advance shall accrue any interest thereon. Excess Working Capital Advances shall be repaid in accordance with Section 5.1 of the Custodial and Paying Agency Agreement. The proceeds of Excess Working Capital Advances for payment of Working Capital Expenses shall be deposited into the Collection Account for disbursement therefrom for the payment of such permitted Working Capital Expenses. The proceeds of any Excess Working Capital Advance for an applicable funding of the Defeasance Account shall be deposited into (and the Manager shall remit such proceeds to the Paying Agent for such deposit into) the Defeasance Account. To the extent multiple Working Capital Expenses (payment of which is permitted to be made using such Excess Working Capital Advance) are outstanding, any funding or use by the Manager of Excess Working Capital Advances for payment of all or any of the same shall follow the relevant priorities as set forth in the Priority of Payments and in Section 3.1 of the Custodial and Paying Agency Agreement, as applicable. All Excess Working Capital Advances, together with a detailed statement of the sources and uses thereof (which shall be broken out by the reimbursable and unreimbursable portions thereof), shall be reflected...
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Excess Working Capital Advances. The Manager shall make Excess Working Capital Advances to the Paying Agent from its own funds in accordance with the terms described in Section 5.4 of the LLC Operating Agreement and to the extent that there are insufficient funds (a) in the Collection Account or the Working Capital Reserve with which to pay Working Capital Expenses in full or (b) in the Distribution Account to fund the Defeasance Account by such amount as might be required to cure a Purchase Money Notes Trigger Event. The Manager shall direct the Paying Agent to deposit any Excess Working Capital Advances to pay Working Capital Expenses into the Collection Account (from which the funds will be available to pay such Working Capital Expenses) and shall direct the Paying Agent to deposit any Excess Working Capital Advances as might be required to cure a Purchase Money Notes Trigger Event into the Defeasance Account.
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Excess Working Capital Advances. The Manager shall, except as otherwise provided in Section 12.6 of the LLC Operating Agreement, make Excess Working Capital Advances to the Paying Agent from its own funds in accordance with the terms described in Section 5.4 of the LLC Operating Agreement and to the extent that there are insufficient funds
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Excess Working Capital Advances. The Manager is (under certain circumstances) required to, and (under certain other circumstances) may in its discretion, from time to time make Excess Working Capital Advances to the Paying Agent from its own funds pursuant to Sections 5.5 and 12.6 of the LLC Operating Agreement. The Manager shall direct the Paying Agent to deposit any Excess Working Capital Advances, if made to pay Working Capital Expenses, into the Collection Account (from which the funds will be available to pay Working Capital Expenses).
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Excess Working Capital Advances. The Manager is (under certain circumstances) required to, and (under certain other circumstances) may in its discretion, from time to time make Excess Working Capital Advances to the Paying Agent from its own funds pursuant to Sections 5.5 and 12.6 of the LLC Operating Agreement. The Manager shall direct the Paying Agent to deposit any Excess Working Capital Advances (i) if made to pay Working Capital Expenses, into the Collection Account (from which the funds will be available to pay Working Capital Expenses) or (ii) if made pursuant to clause (v) of the first sentence of Section 2.2 of the LLC Operating Agreement, as set forth in Section 5.l(c) hereof
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Related to Excess Working Capital Advances

  • Working Capital Upon consummation of the Offering, it is intended that approximately $1,000,000 of the Offering proceeds will be released to the Company and held outside of the Trust Account to fund the working capital requirements of the Company.

  • Funding Availability This Contract is at all times subject to state appropriations. The Department makes no express or implied representation or guarantee of continued or future funding under this Contract. The Department has, as of the date of the execution of this Contract, obtained all requisite approvals and authority to enter into and perform its obligations under this Contract, including, without limitation, the obligation to make the initial payment or payments required to be made under this Contract on the date or dates upon which such initial payment or payments may otherwise be disbursed during the current contract period, (i.e., Sept ember 1, 2015, through August 31, 2017). The Grantee acknowledges the Department’s authority to make such payments is contingent upon the Texas Legislature's appropriation to the Department of sufficient funds and the availability of funds to the Department for such purpose. If the State of Texas or the federal government terminates its appropriation through the Department or fails to pay the full amount of the allocation for the operation of any grant or reimbursement program hereunder , or the funds are otherwise unavailable, the Department may immediately and without penalty reduce payments or terminate this Contract, in whole or in part. Upon termination of the Contract or reduction of payments, the Grantee shall return to the Department any unexpended funds already disbursed to the Grantee. Neither the Department nor the State of Texas shall incur liability for damages or any loss that may be caused or associated with such termination or reduction of payments. The Department shall not be required to give prior notice for termination or reduction of payments.

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