Funding Working Capital Reserve Sample Clauses

Funding Working Capital Reserve. On the Closing Date, the Initial Member and the Private Owner shall fund the Working Capital Reserve in an initial principal amount of the WCR Account Deposit as follows: the Initial Member shall deposit cash in the amount of the Initial Member WCR Account Deposit, and the Private Owner shall deposit cash in the amount of the Private Owner WCR Account Deposit, which deposits shall be made in accordance with the applicable provisions of the Private Owner Interest Sale Agreement. On each Distribution Date following the Closing Date, the Company shall, subject to the terms hereof and of the Custodial and Paying Agency Agreement, fund (or replenish, as applicable) the Working Capital Reserve to the extent of available Asset Proceeds (pursuant to the Priority of Payments and based on the then applicable Working Capital Reserve Target) so as to maintain appropriate Working Capital Reserve levels in accordance herewith. The Manager, in the exercise of its reasonable discretion and in accordance with the Servicing Standard, shall determine the Working Capital Reserve Target from time to time (taking into account projected Working Capital Expenses, including reasonably required reserves for applicable contingent liabilities), which shall be in such an amount that is equal to or greater than the Working Capital Reserve Floor but not more than the Working Capital Reserve Replenishment Cap (it being understood that, in connection with expressly permitted uses of the Working Capital Reserve, the amount thereof may be reduced to an amount below the Working Capital Reserve Floor). From time to time, the Manager may, and shall if required in accordance with the Servicing Standard (including for purposes of maintaining applicable reserves in compliance with Delaware law), submit to the Initial Member a written request for a change (either as a temporary or permanent increase or reduction) to the amount of any of the Working Capital Reserve Floor or the Working Capital Reserve Replenishment Cap so as to permit the Company to maintain appropriate levels for the Working Capital Reserve, taking into account the projected (or otherwise reasonably anticipated) Working Capital Expenses (including contingent liabilities as to which, in accordance with the Servicing Standard (including Delaware law), applicable reserves should be maintained). In connection with any such requested change to the Working Capital Reserve Floor or the Working Capital Reserve Replenishment Cap, the Initi...
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Funding Working Capital Reserve. On the Closing Date, the Initial Member and the Private Owner shall fund the Working Capital Reserve in an initial principal amount of $24,000,000 as follows: the Initial Member shall deposit cash in the amount of $14,400,000 (an amount equal to 60% of the initial principal amount of the Working Capital Reserve Account) into the Working Capital Reserve Account, and the Manager shall deposit cash in the amount of $9,600,000 (an amount equal to 40% of the initial principal amount of the Working Capital Reserve Account) into the Working Capital Reserve Account. The Company may fund the Working Capital Reserve Account with Loan Proceeds in accordance with the terms of the Custodial and Paying Agency Agreement and must maintain certain deposit amounts to comply with the Working Capital Reserve Replenishment Cap and Working Capital Reserve Ceiling established under the Custodial and Paying Agency Agreement
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Funding Working Capital Reserve. On the Closing Date, the Initial Member and the Private Owner shall fund the Working Capital Reserve in an initial principal amount of the WCR Account Deposit as follows: the Initial Member shall deposit cash in the amount of the Initial Member WCR Account Deposit, and the Private Owner shall deposit cash in the amount of the Private Owner WCR Account Deposit, which deposits shall be made in accordance with the applicable provisions of the Transferred LLC Interest Sale Agreement. The Company may fund the Working Capital Reserve Account with Asset Proceeds in accordance with the terms of the Custodial and Paying Agency Agreement and must maintain certain deposit amounts to comply with the Working Capital Reserve Floor, the Working Capital Reserve Target and Working Capital Reserve Replenishment Cap established under the Custodial and Paying Agency Agreement.
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Funding Working Capital Reserve. On the Closing Date, the Initial Member and the Private Owner make the WCR Account Deposit in an amount equal to the Initial Member WCR Account Deposit and the Private Owner WCR Account Deposit, respectively. The Company may fund the Working Capital Reserve Account with Loan Proceeds in accordance with the terms of the Custodial and Paying Agency Agreement and must maintain certain deposit amounts to comply with the Working Capital Reserve Replenishment Cap and Working Capital Reserve Floor established under the Custodial and Paying Agency Agreement.
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Funding Working Capital Reserve. Each Member hereby agrees to contribute as capital to the Lessee such amounts as are required from time to time by BCC to fund Shortfalls; provided, however, the contribution of the Members in the aggregate shall not exceed $750,000; and provided, further, such capital contribution shall be made in the form of a standby letter of credit naming Lessor as the beneficiary thereunder (the "LETTER OF CREDIT"), which Letter of Credit must be in form and substance satisfactory to BCC (the issuance and delivery of such Letter of Credit by the Members being a "FUNDING", and the aggregate of all Fundings made is collectively referred to as the "WORKING CAPITAL RESERVE"). Each Member and the Lessee acknowledge and agree that (i) the Letter of Credit constitutes the capital contribution of each Member to the Lessee, (ii) the Letter of Credit is not in any way evidence of a loan from either Member to the Lessee and (iii) Lessor may draw on the Letter of Credit to fund Shortfalls with respect to the Facility or as otherwise provided in the Lease Documents.
Sample 1
Funding Working Capital Reserve. (a) Lessee hereby permits BCC and the Management Firm to request Fundings (as defined in the Promissory Note) from the Lender in accordance with the terms of the Promissory Note to fund operating deficits with respect to the Facility.
Sample 1
Funding Working Capital Reserve. (a) Each Member (jointly and severally if more than one) hereby agrees to contribute as capital to the Lessee such amounts as are required from time to time by BCC to fund Shortfalls; provided, however, the contribution of the Members in the aggregate shall not exceed $400,000; and provided, further, such capital contribution shall be made as follows:
Sample 1
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Related to Funding Working Capital Reserve

  • 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.

  • Working Capital Trust Account Proceeds Upon consummation of the Offering, $250,000 of the proceeds from the sale of the Firm Units will be released to the Company to fund the working capital requirements of the Company, and the remainder of the proceeds from the sale of the Firm Units will be deposited into the Trust Account and held pursuant to the terms of the Trust Agreement.

  • 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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