Working Capital Reserve Account. On the date hereof, the Company shall establish the Working Capital Reserve (the “Working Capital Reserve”) with the Paying Agent for the purpose of (a) paying the Working Capital Expenses to the extent there are insufficient funds in the Collection Account with which to pay the outstanding amount of the Working Capital Expenses then due and payable, in which case the Company, shall instruct the Paying Agent to release some or all of the funds from the Working Capital Reserve Account (in an amount that the Manager determines in the exercise of its reasonable discretion) and allocate and distribute such released funds to the Collection Account from which the funds will be available to pay such Working Capital Expenses, and (b) funding all Funding Draws as permitted pursuant to the applicable Loan Documents, in which case the Company, in the exercise of its reasonable discretion, may instruct the Paying Agent to release some or all of the funds from the Working Capital Reserve Account and allocate and distribute such released funds to the Company for the funding of such Funding Draws. The Working Capital Reserve Account shall be held in trust by the Paying Agent for the benefit of the Company and shall be established and maintained for the sole purpose of holding and distributing the Working Capital Reserve funds. The Working Capital Reserve Account shall be funded initially in accordance with Section 12.11 of the LLC Operating Agreement and thereafter replenished through deposits made into the Working Capital Reserve Account in accordance with Section 5.1(b)(iv) of this Agreement. At all times prior to the Purchase Money Notes Defeasance Date, the Manager, in the exercise of its reasonable discretion, shall determine the amount of funds to be on deposit in the Working Capital Reserve Account, which amount shall be equal to or greater than the Working Capital Reserve Floor but less than the Working Capital Reserve Replenishment Cap; provided, however, that the Manager, in the exercise of its reasonable discretion, may determine to release funds from the Working Capital Reserve Account and reduce the Working Capital Reserve to an amount below the Working Capital Reserve Floor if such funds are required to pay Working Capital Expenses then due and payable so long as the balance of the Working Capital Reserve Account is restored to the Working Capital Reserve Floor as soon thereafter as is practicable. At the time of the Final Distribution, the Paying Agent sha...
Working Capital Reserve Account. (a) Funds shall be deposited into the Working Capital Reserve Account in accordance with Sections 8.08(b)(vi) and (c)(viii) (Revenue Account), Section 3.09(d)(iii)(B) (Optional Prepayments) and Section 3.10(e) (Mandatory Prepayments). Amounts deposited into the Working Capital Reserve Account pursuant to priority item second of Sections 3.10(d)(e)(i) and (ii) shall be deposited into a sub-account (the "Working Capital LC Collateral Sub-Account").
Working Capital Reserve Account. (a) On the date hereof, the Company shall establish the Working Capital Reserve Account with the Paying Agent for the purpose of paying the Working Capital Expenses and making payments for Permitted Vertical Completion Expenses, in each case, both during (i) the Advance Facility Availability Period, when Advance Loans may be made to pay Working Capital Expenses and Permitted Vertical Completion Expenses, and (ii) following the Advance Facility Availability Period, when Advance Loans no longer are able to be made. To the extent there are insufficient funds in the Collection Account with which to pay the outstanding amount of the Working Capital Expenses then due and payable, then (in addition to seeking any available draws pursuant to the Advance Facility) the Company may instruct the Paying Agent to release some or all of the funds from the Working Capital Reserve Account (in an amount that the Manager determines in the exercise of its reasonable discretion) and allocate and distribute such released funds to the Collection Account, from which the funds will be available to pay such Working Capital Expenses. In addition, if the Company elects to undertake any Substantially Complete Vertical Development, then (in addition to seeking any available draws pursuant to the Advance Facility) the Company may instruct the Paying Agent to release some or all of the funds in the Working Capital Reserve in an amount that the Manager determines in the exercise of its reasonable discretion and allocate and distribute such released funds to the Collection Account, from which such funds will be available to pay the related Permitted Vertical Completion Expenses.
Working Capital Reserve Account. (a) Pursuant to the LLC Operating Agreement and the Custodial and Paying Agency Agreement, the Company has established the Working Capital Reserve Account to be maintained with the Paying Agent, and the Initial Member and the Private Owner have funded the Working Capital Reserve into the Working Capital Reserve Account in an initial amount of the WCR Account Deposit for purposes of funding Working Capital Expenses of the Company in accordance with the LLC Operating Agreement and the Custodial and Paying Agency Agreement. Except as otherwise directed by the Manager, the Servicer must not cause (and must ensure that no Subservicer causes) funds from any other source (other than interest or earnings on the Working Capital Reserve) to be commingled in the Working Capital Reserve Account (it being understood that deposits into such Working Capital Reserve Account must be made only pursuant to the Custodial and Paying Agency Agreement and the LLC Operating Agreement).
Working Capital Reserve Account. (a) On July 2, 2010, the Company established the Working Capital Reserve (the “Working Capital Reserve”) for the purpose of (i) paying the Working Capital Expenses to the extent there are insufficient funds in the Collection Account with which to pay the outstanding amount of the Working Capital Expenses then due and payable, in which case the Company, shall instruct the Paying Agent to release some or all of the funds from the Working Capital Reserve Account (in an amount that the Manager determines in the exercise of its reasonable discretion) and allocate and distribute such released funds to the Collection Account from which the funds will be available to pay such Working Capital Expenses, and (ii) advancing all Funding Draws as permitted pursuant to the applicable Loan Documents, in which case the Company, in the exercise of its reasonable discretion, may instruct the Paying Agent to release some or all of the funds from the Working Capital Reserve Account and allocate and distribute such released funds to the Company for the funding of such Funding Draws.
Working Capital Reserve Account. Effective as of the Modification Closing Date, Section 3.9 (Working Capital Reserve Account) of the Original Loan Agreement is amended and restated as follows:
Working Capital Reserve Account. (a) Funds shall be deposited into the Working Capital Reserve Account in accordance with Section 8.08(b)(iv) (Revenue Account).
Working Capital Reserve Account. Funds deposited into the Working Capital Reserve Account may be used by Borrower to pay for working capital expenses as requested to Lender periodically. All requests by Borrower for the disbursement of funds from the Working Capital Reserve Account for working capital purposes must be accompanied by a written request for funds and a detailed breakdown of the business expenses to be paid from funds to be drawn. All draws will be subject to the prior approval of Lender.
Working Capital Reserve Account. (a) On the date hereof, the Company shall establish the "Working Capital Reserve Account" with the Paying Agent (the "Working Capital Reserve Account") for the purpose of paying the Working Capital Expenses and making payments for Permitted Vertical Completion Expenses. To the extent there are insufficient funds in the Collection Account with which to pay the outstanding amount of the Working Capital Expenses then due and payable, the Company may instruct the Paying Agent to release some or all of the funds from the Working Capital Reserv·e Account (in an amount that the Manager determines in the exercise of its reasonable discretion) and allocate and distribute such released funds to the Collection Account, from which the funds will be available to pay such Working Capital Expenses. (In determining whether there are "insufficient funds in the Collection Account" for purposes of the preceding sentence, the Company reasonably may take into account, during the portion of any calendar month preceding the Distribution Date to occur during such month, the transfer from the Collection Account to the Distribution Account to occur on such Distribution Date). In addition, if the Company elects to undertake any Substantially Complete Vertical Development, the Company may instruct the Paying Agent to release some or all of the funds in the Working
Working Capital Reserve Account. The General Partner hereby represents that (i) Column 1 in Schedule A attached hereto accurately sets forth the amount held in each Partner’s Working Capital Reserve Account as of the date of this Agreement and (ii) Column 2 in Schedule A accurately sets forth the amounts held in each Partner’s Working Capital Reserve Account that are required to satisfy the existing legally binding obligations of the Partnership pursuant to clause (D) of Section 3.2(b) of the Partnership Agreement. The parties agree that (i) the amounts set forth in Column 3 in Schedule A may be retained by the Partnership and used for Partnership Expenses (the amount set forth in the third row under Column 3 in Schedule A being the “Expense Cap”) and (ii) except as described in Section 11 of this Agreement, the Limited Partners shall not be liable for any Partnership Expenses in excess of the Expense Cap. For the avoidance of doubt, the Partnership shall also be permitted to retain Investment Proceeds and Temporary Investment Income for payment of Partnership Expenses up to the Expense Cap. The General Partner hereby agrees that the amounts set forth in Column 4 in Schedule A for UST and the Private Partner shall be refunded to such Partner within two
