Manager Reserves definition
Manager Reserves means, at any date, amounts that have been designated by the Manager on behalf of the Borrower and the Restricted Subsidiaries in accordance with any Management Agreement as reserved for use by the Borrower and the Restricted Subsidiaries at such times when Revolving Credit Borrowings cannot be made, including, without limitation, amounts reserved for the Working Capital Requirement (as defined in the Management Agreements) or under the Reserve Fund (as defined in the Management Agreements); provided that Manager Reserves shall not at any time exceed $16,000,000.