working account definition
Examples of working account in a sentence
Should the Company be placed, either voluntarily or involuntarily, into a bankruptcy proceeding prior to full funds delivery from the Cash Account to the Companies Working Account, such proceeding will have no effect on the delivery of capital and will leave this Agreement and the AMA in full force and effect unless a negotiated alteration to such documents in established and signed by the Investor(s), Intermediary and the Company.
The Intermediary cannot confirm or verify that a wire is received in the Working Account.
The Company is therefore responsible to deliver to the Intermediary correct wire instructions to the Working Account.
The Intermediary shall deliver the Breakout/Workout Cash Amount to the Working Account via the Instructions provided in Exhibit B.
In the event that a given wire does not appear, Intermediary shall take all such steps as it has available to it to track such wire through to the Working Account or such other account the money may have been sent to pursuant to Article 2.2.4.3 or to cancel the previous wire and reissue the wire request.
That transfer of cash from the Company Cash Account with the Intermediary to the Working Account while simultaneously uncovering that portion of the Series E Shares or Common Shares previously purchased by the Senior Investors.
Pending delivery of the underlying share certificates free of restrictive legend and the accompanying legal opinion on the issuance and tradability of the Common Shares, the monies will then be transferred from the Cash Account to the Working Account.
In the event that a Breakout Deficiency occurs as provided for in A.2.2.1 above (after the Closing of the Draw Investment), the Intermediary is instructed to draw an amount equal to the Breakout Deficiency (the “Eligible Draw”) from the Draw Account and transfer the Eligible Draw to the Working Account; provided, however, that in no event shall the Eligible Draw exceed ONE MILLION DOLLARS ($1,000,000) per month (the “Maximum Monthly Draw”).
The full Senior Purchase Price shall be deposited in the Company Cash Account at the Company Closing, and then subsequently released from the Company Cash Account to the Working Account in monthly installments in accordance with the specific terms and conditions of the AMA, and subject only to the Company’s compliance with the conditions set forth in the AMA.
Intermediary shall then deliver the cash from the Company Account for that Breakout/Workout to the Working Account according to the instructions in Exhibit B.