Working Capital Reserve Floor definition

Working Capital Reserve Floor means the minimum amount to be maintained in the Working Capital Reserve Account at any point in time while any Purchase Money Note or Reissued Purchased Money Note is outstanding, which amount initially will be $7,500,000 subject to the provisions of Section 3.6; provided, however, such minimum amount can be reduced to an amount below $7,500,000 when advances or payments from the Working Capital Reserve are required to pay the 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; and provided, further, however, that, after the Purchase Money Notes Defeasance Date, the Working Capital Reserve Floor shall be the amount as determined by the Private Owner in the exercise of its reasonable discretion, which amount may be greater than, less than or equal to $7,500,000.
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Working Capital Reserve Floor means $1,500,000.
Sample 1
Working Capital Reserve Floor means $1,000,000.00, or, in the event of an applicable written approval from the Initial Member pursuant to Section 12.11(b) of the LLC Operating Agreement, such other amount as may be applicable pursuant to such written approval.
Sample 1

Examples of Working Capital Reserve Floor in a sentence

  • 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.

  • 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.

  • Any such requested change to any of the Working Capital Reserve Floor or the Working Capital Reserve Replenishment Cap shall be effective upon, and subject to, receipt by the Manager of an applicable express approval in writing from the Initial Member.

  • In connection with any such requested change to the Working Capital Reserve Floor or the Working Capital Reserve Replenishment Cap, the Initial Member shall have the right to receive (and the Manager shall promptly comply with any reasonable request for) any additional relevant information as it may deem necessary or advisable for evaluating such request and related Working Capital Reserve levels (and compliance thereof with the requirements herein).

  • Pursuant to Section 5.4 of the LLC Operating Agreement, the Manager may make, at its discretion, Discretionary Funding Advances from its own funds to fund Permitted Vertical Completion Expenses on an Asset-by-Asset basis to the extent that funds are not available in the Collection Account for such purpose, the Working Capital Reserve has reached the Working Capital Reserve Floor and no funds remain available for drawing under the Advance Facility.

  • Pursuant to Section 5.4 of the LLC Operating Agreement, the Manager may make, at its discretion, Discretionary Funding Advances from its own funds to fund Permitted Vertical Completion Expenses on an Asset-by-Asset basis to the extent that funds are not available in the Collection Account for such purpose and the balance on deposit in the Working Capital Reserve Account has been reduced to (or below) the Working Capital Reserve Floor.

Related to Working Capital Reserve Floor

  • Working Capital Reserve shall have the meaning set forth in the Partnership Agreement.

  • Working Capital Advance has the meaning specified in Section 2.01(c).

  • Capital Reserve means, as of any date of determination, an amount equal to the product of (i) $0.25 multiplied by (ii) the square footage of all Real Properties on such date.

  • Working Capital Facility means, at any time, the aggregate amount of the Working Capital Lenders' Working Capital Commitments at such time.

  • Capital Reserves means, for any period and with respect to a Property, an amount equal to (a) $0.05 per square foot times (b) a fraction, the numerator of which is the number of days in such period and the denominator of which is 365. If the term Capital Reserves is used without reference to any specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Trust and its Subsidiaries and a proportionate share of all Properties of all Unconsolidated Affiliates.

  • Working Capital Escrow Amount means $2,000,000.

  • Working Capital Loan has the meaning specified in Section 2.1(c).

  • Working Capital Deficit means the amount, if any, by which the Closing Working Capital is less than the Target Working Capital.

  • Working Capital Loans means any loan made to Acquiror by any of the Sponsor, an Affiliate of the Sponsor, or any of Acquiror’s officers or directors, and evidenced by a promissory note, for the purpose of financing costs incurred in connection with a Business Combination.

  • Net Working Capital means, at any time, Consolidated Current Assets at such time minus Consolidated Current Liabilities at such time.

  • Working Capital Amount shall have the meaning specified in Section 3.4(e).

  • Working Capital Target means $0.

  • Net Working Capital Adjustment Amount means an amount (which may be a positive or negative number) equal to (a) the Closing Date Net Working Capital minus (b) the Target Net Working Capital.

  • Working Capital Adjustment Amount means the amount (which may be positive or negative) equal to the result of the Closing Net Working Capital minus the Target Working Capital Amount.

  • Net Working Capital Amount means, with respect to a Participating McNeil Partnership, the excess of the Positive Excess Cash Balance of such Participating McNeil Partnership over the cash on hand of such Participating McNeil Partnership immediately prior to the Effective Time.

  • Working Capital Borrowings means borrowings incurred pursuant to a credit facility, commercial paper facility or similar financing arrangement that are used solely for working capital purposes or to pay distributions to the Partners; provided that when such borrowings are incurred it is the intent of the borrower to repay such borrowings within 12 months from the date of such borrowings other than from additional Working Capital Borrowings.

  • Net Working Capital Target means $0.00.

  • Working Capital Surplus means the amount by which the Working Capital is greater than the Target Working Capital Amount.

  • Net Working Capital Adjustment means (a) the amount by which Net Working Capital as of immediately prior to the Closing exceeds Target Net Working Capital or (b) the amount by which Net Working Capital as of immediately prior to the Closing is less than Target Net Working Capital, in each case, if applicable; provided, that any amount which is calculated pursuant to clause (b) above shall be deemed to be a negative number.

  • Working Capital Adjustment has the meaning set forth in Section 2.15(b).

  • Adjusted Working Capital means the remainder of (a) the consolidated current assets of the Obligors minus the amount of cash and cash equivalents included in such consolidated current assets, minus (b) the consolidated current liabilities of the Obligors minus the amount of consolidated short-term Debt (including current maturities of long-term Debt) of the Obligors included in such consolidated current liabilities.

  • Base Working Capital means negative USD$250,000 in aggregate for the Target Entities.

  • Working Capital means, on any date, Current Assets less Current Liabilities.

  • Working Capital Lender means any Lender that has a Working Capital Commitment.

  • Estimated Net Working Capital shall have the meaning set forth in Section 2.3(a).

  • Final Net Working Capital shall have the meaning set forth in Section 2.3(b)(ii).