Working Capital Account. 3.1 Definition: The Working Capital Account is a money deposit/Expenditures clearing account to be used for payment of Expenditures. The amount of the Working Capital Account shall be calculated based upon 9.6 percent of Departments’ annual Expenditures during the preceding calendar year, except for the Department of Corrections and Rehabilitation and the Department of Developmental Services, which shall be equal to 16.7 percent of its Expenditures during the preceding calendar year. These calculations are referred to as the Schedule.
Working Capital Account. (a) Simultaneously herewith, each Operating Company has established a Working Capital Account with Working Capital Bank. The Working Capital Account shall be in the name of, and under the sole dominion and control of, Collateral Agent (which may be exercised through Servicer); provided, however, that so long as an Event of Default has not occurred and is continuing, Operating Company (or Manager, on behalf of Operating Company) may make withdrawals from the applicable Working Capital Account at any time and from time to time to fund the ordinary-course working capital needs of such Operating Company. Each Operating Company may deposit into the applicable Working Capital Account from time to time during any Excess Cash Flow Period cash to be reserved on account of its anticipated, ordinary course working capital needs, provided that (i) the aggregate amount of cash that may be deposited by all Operating Companies into the Working Capital Accounts during any Excess Cash Flow Period shall not exceed $20,000,000 (which amount shall be reduced proportionally, following the sale of any Individual Property, based on the Allocated Loan Amount of the Individual Property sold and the Allocated Loan Amounts of all of the Properties, in each case as of the date hereof) and (ii) immediately after giving effect to any such deposit into any Working Capital Account, the aggregate balance in all Working Capital Accounts shall not exceed $50,000,000 (which amount shall be reduced proportionally, following the sale of any Individual Property, based on the Allocated Loan Amount of the Individual Property sold and the Allocated Loan Amounts of all of the Properties, in each case as of the date hereof).
Working Capital Account. Promptly upon Tenant's receipt, copies of the monthly bank statements for the (i) working capital accounts, and (ii) unconditional line(s) of credit from Working Capital Lender(s) designated for the sole use of Tenant in connection with the Nursing Homes located at the Premises and the Greenfield Premises, which items are used to satisfy the working capital requirements with respect to the NHI Indebtedness; and
Working Capital Account withdrawals Unless the Agent otherwise agrees in writing, the Borrower shall not be entitled to withdraw any moneys from the Working Capital Account at any time from the date of this Agreement save that, unless and until a Default shall occur and the Agent shall direct to the contrary, the Borrower may, subject to the delivery by the Borrower to the Agent of a Quarterly Budget, withdraw moneys from the Working Capital Account for the following purposes:
Working Capital Account. Borrower had heretofore deposited from money received from the Reserve Account the sum of ONE HUNDRED FIFTY THOUSAND AND NO/100THS ($150,000.00) DOLLARS into a separate segregated account for the exclusive use and benefit of the Premises known as the "Working Capital Account." As long as Lender does not send to Borrower a Notice of Default, Borrower shall have the right to maintain the Account and use the money in the Account and all interest earned thereon to pay for (i) unforeseen expenses and capital expenditures not anticipated or approved in the to be approved annual Approved Budget mentioned in Paragraph 10 hereof; and (ii) tenant improvement costs of under $20,000.00 and any other expenses or capital expenditures (each of which capital expenditures shall not exceed $25,000.00) which are incurred pursuant to or in accordance with the Approved Budget. Borrower shall report all money received and expended from the Working Capital Account as part of the reporting statements to be delivered by Borrower to Lender as more particularly provided in the Notes and Mortgage Modification Agreement. To the extent that payment was made out of the Working Capital Account for an expenditure that has been approved by Lender in writing (which approval shall not be unreasonably withheld or denied or which expenditure is of a nature described in (ii) above, Borrower shall have the right to deduct the amount of such payment from the amount of Available Cash Flow that would otherwise be deposited in the Reserve Account and deposit such amount in the Working Capital Account. If Borrower shall default in its obligations under the Loan Documents or under this Agreement and such default continue uncured beyond the applicable cure period (if any), Borrower shall, upon written notice of default sent by Lender to Borrower (the "Notice of Default"), immediately transmit all funds remaining in the Working Capital Account into the Reserve Account, which funds shall be used for the purposes contained in the Reserve Account.
Working Capital Account. Upon the Board request and in proportion to the above stated percentages, each Party shall, from time to time, contribute to the Joint Venture working capital account. Should a Party not be in a financial position to contribute in its proportionate share, the defaulting Party will see its shareholding be reduced to the benefit of the other contributing shareholder.
Working Capital 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 into such Working Capital Reserve Account a reserve (together with such additional amounts as may from time to time be in such Working Capital Reserve Account, the “Working Capital Reserve”) in an initial amount of $20,000,000) for purposes of funding Working Capital Expenses of the Company to the extent there are insufficient funds for payment of the same from the funds in the Collection Account. Except as otherwise directed by the Manager, the Servicer shall not cause 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 shall be made only pursuant to the Custodial and Paying Agency Agreement).
Working Capital Account. (a) Each of the Borrowers and each other Loan Party acknowledges and confirms that, on or before the date hereof and pursuant to the terms of this Agreement, Xxxxx Timberland has established and will maintain an account with the Securities Intermediary for the benefit of the Administrative Agent, as first priority secured party for the benefit of the Lender Parties, to serve as the “Working Capital Account” (said account, and any account replacing the same in accordance with this Agreement, the “Working Capital Account”). Xxxxx Timberland agrees to apply all amounts in the Working Capital Account exclusively to the payment of the Permitted Affiliate Fees and other ordinary course operating expenses set forth in the most recently approved operating expense budget and not otherwise expressly prohibited by the terms of this Agreement. Xxxxx Timberland and the other Loan Parties acknowledge that the Securities Intermediary may comply with instructions originated by the Administrative Agent without further consent by Xxxxx Timberland or any of the other Loan Parties. All investment property, security entitlements and other financial assets which are credited to the Working Capital Account may at the direction of Xxxxx Timberland, if no Default or Event of Default has occurred and is continuing, be invested in one or more Cash Equivalent Investments; provided, that under no circumstances shall the Lender Parties be liable for any losses that may be incurred by Xxxxx Timberland in the making of any such Cash Equivalent Investments.
Working Capital Account. Landlord shall close the Working Capital ----------------------- Account that was established under the Second Amendment to Lease Agreement and return any funds contained in the account to Tenant.
Working Capital Account. Except as otherwise specified in Section 3.2(c), all amounts on deposit in the Working Capital Account from time to time shall be used solely for the repayment of the principal amount of borrowings under the Working Capital Facility. On each Funding Date, or from time to time during the related Funding Period, upon receipt of an Officer's Certificate of a Responsible Officer of AEE, the Depositary Agent shall transfer from the Working Capital Account to the Working Capital Provider the amount set forth in such Certificate as the amount payable in respect of the principal amount of drawings on the Working Capital Facility. Any income from the investment of monies on deposit in the Working Capital Account shall be transferred to the Revenue Account in accordance with Section 3.13
