Working Capital Advance to Corporation Sample Clauses

Working Capital Advance to Corporation. Subject to the required prior approval of the Approved Corporation Budget, the Agency may, in its discretion, make a deposit to the Corporation on or about the [first] day of every fiscal year ofa working capital advance with a commercial bank designated by Corporation as its depositary. The purpose of such working capital advance is to provide working capital to the Corporation to pay its operating costs and expenses while the Corporation is waiting to receive its monthly reimbursement of Eligible Expenses as defined in Section 3.04 herein. The amount of each working capital advance shall be determined by the Agency in its discretion, but it is intended to generally be an amount equal to approximately 15% of the Approved Corporation Budget (“Working Capital Advance”). All Working Capital Advances provided pursuant to this Section 3.03 shall only be used by Corporation to pay Eligible Expenses as set forth in Section 3.04 herein. Corporation agrees to execute such documents and provide such certifications as requested by Agency in connection with its receipt and use of such Working Capital Advances.