Working Capital Requirement. A. The SFPUC maintains working capital in the form of unappropriated reserves for the purpose of bridging the gap between when the SFPUC incurs operating expenses required to provide service and when it receives revenues from its Retail and Wholesale Customers. The Wholesale Customers shall fund their share of working capital as part of the annual Wholesale Revenue Requirement calculation. The amount of wholesale working capital for which the Wholesale Customers will be responsible will be determined using the 60-day standard formula approach.
Working Capital Requirement. (a) Sellers hereby represent and agree that the Working Capital of the Business as of the Effective Time equals $15,635,109 (the “Working Capital Target”), plus $1,000,000 (the “Working Capital Surplus Threshold”) or minus $500,000 (the “Working Capital Deficit Threshold”). As used herein, “
Working Capital Requirement. As of the Effective Time, Target and its Subsidiaries shall have at least Five Million and No/100 Dollars ($5,000,000.00) of working capital that shall include, but is not limited to, rights to unpaid reimbursements pursuant to Section 5.03 of this Agreement (the “Working Capital Requirement”). In the event that Target and its Subsidiaries have less than the Working Capital Requirement at the Effective Time, the Major Shareholders shall be severally, in the proportions set forth in Annex “A” attached to this Agreement and made a part hereof for all purposes, responsible to Parent for payment of the shortfall, but in the event that, at the Effective Time, Target and its Subsidiaries have more than the Working Capital Requirement, Parent shall be responsible to the Major Shareholders for payment of the excess. Working capital is defined as current assets less current liabilities determined in accordance with GAAP.
Working Capital Requirement. With respect to any period, the extent, if --------------------------- any, by which such Person's Working Capital for such period exceeds such Person's Working Capital for the immediately preceding period.
Working Capital Requirement. (a) Within forty-five (45) days following the Closing Date, Seller shall cause to be prepared and delivered to Buyer an unaudited balance sheet of the Business as of the Closing Date (the "Preliminary Balance Sheet"). The Preliminary Balance Sheet will be prepared in accordance with GAAP consistently applied and consistent with GAAP principles used to prepare the March Balance Sheet. In the event Working Capital at the Closing Date as reflected on the Preliminary Balance Sheet is less than the Target Amount, then Seller shall pay to Buyer an amount equal to the aggregate of the shortfall. In the event Working Capital at the Closing Date as reflected on the Preliminary Balance Sheet is in excess of the Target Amount, then Buyer shall pay to Seller an amount equal to the excess. All amounts payable (the "Working Capital Requirement") under this subsection 6.4(a) shall be paid in cash within five (5) days after the preparation of the Preliminary Balance Sheet by wire transfer of immediately available funds to an account designated in writing by the recipient. For purposes of this Agreement, "
Working Capital Requirement. Consolidated Working Capital at any time to be less than $1;
Working Capital Requirement. At the time of Closing, the Company shall have in the aggregate $1,150,000 of unrestricted cash or cash equivalents immediately available for use by the Company subject to Section 11.5 hereof.
Working Capital Requirement. On the Closing Date, the Company and its Subsidiaries shall have, on a consolidated basis, Net Working Capital of at least Two Million Dollars ($2,000,000).
Working Capital Requirement. The Company’s "Working Capital" (as defined herein) as of the Closing Date shall not be more than a deficit of $400,000 ("Working Capital Requirement"), as shown on a balance sheet and Profit and Loss Statement and combining worksheet (prepared in accordance with GAAP and consistent with the December 31, 2004 Financials) as of the Closing Date ("Closing Date Financials"). "Working Capital" shall mean the current assets (excluding receivables due from I-55 Telecommunications, L.L.C. to the Company) less the total liabilities (excluding the MCG debt and payables owed by the Company to I-55 Telecommunications, L.L.C.) as determined in accordance with GAAP. In the event that the Working Capital Requirement is not met, the Parent and Acquisition Sub may nevertheless elect to close and reduce the Parent Stock Consideration by an amount equal to the difference between the Working Capital Requirement and the actual Working Capital Deficit. In the event that the Working Capital deficit is less than the Working Capital Requirement, then the Parent Stock Consideration shall be increased by an amount equal to the amount by which the Working Capital Deficit is less than the Working Capital Requirement.
Working Capital Requirement. At all times during the Performance Testing Phase, Redfield agrees to maintain $8,000,000 of working capital (excluding spare parts inventory and short-term debt) or, if greater, the minimum working capital under any Redfield loan agreement (the “Working Capital Requirement”). In the event that Redfield is unable to maintain the Working Capital Requirement, Gevo Development agrees to provide, and Redfield agrees to accept, a loan in a principal amount equal to any such working capital deficiency. All funds loaned to Redfield for such purposes shall bear interest at a rate of […***…] per annum and all principal and interest thereon shall be paid by Redfield prior to any profit distributions made by Redfield during the Operational Phase or immediately upon any forfeiture of the Class G Units.
