Working Capital Reserve Fund Sample Clauses

Working Capital Reserve Fund. (a) On or before the Closing Date, the Indenture Trustee shall open and maintain one or more Eligible Accounts that shall collectively be the “Working Capital Reserve Fund”. The Working Capital Reserve Fund shall initially be funded out of the proceeds of the sale of the Bonds in an amount equal to the Working Capital Reserve Requirement and shall be replenished solely from cash flows to the amount of the Working Capital Reserve Requirement out of Collections as provided in Section 2.12 hereof. Any and all moneys that shall be deposited into the Working Capital Reserve Fund from time to time pursuant to the terms of this Indenture, together with any Eligible Investments in which such moneys are or will be invested or reinvested during the term of this Indenture, shall be held by the Indenture Trustee in the Working Capital Reserve Fund as part of the Trust Estate Granted to secure the Bonds, subject to disbursement and withdrawal as herein provided. (b) So long as no acceleration of the maturity of the Bonds shall have occurred and be continuing pursuant to the provisions of Article V hereof, all or a portion of any moneys in the Working Capital Reserve Fund shall be invested and reinvested in Eligible Investments that are administered to the extent available by the Indenture Trustee. Any such investments pursuant to this Section 8.05(b) on any date shall mature in no more than two weeks from such date. All income or other gain from investments of money held in the Working Capital Reserve Fund shall be deposited by the Indenture Trustee in the Working Capital Reserve Fund to the extent of any shortfall therein and shall otherwise be deposited in the Bond Account. Any loss resulting from such investments shall be charged to the Working Capital Reserve Fund. (c) Amounts on deposit in the Working Capital Reserve Fund at any time shall be withdrawn from such Working Capital Reserve Fund and transferred to the applicable Servicer upon request from the applicable Servicer given pursuant to Section 5.04 of its Servicing Agreement not more often than semi-monthly and accompanied by an Officer’s Certificate of such Servicer to the effect that the amount set forth in said notice will be used by such Servicer to pay Lien Administration Expenses as they become due and payable, or to reimburse the Servicer for any unreimbursed Lien Administration Expenses actually paid by the Servicer in respect of the Tax Liens prior to the Closing Date. Amounts on deposit in the Work...

Working Capital Reserve Fund. Buyer must pay, at closing, a onetime amount to the Association for the Working Capital Reserve Fund. The amount due at closing is: $ . ($ x 4 months = $ to the Master Association and $ x 2 months = $ to the Homeowner Association). Amount due is subject to change if Association budget changes prior to closing. Please initial.

Working Capital Reserve Fund. (a) Borrowers shall cause Mortgage Borrowers to comply with all of the terms and conditions set forth in Section 7.1 of the Mortgage Loan Agreement. (b) In the event (i)(A) Mortgage Lender waives the requirements of Mortgage Borrowers to maintain the Working Capital Reserve Fund and the Working Capital Reserve Account pursuant to the terms of Section 7.1 of the Mortgage Loan Agreement, (B) First Mezzanine Lender waives the requirements of First Mezzanine Borrowers to maintain the Working Capital Reserve Fund and the Working Capital Reserve Account pursuant to the terms of Section 7.1 of the First Mezzanine Loan Agreement and (C) Second Mezzanine Lender waives the requirements of Second Mezzanine Borrowers to maintain the Working Capital Reserve Fund and the Working Capital Reserve Account pursuant to the terms of Section 7.1 of the Second Mezzanine Loan Agreement or (ii) the Mortgage Loan, the First Mezzanine Loan and the Second Mezzanine Loan have been repaid in full (without a prepayment of the Loan in full), Lender shall have the right to require Borrowers to establish and maintain an escrow that would operate in the same manner as the Working Capital Reserve Fund and the Working Capital Reserve Account in Section 7.1 of the Mortgage Loan Agreement and the provisions of Section 7.1 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference; provided, however, that all references to “Borrowers,” “Lender” and “Event of Default” therein shall be deemed references to Borrowers, Lender and Event of Default as defined herein.

Working Capital Reserve Fund. Pursuant to the Trust Agreement, the Trustee has established or will establish the Working Capital Reserve Fund into which the Trustee will deposit a portion of the Available Revenues (after funding the deposits required by Section 5.07(a) First through Sixth of the Trust Agreement) until the Working Capital Reserve Requirement has been met and thereafter maintained. Unless the Management Agreement has been terminated, the Trustee is required under the terms of the Trust Agreement to make disbursements from the Working Capital Reserve Fund to Manager as directed by a Request of Manager [(and consented to by an Authorized Owner Representative and the Asset Manager in writing if payment of such amount would require the consent of an Authorized Owner Representative under the Management Agreement)] in substantially the form attached to the Trust Agreement as Exhibit F to pay for Operating Expenses, Capital Expenses, other expenses and items expressly provided for in the Management Agreement and/or other expenses which, if unbudgeted, shall be approved in writing by an Authorized Owner Representative, and the Asset Manager, at any time during which such expenses exceed Total Operating Revenue for such month plus the amount otherwise available to pay such expenses in the Lockbox Fund, the FF&E Reserve Fund, the Capital Reserve Fund and the Revenue Stabilization Fund (to the extent amounts in such Funds are authorized to be used for such expenses) all in accordance with Section 5.15(d) of the Trust Agreement. In addition, unless the Management Agreement has been terminated, the Trustee is required under the terms of the Trust Agreement to apply amounts on deposit in the Working Capital Reserve Fund for repair or replacement of the Hotel in the event of casualty damage or for the payment of amounts reasonably determined by Manager as are required to be made to protect life, health or property from imminent danger or to comply with Applicable Laws, at any time during which such expenses exceed Total Operating Revenue for such month plus the amount otherwise available in the Lockbox Fund, the FF&E Reserve Fund, the Capital Reserve Fund and the Revenue Stabilization Fund to pay such expenses (to the extent amounts in such Funds are authorized to be used for such expenses).

Working Capital Reserve Fund. In addition to the Closing Cash Payment to Sellers, Buyer is to pay an additional $1 million of the Purchase Price (the “Working Capital Holdback”), plus or minus the NWC Adjustment Amount, in cash within twenty (20) days after the completion of an audit of Target’s financial information from the Most Recent Fiscal Year End to the Closing Date, but in any event not later than ninety (90) days after the Closing Date in accordance with subsection (iii) below and Appendix I.

Working Capital Reserve Fund. 7.1 If the operation of the Hotel acting reasonably requires working capital funds from time to time, the Board may, if approved by a Majority Vote levy, deducted from each Owner’s share of Net Revenue according to their respective Revenue Sharing Ratio. The Working Capital Fund balance will be disclosed on the Balance Sheet as the Working Capital Reserve Fund. 7.2 All funds required for the operation of the Hotel shall be derived from Gross Revenue or Working

Working Capital Reserve Fund. Buyer must pay at closing a one time amount equal to (4) four month of common charges to the Master Association Working Capital Reserve Fund and (2) two months common charges to the Condominium Association Working Capital Reserve Fund.

Working Capital Reserve Fund. (a) Borrowers shall cause Mortgage Borrowers to comply with all of the terms and conditions set forth in Section 7.1 of the Mortgage Loan Agreement. (b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrowers to maintain the Working Capital Reserve Fund and the Working Capital Reserve Account pursuant to the terms of Section 7.1 of the Mortgage Loan Agreement, or (ii) the Mortgage Loan has been repaid in full (without a prepayment of the Loan in full), Lender shall have the right to require Borrowers to establish and maintain an escrow that would operate in the same manner as the Working Capital Reserve Fund and the Working Capital Reserve Account in Section 7.1 of the Mortgage Loan Agreement and the provisions of Section 7.1 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference; provided, however, that all references to “Borrowers,” “Lender” and “Event of Default” therein shall be deemed references to Borrowers, Lender and Event of Default as defined herein.

Working Capital Reserve Fund. $1.5 million of the cash of the Merger Consideration is being retained and is subject to payment and adjustment as provided in Section 2.3 below (the “Working Capital Reserve Fund”).

Working Capital Reserve Fund