Permitted Working Capital definition

Permitted Working Capital. Refinancing”); provided that (A) the aggregate principal amount of such Debt does not exceed the sum of (1) the aggregate amount of the commitments in respect of the Working Capital Facility immediately prior to such refinancing plus (2) an amount, when taken together with any Debt outstanding pursuant to Section 5.02(b)(v), not to exceed $100,000,000, plus (3) the amount of any accrued and unpaid interest in respect of such outstanding principal amount plus (4) the amount of any reasonable fees and expenses incurred in connection with such Refinancing, (B) the lenders (or agents on behalf of the lenders) of such Debt have become a party to the Intercreditor Agreement as, and have the obligations of, the First Lien Secured Parties or the Second Lien Secured Parties thereunder, (C) the maturity date of such Debt is no earlier than the Maturity Date, (D) such Permitted Working Capital Refinancing shall only be secured by the Liens created by the Collateral Documents or the Second Lien Collateral Documents, and (E) to the extent that the aggregate principal amount of such Debt exceeds the sum of the aggregate principal amount of the commitments in respect of the Working Capital Facility immediately prior to such refinancing plus the amount of any accrued and unpaid interest in respect of such outstanding principal amount the amount of any reasonable fees and expenses incurred in connection with such Refinancing, the Borrower shall have received a Ratings Reaffirmation; and
Sample 1
Permitted Working Capital means any amounts that the Managing Member reasonably determines are necessary to meet current expenses of the Company, provided that, without the prior written approval of Memco with respect to periods ending prior to or including the Indemnification Satisfaction Date, such amounts shall not exceed $100,000 in the aggregate.
Sample 1
Permitted Working Capital means any amounts that the Managing Member reasonably determines are necessary to meet current expenses of the Company, provided that, without the prior written approval of GECUSH from the date hereof to and including the Complete Indemnification Satisfaction Date, such amounts shall not exceed $100,000 in the aggregate.
Sample 1

Examples of Permitted Working Capital in a sentence

  • No Loan Party maintains, or has caused the Depositary Bank or any other Person to maintain, any accounts other than the Collateral Accounts, any Permitted Working Capital Facility Account and any other account permitted under the Financing Documents.

  • No Loan Party shall open, or instruct the Depositary Bank or any other Person to open, any bank accounts other than the Collateral Accounts, any Permitted Working Capital Facility Account and any other account permitted under this Agreement.

  • No Loan Party shall open a deposit account or securities account other than any Permitted Working Capital Facility Account, or change the account number of any Collateral Account, without first obtaining a Control Agreement in respect of such account in favor of the Collateral Agent.

  • The Loan Parties shall not maintain any securities accounts or bank accounts other than the Collateral Accounts and any Permitted Working Capital Facility Account.

  • The Permitted Working Capital Debt may be secured against the Collateral provided that the security thereunder is expressly subordinated to the security provided under the Security Agreements pursuant to an intercreditor agreement between the Persons extending such Indebtedness and the Buyer providing for such subordination and other customary provisions, all in form and substance satisfactory to the Buyer (any such security, and the “Permitted Working Capital Security”).

  • On the Closing Date, Company and its Subsidiaries shall have repaid in full all Indebtedness, if any, described in clauses (i) and (iii) of the definition of such term, excluding the Permitted Working Capital Facility, the First-Lien Term Loan and the Second-Lien Term Loan.

  • No Credit Party shall, nor shall it permit any of its Subsidiaries to amend, waive or otherwise change the terms of the Permitted Working Capital Facility, except in accordance with the terms of the Working Capital Intercreditor Agreement; provided, that the Credit Parties shall not be permitted to amend the Permitted Working Capital Facility in a manner that materially and adversely affects the Credit Parties or the Lenders.

  • Borrower shall cause amounts on deposit in the Operating Account to be applied to Remaining Costs, Operating Expenses and Capital Expenditures then due and payable in accordance with the Operating Budget (and the Administrative Agent shall countersign any withdrawal certificates required under any Control Agreements to allow such application) or, to the extent not already paid for from the Collection Account, to any amounts due and payable under then applicable Permitted Working Capital Facility.

  • Except as otherwise specified in this Section 5.29, Borrower shall deposit all amounts transferred from the Permitted Working Capital Facility Account to the Revenue Account pursuant to the Permitted Working Capital Facility Documents.

  • The proceeds of the Initial Term Loans will be used to refinance the Existing Specified Indebtedness with any excess for working capital, Permitted Acquisitions, permitted capital expenditures, other general corporate purposes and to pay fees and expenses incurred in connection with this Agreement and the amendment to the Permitted Working Capital Facility of even date herewith.


More Definitions of Permitted Working Capital

Permitted Working Capital means any amounts that the Managing Member reasonably determines are necessary to meet current expenses of the Company, provided that such amounts shall not exceed $100,000 in the aggregate.
Sample 1

Related to Permitted Working Capital

  • 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.

  • Working Capital means, with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of determination, Current Assets at such date of determination minus Current Liabilities at such date of determination; provided, that, for purposes of calculating Excess Cash Flow, increases or decreases in Working Capital shall be calculated without regard to any changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or (b) the effects of purchase accounting.

  • Consolidated Working Capital means, as at any date of determination, the excess of Current Assets over Current Liabilities.

  • Base Working Capital means $25,000,000.

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

  • Actual Working Capital has the meaning set forth in Section 2.7(a).

  • Target Working Capital means $0.

  • Estimated Working Capital has the meaning set forth in Section 2.3(a).

  • Closing Working Capital means: (a) the Current Assets of the Company, less (b) the Current Liabilities of the Company, determined as of the open of business on the Closing Date.

  • Final Working Capital has the meaning set forth in Section 2.04(b).

  • Target Net Working Capital means $0.

  • Closing Net Working Capital has the meaning set forth in Section 2.6(a).

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

  • Working Capital Assets has the meaning as set forth in the Recitals of this Agreement.

  • Closing Date Working Capital has the meaning specified in Section 2.3(b).

  • Permitted Acquisitions means any transaction or series of related transactions for the direct or indirect (a) acquisition of all or substantially all of the property of any Person, or of any business or division of any Person, (b) acquisition of all or substantially all the Equity Interests of any Person, and otherwise causing such Person to become a Subsidiary of such Person, (c) merger or consolidation or any other combination with any Person, or (d) any Permitted Restaurant Acquisition, if each of the following conditions is met:

  • Working Capital Units shall have the meaning given in the Recitals hereto.

  • Final Closing Net Working Capital has the meaning set forth in Section 2.6(c).

  • Adjusted Consolidated Working Capital means, at any time, Consolidated Current Assets (but excluding therefrom all cash and Cash Equivalents) less Consolidated Current Liabilities at such time.

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

  • Net Working Capital Target means $0.00.

  • Closing Date Net Working Capital shall have the meaning set forth in Section 2.03(c).

  • Final Closing Working Capital has the meaning set forth in Section 2.5(d).

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

  • Consolidated Working Capital Adjustment means, for any period of determination on a consolidated basis, the amount (which may be a negative number) by which Consolidated Working Capital as of the beginning of such period exceeds (or is less than) Consolidated Working Capital as of the end of such period.

  • Working Capital Target means $0.