Working Capital Reserve definition

Working Capital Reserve means a cash reserve held in the Operating Account that is readily available to Manager during the Term to finance the services, repairs and maintenance described in Section 5.2 including Minor Capital Expenditures and Major Capital Expenditures, insurance premiums for the Property described in Section 9.1, and utilities for the Property, in such amounts as determined by the Owner in its sole discretion.

Working Capital Reserve shall have the meaning set forth in the Partnership Agreement.

Working Capital Reserve means a portion of the Invested Capital which the General Partners, in their discretion, determine is prudent to be maintained by the Partnership to pay for operating, and other costs and expenses the Partnership may incur with respect to its activities. INDEX TO THE FINANCIAL STATEMENTS Page

Examples of Working Capital Reserve in a sentence

• Pursuant to Section 5.3 of the LLC Operating Agreement, the Manager may make, at its discretion, Discretionary Funding Advances from its own funds to the extent there are insufficient funds in the Collection Account and the Working Capital Reserve with which to fund any Funding Draw permitted pursuant to any Loan Documents, which Discretionary Funding Advances are to be designated as applicable only to the Loan for which any Funding Draw is funded.

• If the Company or the Purchase Money Notes Guarantor, as applicable, does not provide the Paying Agent with investment directions pursuant to Sections 3.1, 3.3, 3.6 or 4.1, the balance standing to the credit of the Collection Account, the Working Capital Reserve Account or the Defeasance Account, as applicable, will remain uninvested with no liability for interest thereon.

• If the Company or the Purchase Money Notes Guarantor, as applicable, shall not have given any such investment directions, the Paying Agent shall seek investment directions from such Person within three (3) Business Days after transfer of such funds to the Collection Account, the Working Capital Reserve Account, or the Defeasance Account, as applicable.

• The Manager shall make Excess Working Capital Advances to the Paying Agent from its own funds in accordance with the terms described in Section 5.4 of the LLC Operating Agreement and to the extent that there are insufficient funds (a) in the Collection Account or the Working Capital Reserve with which to pay Working Capital Expenses in full or (b) in the Distribution Account to fund the Defeasance Account by such amount as might be required to cure a Purchase Money Notes Trigger Event.

• No funds from any other source (other than Loan Proceeds, interest or earnings on the Loan Proceeds, funds transferred from the Working Capital Reserve Account pursuant to Section 3.6, funds advanced by the Manager as Excess Working Capital Advances pursuant to the LLC Operating Agreement and Section 3.7 and funds advanced by the Manager as Discretionary Funding Advances pursuant to the LLC Operating Agreement and Section 3.8) shall be commingled in the Collection Account.

More Definitions of Working Capital Reserve

Working Capital Reserve. As defined in Section 3.1(a)(iv).

Working Capital Reserve has the meaning given in Section 12.11.

Working Capital Reserve means the reserve to the established by the Partnership for working capital purposes pursuant to Section 6.1(d).

Working Capital Reserve has the meaning given in Section 3.6.

Working Capital Reserve means a working capital reserve to be (a) funded initially on the Closing Date (in an aggregate amount equal to the WCR Account Deposit) pursuant to the LLC Operating Agreement and the payments contemplated in the Private Owner Interest Sale Agreement, and (b) thereafter held in the Working Capital Reserve Account and used and replenished from time to time pursuant to the applicable provisions in the LLC Operating Agreement and the Custodial and Paying Agency Agreement.

Working Capital Reserve means, as the context requires, the Working Capital Operating Reserve or the Working Capital Sale Reserve, as applicable. The parties acknowledge that the funds contributed by the Members on the Effective Date shall remain with the Company as the initial Working Capital Reserve to be disposed of in accordance with the then-approved Operating Budget or the then-approved Business Plan.

Working Capital Reserve has the meaning given in Section 2.6(a).