Working Capital Reserve Floor definition

Working Capital Reserve Floor means $180,324,467.30, or, with an applicable written approval from the Initial Member pursuant to Section 12.11(b) of the LLC Operating Agreement, such other amount as might be applicable pursuant to such written approval.
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Working Capital Reserve Floor means the minimum amount to be maintained in the Working Capital Reserve Account at any point in time while any Purchase Money Note or Reissued Purchased Money Note is outstanding, which amount initially will be $7,500,000 subject to the provisions of Section 3.6; provided, however, such minimum amount can be reduced to an amount below $7,500,000 when advances or payments from the Working Capital Reserve are required to pay the Working Capital Expenses then due and payable so long as the balance of the Working Capital Reserve Account is restored to the Working Capital Reserve Floor as soon thereafter as is practicable; and provided, further, however, that, after the Purchase Money Notes Defeasance Date, the Working Capital Reserve Floor shall be the amount as determined by the Private Owner in the exercise of its reasonable discretion, which amount may be greater than, less than or equal to $7,500,000.
Sample 1Sample 2Sample 3
Working Capital Reserve Floor means $1,500,000.
Sample 1

Examples of Working Capital Reserve Floor in a sentence

  • The Manager, in the exercise of its reasonable discretion and in accordance with the Servicing Standard and requirements in the Transaction Documents (including as to any then applicable Working Capital Reserve Floor), will determine the Working Capital Reserve Target from time to time (taking into account projected Working Capital Expenses, including reasonably required reserves for applicable contingent liabilities as to which applicable reserves should be maintained).

  • Any such requested change to the Working Capital Reserve Floor shall be effective upon, and subject to, receipt by the Manager of an applicable express approval in writing from the Initial Member.

  • In connection with any such requested change to the Working Capital Reserve Floor, the Initial Member will have the right to receive (and the Manager must promptly comply with any reasonable request for) any additional relevant information as it may deem necessary or advisable for evaluating such request and related Working Capital Reserve levels (and compliance thereof with the requirements herein).

  • The Company may fund the Working Capital Reserve Account with Asset Proceeds in accordance with the terms of the Custodial and Paying Agency Agreement and must maintain certain deposit amounts to comply with the Working Capital Reserve Floor, the Working Capital Reserve Target and Working Capital Reserve Replenishment Cap established under the Custodial and Paying Agency Agreement.

  • In connection with any such requested change to the Working Capital Reserve Floor or the Working Capital Reserve Replenishment Cap, the Initial Member shall have the right to receive (and the Manager shall promptly comply with any reasonable request for) any additional relevant information as it may deem necessary or advisable for evaluating such request and related Working Capital Reserve levels (and compliance thereof with the requirements herein).

  • The Company may fund the Working Capital Reserve Account with Loan Proceeds in accordance with the terms of the Custodial and Paying Agency Agreement and must maintain certain deposit amounts to comply with the Working Capital Reserve Replenishment Cap and Working Capital Reserve Floor established under the Custodial and Paying Agency Agreement.

  • In connection with any such requested change to the Working Capital Reserve Floor, the Required Consenting Parties will have the right to receive (and the Manager must promptly comply with any reasonable request for) any additional relevant information as they may deem necessary or advisable for evaluating such request and related Working Capital Reserve levels (and compliance thereof with the requirements herein).

  • Pursuant to Section 5.4 of the LLC Operating Agreement, the Manager may make, at its discretion, Discretionary Funding Advances from its own funds to fund Permitted Vertical Completion Expenses on an Asset-by-Asset basis to the extent that funds are not available in the Collection Account for such purpose, the Working Capital Reserve has reached the Working Capital Reserve Floor and no funds remain available for drawing under the Advance Facility.

  • Any such requested change to any of the Working Capital Reserve Floor or the Working Capital Reserve Replenishment Cap shall be effective upon, and subject to, receipt by the Manager of an applicable express approval in writing from the Initial Member.

  • Any such requested change to the Working Capital Reserve Floor shall be effective upon, and subject to, receipt by the Manager of an applicable express approval in writing from the Required Consenting Parties.

Related to Working Capital Reserve Floor

  • 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.

  • Capital Reserve Fund means the reserve fund created and established by the Authority in

  • Working Capital Loan has the meaning specified in Section 2.1(c).

  • Working Capital Deficit means the amount, if any, by which the Closing Working Capital is less than the Target Working Capital.

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

  • 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.