“Working Capital” is defined generally as a company’s Current Assets minus its Current Liabilities. However, in M&A transactions, Working Capital usually is an important Definition contained in the Acquisition Agreement, which includes a customized determination of Current Assets and Current Liabilities. If a Working Capital Adjustment is part of the Acquisition Agreement, then it is important for each party to be aware of how Working Capital is calculated in order to determine the full extent of the Purchase Price Adjustment.