Asset Test. The ratio of the sum of consolidated accounts receivable and inventories subject to a first priority perfected security interest in favor of the Collateral Agent pursuant to the Guarantee and Collateral Agreement (and, in any event, exclusive of any then outstanding amounts secured by a security interest on inventory permitted by Section 6.3(f)) to Consolidated Funded Indebtedness as at the end of any Fiscal Quarter to be less than the amount set forth in the table below: Exhibit A-3 FISCAL QUARTER ENDING RATIO --------------------- ----- September 30, 2005, December 31, 2005 and March 31, 2006 1.20 to 1.0 any Fiscal Quarter ending thereafter 1.25 to 1.0"
Asset Test. The Board shall have determined that the Company satisfied the "5% asset test" of Section 856(c)(5) of the Code, or such successor provision as may be applicable, for the most recently ended calendar quarter as required by the Code.
Asset Test. Holdings will not permit the ratio of the sum of Holdings' consolidated accounts receivable and inventories subject to a first priority perfected security interest in favor of the Collateral Agent pursuant to the Guarantee and Collateral Agreement (and, in any event, exclusive of any then outstanding amounts secured by a security interest on inventory permitted by Section 6.02(f)) to Consolidated Funded Indebtedness at the end of any Fiscal Quarter to be less than the amount set forth in the following table: Quarter Ending Ratio -------------- ----- 12/31/03 1.10:1 3/31/04 1.10:1 6/30/04 1.10:1 9/30/04 1.10:1 12/31/04 1.20:1 3/31/05 1.20:1 6/30/05 1.20:1 9/30/05 1.35:1 12/31/05 1.35:1 3/31/06 1.35:1 6/30/06 1.35:1 9/30/06 1.35:1 12/31/06 1.35:1 3/31/07 1.35:1 6/30/07 1.35:1 9/30/07 1.35:1 12/31/07 and thereafter 1.35:1
Asset Test. The Borrower will not permit the ratio of the sum of its consolidated accounts receivable and inventories subject to a first priority perfected security interest in favor of the Collateral Agent pursuant to the Guarantee and Collateral Agreement (and, in any event, exclusive of any then outstanding amounts secured by a security interest on inventory permitted by Section 6.02(f)) to Consolidated Funded Indebtedness at the end of any Fiscal Quarter to be less than 1.35 to 1.
Asset Test. 65 SECTION 6.12. Disclosure.............................................................................. 66 SECTION 6.13. Sale of Assets.......................................................................... 66
Asset Test. Holdings will not permit the ratio of (a) the sum of (i) Holdings' consolidated accounts receivable (including accounts receivable sold or otherwise transferred under Permitted Securitizations permitted by Section 6.01(k)) and (ii) Holdings' consolidated inventories which inventories are subject to a first priority perfected security interest in favor of the Collateral Agent pursuant to the Guarantee and Collateral Agreement (and, in any event, exclusive of any then outstanding amounts secured by a security interest on inventory permitted by Section 6.02(f)) to (b) Consolidated Funded Indebtedness at the end of any Fiscal Quarter to be less than the amount set forth in the following table: Quarter Ending Ratio -------------- ----- 9/30/05 1.20:1 12/31/05 1.20:1 3/31/06 1.20:1 6/30/06 and thereafter 1.25:1
Asset Test. At the Closing, the Purchased Assets shall have Asset Value of at least $13,500,000 (the "Minimum Asset Value"). "Asset Value" means, with respect to the Purchased Assets: (i) the sum of the value of (A) accounts receivable, and (B) inventories, as of the date immediately preceding the Closing Date (ii) appropriate reserves to be established on the Closing Balance Sheet as finally determined by the parties pursuant to this Section 1.5. Any excess or deficiency in the Minimum Asset Value (the "Asset Value Adjustment") will be paid as follows:
