Minimum Adjusted Quick Ratio. Maintain at all times, to be tested (i) as of the last day of each month in which Advances are outstanding at any time or an Advance request has been made and (ii) as of the last day of each quarter to the extent not tested pursuant to (i) during any month in such quarter, an Adjusted Quick Ratio of at least 1.0 to 1.0 (provided that Borrower shall have at least Five Million Dollars ($5,000,000.00) in unrestricted and unencumbered (other than Liens in favor of Bank pursuant to the general security interest granted in this Agreement) cash and Cash Equivalents in Deposit Accounts or Securities Accounts in Borrower’s name maintained with Bank or Bank’s Affiliates).” and inserting in lieu thereof the following:
Minimum Adjusted Quick Ratio. A quick ratio of cash, marketable securities, and Notes Receivable (excluding those owing from affiliates) minus bad debt reserve, to current liabilities that is not less than 0.10:1.00.
Minimum Adjusted Quick Ratio. An Adjusted Quick Ratio of at least 1.1 to 1.0 at all times, it being understood that Quarter-end Advances shall be excluded from the foregoing calculation; provided, however, that the foregoing Adjusted Quick Ratio covenant will no longer be tested (other than to determine the interest rate applicable to the Revolving Line as described in Section 2.3(a)), for any period commencing on the date that Borrower provides Bank evidence satisfactory to Bank, in its reasonable discretion, that Borrower has achieved a Fixed Charge Coverage Ratio, measured on a trailing twelve month basis, as of the last day of each of the immediately preceding four consecutive fiscal quarters of greater than 1.50:1.00 (the “FCCR Triggering Event”).
Minimum Adjusted Quick Ratio. Borrower shall not permit its minimum Adjusted Quick Ratio at any time, but tested monthly as of the end of each month, to be less than 1.25 to 1.00.
Minimum Adjusted Quick Ratio. Maintain at all times, but tested monthly as of the last day of each month, an Adjusted Quick Ratio greater than or equal to 1.25 to 1.00.”
2.6 Section 7.1 (Dispositions). Section 7.1 of the Loan Agreement is hereby amended and restated to read as follows:
Minimum Adjusted Quick Ratio. An Adjusted Quick Ratio of at least 1.00 to 1.00 as of the last day of each month.
Minimum Adjusted Quick Ratio. Permit the Adjusted Quick Ratio as of the last day of any month to be less than 1.50:1.00.
Minimum Adjusted Quick Ratio. Commencing on the Closing Date and continuing through the fiscal quarter ending March 31, 2004, the Company will maintain, on a Consolidated basis, measured at the end of each fiscal quarter, a ratio of Quick Assets to Current Liabilities minus Deferred Revenue of at least 1.30 to 1.00; provided, however that so long as the Bank is lending or remains obligated to lend Senior Debt to the Company, such ratio shall be not less than 1.17 to 1.00. Commencing on April 1, 2004 and including each fiscal quarter ended June 30, September 30, December 31 and March 31 thereafter the Company will maintain, on a Consolidated basis, measured at the end of each fiscal quarter, a ratio of Quick Assets to Current Liabilities minus Deferred Revenue of at least 1.50 to 1.00; provided, however that so long as the Bank is lending or remain obligated to lend Senior Debt to the Company, such ratio shall be not less than 1.35 to 1.00.
Minimum Adjusted Quick Ratio. An Adjusted Quick Ratio of at least 1.2 to 1.0 provided that Borrower shall only be required to maintain such minimum Adjusted Quick Ratios with respect to months during which there were any Advances outstanding.” and inserting in lieu thereof the following:
