Modifications to Business Financing Agreement. 1) The following defined terms in Section 12.1, entitled “Definitions”, are hereby amended or inserted as follows:
Modifications to Business Financing Agreement. 1) The following subsection is hereby added to Section 1:
Modifications to Business Financing Agreement i) Section 1.12 of the Business Financing Agreement hereby is amended and restated in its entirety to read as follows: “
Modifications to Business Financing Agreement. 1) The following defined terms are hereby amended to read as follows:
Modifications to Business Financing Agreement. A. Section 4.15(a) is amended and restated in its entirety to read as follows:
(a) Quick Ratio, measured monthly of not less than 0.65 to 1.00 for each monthly measuring period from February 1, 2017 through December 31, 2017; and not less than 0.75 to 1.00 for each monthly measuring period on and after January 1, 2018.
B. Section 4.15(b)(ii) is amended and restated in its entirety to read as follows:
Modifications to Business Financing Agreement. A. Lender hereby accepts Borrowers’ financial projections for 2018 which were delivered to Lender prior to the date hereof, and the parties hereby acknowledge and agree that such projections shall be used to determine Borrowers’ compliance with Section 4.15(b) beginning with the period ending March 31, 2018.
B. Section 4.15(a) is amended and restated in its entirety to read as follows:
(a) Quick Ratio, measured monthly of not less than 0.60 to 1.00 for each monthly measuring period from February 1, 2018 through November 30, 2018; and not less than 0.70 to 1.00 for each monthly measuring period on and after December 1, 2018.
C. Section 4.15(b)(ii) is amended and restated in its entirety to read as follows:
Modifications to Business Financing Agreement i. Section 4.12. Section 4.12 is hereby amended by adding the following to the end of that section: Notwithstanding the foregoing, upon Lender’s receipt of evidence satisfactory to Lender that Borrower has received, after the Second Amendment Effective Date, proceeds from the sale of Borrower’s equity securities to investors, and on terms and conditions, acceptable to Lender (“Equity Proceeds”), Borrower shall be permitted to prepay its existing indebtedness to Super G Capital, LLC, in an amount not to exceed the amount of the Equity Proceeds.
ii. Section 12.1. The following term and its definition are hereby added to Section 12.1, in appropriate alphabetical order, as follows: “Second Amendment Effective Date” is January 18, 2018.
Modifications to Business Financing Agreement. (1) In order to account for new assets acquired by Borrower through Borrower’s acquisition of DVS Sciences, Inc., a Delaware corporation, Section 4.14(b) is hereby amended restated to read as follows:
Modifications to Business Financing Agreement i. Section 4.20. Section 4.20(b) is amended in its entirety and replaced with the following:
Modifications to Business Financing Agreement i. Section 1.1:
