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 and any Quarter-End Advance 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 and any Quarter-End Advance 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. 1.04. Section 6.01(m)(iii) of the Purchase Agreement is hereby amended and restated in its entirety to read as follows:
Appears in 1 contract
Sources: Senior Subordinated Secured Note and Warrant Purchase Agreement (Ecollege Com)
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 and any Quarter-End Advance 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 and any Quarter-End Advance 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.
1.04. Section 6.01(m)(iii) of the Purchase Agreement is hereby amended and restated in its entirety to read as follows:
Appears in 1 contract
Sources: Senior Subordinated Secured Note and Warrant Purchase Agreement (Ecollege Com)