Common use of Minimum Asset Coverage Clause in Contracts

Minimum Asset Coverage. Not permit the ratio, as of the last day of any fiscal quarter, of (a) the daily average of all accounts receivable owed to the Company during the last 30 days of such fiscal quarter (the "Measurement Period") minus all Subordinated Debt payable to Members as of the last day of such fiscal quarter to (b) the daily average of all Debt (other than Subordinated Debt) outstanding during such Measurement Period to be less than the applicable ratio set forth in the table below: Quarter ended Ratio ------------- ----- 10/3/98 .60 to 1 12/31/98, 4/3/99 and 7/3/99 .75 to 1 10/2/99 and thereafter .80 to 1. Notwithstanding the foregoing, the Company shall not be required to comply with this Section 7.14 as of the last day of any fiscal quarter after October 2, 1999 if no Event of Default or Unmatured Event of Default exists at any time during the period from the date of the effectiveness of the First Amendment to this Agreement through October 2, 1999 (including any Event of Default arising under this Section 7.14 or any other financial test set forth in this Section 7 as of October 2, 1999 notwithstanding the fact that the existence of such Event of Default may not be known until the Company delivers its financial statements for the quarter ending on such date).

Minimum Asset Coverage. Not permit the ratio, as of the last day of any fiscal quarter, of (a) the daily average of all accounts receivable owed to the Company during the last 30 days of such fiscal quarter (the "Measurement Period") minus all Subordinated Debt payable to Members as of the last day of such fiscal quarter to (b) the daily average of all Debt (other than Subordinated Debt) outstanding during such Measurement Period to be less than the applicable ratio set forth in the table below: Quarter ended Ratio ------------- ----- 10/3/98 .60 to 1 12/31/98, 4/3/99 and 7/3/99 .75 to 1 10/2/99 and thereafter .80 to 1. Notwithstanding the foregoing, the Company shall not be required to comply with this Section 7.14 as of the last day of any fiscal quarter after October 2, 1999 if no Event of Default or Unmatured Event of Default exists at any time during the period from the date of the effectiveness of the First Amendment to this Agreement Closing Date through October 2, 1999 (including any Event of Default arising under this Section 7.14 or any other financial test set forth in this Section 7 as of October 2, 1999 notwithstanding the fact that the existence of such Event of Default may not be known until the Company delivers its financial statements for the quarter ending on such date).