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: “(a)
Modifications to Business Financing Agreement. 2.1 Section 1.1 is amended to restate the following defined term:
Modifications to Business Financing Agreement. A. Section 4.15(a) is amended and restated in its entirety to read as follows:
Modifications to Business Financing Agreement. 1) The defined term “
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.
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. 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: (ii) Adjusted EBITDA, measured quarterly on a consolidated basis, shall not negatively deviate (x) by more than $300,000 for quarter ending March 31, 2017, (y) by more than $400,000 for quarters ending June 30, 2017, September 30, 2017 and December 31, 2017, or (z) with respect to any quarter in 2018 and beyond, by more than twenty five percent (25%) from the projected Adjusted EBITDA set forth in the financial projections delivered to Lender in accordance with Section 4.9(e) of the Business Financing Agreement,. 4.
Modifications to Business Financing Agreement i. Section 1.1: Advances. The last two sentences of Section 1.1 are amended in their entirety and replaced with the following: By no later than September 28, 2018, Borrower shall either (a) repay the First Amendment Advance in full. together with all accrued unpaid interest thereon, or (b) execute and deliver to Lender such documents, in form and substance satisfactory to Lender, as Lender requests to transfer this Agreement, and all of Borrower's Obligations hereunder, to Lender's Capital Finance Division (the “Loan Transfer”). For clarification, Borrower's failure to satisfy either clause (a) or (b) in the prior sentence on or prior to September 28, 2018, shall be deemed an immediate Event of Default hereunder. During such period, no additional Advances shall be available hereunder.
