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SCHEDULE 3 FINANCIAL COVENANTS For the month/quarter ended _______________ (the "Date") 1. Compliance with Debt to ERRV Ratio. - ------------------------------------------------------------------------------------------------------------------- PORTFOLIO LOAN SUB-ACCOUNT ERRV(2) RATIO OF LOAN SUB-ACCOUNT IS RATIO IN POOL NO. BALANCE(1) BALANCE TO ERRV(3) COMPLIANCE?(4) - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- TOTAL - -------------------------------------------------------------------------------------------------------------------
- ----------------------- (1) Outstanding balance of the Loan Sub-Account for the corresponding Portfolio Pool (2) ERRV for the corresponding Portfolio Pool (3) Number in second column divided by number in third column (4) Is the value in the fourth column less than or equal to .30? EXHIBIT C-1 - ----------- 4 2. Minimum Net Worth and Subordinated Debt of Borrower. --------------------------------------------------- (a) The Minimum Net Worth and Subordinated Debt of Borrower, as of the Date, is calculated as follows: (i) Borrower's member's equity on the Date is: \$_______________ (ii) Borrower's Subordinated Debt on the Date is: \$_______________ (iii) The sum of Item (a)(i) and Item (a)(ii) is: \$_______________ (b) The Net Worth and Subordinated Debt of Borrower required under Section 7.18(c) of the Loan Agreement, as amended, is to be at least the amount set forth below: (i) Beginning Amount is equal to: \$ 6,500,000.00 (ii) The net income (if positive) for Borrower for the calendar quarter ended on the Date is: \$_______________ (iii) The product of (A) 50% times (B) Item (b)(ii) is: \$_______________ (iv) The cumulative sum of Item 2(b)(iii) for all calendar quarters ended on or after March 31, 2007, and prior to the Date is: \$_______________ (v) The sum of Item (b)(i) plus Item (b)(iii) plus Item (b)(iv) is: \$_______________ (c) The amount in Item (a)(iii) [is/is not] greater than or equal to the amount in Item (b)(v). 3. Minimum Net Worth and Subordinated Debt of Parent. ------------------------------------------------- (a) The Minimum Net Worth and Subordinated Debt of Parent, as of the Date, is calculated as follows: (i) Parent's stockholders' equity on the Date is: \$_______________ (ii) Parent's Subordinated Debt on the Date is: \$_______________ (iii) The sum of Item (a)(i) and Item (a)(ii) is: \$_______________ (b) The Net Worth and Subordinated Debt of Parent required under Section 7.18(d) of the Loan Agreement, as amended, is to be at least the amount set forth below: (i) Beginning Amount is equal to: \$ 21,000,000.00 EXHIBIT C-1 - ----------- 5 (ii) The net income (if positive) for Parent for the calendar quarter ended on the Date is: \$_______________ (iii) The product of (A) 50% times (B) Item (b)(ii) is: \$_______________ (iv) The cumulative sum of Item 3(b)(iii) for all calendar quarters ended on or after March 31, 2007, and prior to the Date is: \$_______________ (v) The sum of Item (b)(i) plus Item (b)(iii) plus Item (b)(iv) is: \$_______________ (c) The amount in Item (a)(iii) [is/is not] greater than or equal to the amount in Item (b)(v). EXHIBIT C-1 - ----------- 6
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