Acknowledgement of Default. Borrower hereby acknowledges that as of the date hereof, the following Event of Default (the “Existing Default”) has occurred and remains uncured under the Business Financing Agreement: a. Failure to maintain an actual net income of at least 80% of projected net income approved by Borrower’s board of directors for the quarters ended September 30, 2011, December 31, 2011 and March 31, 2012, as set forth in Section 4.12 (a). b. Failure to maintain an Asset Coverage Ratio of at least 1.75 to 1.00_for the months ended August 31, 2011, September 30, 2011, October 31, 2011, November 30, 2011, December 31, 2011, April 30, 2012 and May 31, 2012, as set forth in Section 4.12 (b).
Appears in 3 contracts
Sources: Business Financing Agreement (Rimini Street, Inc.), Business Financing Agreement (Rimini Street, Inc.), Business Financing Agreement (Rimini Street, Inc.)