Common use of QUICK ASSETS RATIO Clause in Contracts

QUICK ASSETS RATIO. The Company will not permit the ratio of (i) the sum of (a) cash and Cash Equivalents of the Company and the Restricted Subsidiaries on the last day of any fiscal quarter of the Company set forth below, PLUS (b) accounts receivable (less provision for doubtful accounts) of the Company and the Restricted Subsidiaries on such date, to (ii) Consolidated Current Liabilities on such date to be less than the ratio set forth opposite such fiscal quarter below: ============================================================================= FISCAL QUARTER ENDING RATIO ============================================================================= December 31, 1998 0.80 to 1.00 ------------------------------------------------------------------------------ March 31 in each year 1.00 to 1.00 ------------------------------------------------------------------------------ June 30 in each year 0.80 to 1.00 ------------------------------------------------------------------------------ September 30 in each year 0.80 to 1.00 ------------------------------------------------------------------------------ December 31 in each year after 1998 1.00 to 1.00 ============================================================================== Notwithstanding the foregoing, if the Rate Decrease Event shall have occurred, the Company shall not permit the ratio of clause (i) to clause (ii) above to be less than 1.00 to 1.00 on the last day of any fiscal quarter of the Company.