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assumes in writing all of the obligations of the Borrower under this Agreement and (iii) is duly qualified to do business in the State, and if (2) immediately after giving effect to such transaction, no condition or event shall ex:ist which constitutes an Event of Default or which, after notice or lapse of time or both, would constitute an Event of Default, The Borrower shall promptly furnish or cause to be fur- nished to the Issuer and the Trustee written notice of any such disso l ution, merger or consolidation, or sale, lease or other disposition of all or substantially all of its assets, which notice shall include a true and comf,1.ete copy of any pertinent agreement controlling such merger, consolidation or dissolution or sale, lease or other disposition of assets. If a consolidation, merger or sale or other transfer is made as permitted by this Section 8.4, the provisions of this Section 8.4 shall continue in force and effect and no further consolidation, merger or sale or other transfer shall be made except in compliance with tl1e provisions of this Section. (dl The Borrower will maintain, (1) a ratio of Current Assets to current Liabilities of at least 1 to 1, (2) a ratio of Tangible Net Worth to Indebtedness of at least ,5 to 1, and (3) a ratio of Net Cash Flow to current maturities of Funued Indebted- ness of at least l to 1. (e) The Borrower will make no substantial changes in executive or mi~dle management positions (as determined by the Trustee) without the prior approval of the holders of all the Bonds then Outstanding. Section 8.5 Investments. The Borrower covenants that it will not direct the Trustee to make any investments of funJs held under the Indenture which will be contrary to any of the provisions of the Indenture or to any of the requirements of Section 103(c) of the Code. Section 8.6. Certain Definitions. For LI1e purposes of this Ar.ticle VIII, the following worus, terms or phrases, shall have the meanings provided below: (a} 'l'he term "Current Assets," to the extent permittod by and in all cases as determined in accordance with ')Ood accounting practice, shall include {1) cash on hand or in transit or on --leposit i.n any bank or trust company which has not suspendeu business: ( 2) Permitted Investment Securities valuell ,,t not more thun cost or current market vulue, whichever is lower; -37-