The lenders set levels of net expenditures that Jackson Hewitt can make at $17.5 million for December 2010 and up to an additional $16.7 million through January 31. Jackson Hewitt also has cannot add bonus or retention plans other than its annual bonus plans and what were termed certain other programs without lender approval.

In addition to reporting requirements under prior terms of the lending agreements, Jackson Hewitt must now provide monthly internally-prepared financial statements that have an EBITDA calculation, along with variance analysis, any periodic reporting provided by the CFO, thirteen-week cash flow projections after each month; budget-to-actual reports analyzing the business plan, monthly accounts receivable agings that include franchisee receivables and reports regarding refund anticipation loan program funding progress, financial data, operating data, status updates regarding the negotiations with franchisees and status updates regarding any negotiations with Wal-Mart, where the chain has an exclusive right to operate tax preparation locations.