Common use of Minimum Quarterly Revenue Clause in Contracts

Minimum Quarterly Revenue. Achieve, measured as of the last day of each quarter, calculated on a trailing six (6) month basis, minimum revenue equal to at least the following: December 31, 2014 $ 82,472,000.00 March 31, 2015 $ 78,983,300.00 June 30, 2015 $ 89,799,800.00 September 30, 2015 $ 99,306,800.00 December 31, 2015 $ 104,346,100.00 With respect to the quarter ending March 31, 2016, and each quarter thereafter, the minimum revenue financial covenant levels shall be mutually agreed upon between Borrower and Bank in an amount equal to eighty percent (80%) of Borrower’s projected revenue, determined based upon Board-approved projections for each upcoming fiscal year of Borrower. The failure of Borrower and Bank to so mutually agree in writing by February 1st of each year shall result in an immediate Event of Default for which there shall be no grace or cure period.

Minimum Quarterly Revenue. Achieve, measured as of the last day of each quarter, calculated on a trailing six (6) month basis, minimum revenue equal to at least the following: December 31, 2014 $ 82,472,000.00 [ *] March 31, 2015 $ 78,983,300.00 [ *] June 30, 2015 $ 89,799,800.00 [ *] September 30, 2015 $ 99,306,800.00 [ *] December 31, 2015 $ 104,346,100.00 [ *] With respect to the quarter ending March 31, 2016, and each quarter thereafter, the minimum revenue financial covenant levels shall be mutually agreed upon between Borrower and Bank in an amount equal to eighty percent (80%) [*] of Borrower’s projected revenue, determined based upon Board-approved projections for each upcoming fiscal year of Borrower. The failure of Borrower and Bank to so mutually agree in writing by February 1st of each year shall result in an immediate Event of Default for which there shall be no grace or cure period.