Minimum Revenue Clause Samples

Minimum Revenue. Maintain as of the last day of each month, unless otherwise noted, on a consolidated basis with respect to Borrower, minimum revenue (determined in accordance with GAAP) of at least the following amounts measured on a trailing three (3) month basis for the period then ended: Commencing with the month ending January 31, 2023, and as of the last day of each month thereafter during Borrower’s 2023 and 2024 fiscal years, respectively, (i) the minimum revenue covenant set forth in this Section 6.9(a) (the “2023 Minimum Revenue Covenant”) shall be calculated based on Borrower’s projected performance as set forth in Borrower’s annual financial projections approved by Borrower’s Board for the 2023 fiscal year and delivered to Bank not later than January 30, 2023 (the “2023 Projections”), and shall be equal to the greater of (i) eighty percent (80%) of the projected revenues as set forth in the 2023 Projections or (ii) ten percent (10%) year-over-year growth as set forth in the 2023 Projections, and (ii) the minimum revenue covenant set forth in this Section 6.9(a) (the “2024 Minimum Revenue Covenant”) shall be calculated based on Borrower’s projected performance as set forth in Borrower’s annual financial projections approved by Borrower’s Board for the 2024 fiscal year and delivered to Bank not later than January 30, 2024 (the “2024 Projections”), and shall be equal to the greater of (i) eighty percent (80%) of the projected revenues as set forth in the 2024 Projections or (ii) ten percent (10%) year-over-year growth as set forth in the 2024 Projections. Borrower’s failure to reach an agreement with Bank on (i) the 2023 Minimum Revenue Covenant on or before February 28, 2023 and to execute and deliver to Bank an amendment to this Agreement which provides the terms for such 2023 Minimum Revenue Covenant mutually agreeable to Borrower and Bank on or prior to February 28, 2023, or (ii) the 2024 Minimum Revenue Covenant on or before February 28, 2024 and to execute and deliver to Bank an amendment to this Agreement which provides the terms for such 2024 Minimum Revenue Covenant mutually agreeable to Borrower and Bank on or prior to February 28, 2024, shall constitute an immediate Event of Default under this Agreement.

Minimum Revenue. As of the last day of each fiscal quarter concluding on and after the Closing Date, the Borrower and its consolidated entities shall have revenue (determined in accordance with GAAP) of not less than $150,000,000 on a trailing 12 month basis.

Minimum Revenue. Minimum Revenue, based on the most recent quarterly financial statement delivered to Bank pursuant to Section 6.2 of this Agreement of not less than the following amounts for the following periods: $15,600,000 for the quarter ending March 31, 2003; $17,700,000 for the quarter ending June 30, 2003; $19,200,000 for the quarter ending September 30, 2003; $20,400,000 for the quarter ending December 31, 2003; and $20,400,000 for the quarter ending March 31, 2004.

Minimum Revenue. Borrower and its Subsidiaries shall have annual Revenue (for each respective calendar year, the “Minimum Required Revenue”): (a) during the twelve month period beginning on January 1, 2015, of at least $8,000,000; (b) during the twelve month period beginning on January 1, 2016, of at least $20,000,000; (c) during the twelve month period beginning on January 1, 2017, and during each twelve month period thereafter beginning on January 1 of each such period, of at least $30,000,000.

Minimum Revenue. Not permit the revenue of Holdings and its Subsidiaries (as recognized in accordance with GAAP) as of the last day of any Test Period set forth in the table below, to be less than the amount set forth opposite such Test Period for such Test Period then ended:

Minimum Revenue. (a) Borrower and its Subsidiaries shall have Revenue: (i) during the twelve month period beginning on January 1, 2013, of at least $5,000,000; (ii) during the twelve month period beginning on January 1, 2014, of at least $25,000,000; (iii) during the twelve month period beginning on January 1, 2015, of at least $50,000,000; (iv) during the twelve month period beginning on January 1, 2016, of at least $75,000,000; (v) during the twelve month period beginning on January 1, 2017, of at least $100,000,000; (vi) during the twelve month period beginning on January 1, 2018, and each twelve month period following thereafter, of at least $125,000,000. It is acknowledged and agreed that the financial covenant described in clause (a) above shall only be tested on the last day of each applicable period referenced in clauses(a)(i) through (a)(vi) above.

Minimum Revenue. As of the last day of each fiscal quarter concluding on and after September 30, 2022, Parent and its consolidated entities shall have revenue (determined in accordance with GAAP) of not less than Minimum Revenue for the preceding 12 months.

Minimum Revenue. As of the last day of each fiscal quarter, commencing with the fiscal quarter ending December 31, 2022, the Borrower shall not permit consolidated Revenues of the Borrower and its Subsidiaries for the trailing twelve month period ending on the last day of such fiscal quarter to be less than the amount set forth below of each applicable period: December 31, 2022 $ 226,500,000.00 March 31, 2023 $ 253,100,000.00 June 30, 2023 $ 283,500,000.00 September 30, 2023 $ 312,900,000.00 December 31, 2023 $ 342,700,000.00 March 31, 2024 $ 371,600,000.00 June 30, 2024 $ 408,300,000.00 September 30, 2024 $ 443,000,000.00 December 31, 2024 $ 459,100,000.00 March 31, 2025 $ 487,900,000.00 June 30, 2025 $ 521,900,000.00 September 30, 2025 $ 556,700,000.00 December 31, 2025 and each fiscal quarter thereafter $ 594,100,000.00

Minimum Revenue. Borrower and its Subsidiaries shall have Revenue from sales, marketing or distribution of the Product and related services (for each respective measured period, the “Minimum Required Revenue”): (a) during the twenty-four month period beginning on January 1, 2015, of at least $45,000,000; (b) during the twenty-four month period beginning on January 1, 2016, of at least $80,000,000; (c) during the twenty-four month period beginning on January 1, 2017, of at least $110,000,000; and (d) during the twenty-four month period beginning on January 1, 2018, of at least $120,000,000; and (e) during the twenty-four month period beginning on January 1, 2019, of at least $120,000,000.