Performance Covenant Clause Samples

Performance Covenant. Section 7.20(b) of the Loan Agreement is hereby amended in its entirety and replaced with the following: “(b) Performance Covenant. Beginning on such date for which financial statements have been (or are required to be delivered) under Section 7.1(a) for the month ending September 30, 2024 and at all times thereafter, Borrower shall satisfy either of (i) Performance Covenant A or Performance Covenant B, tested at all times, or (ii) Performance Covenant C, tested monthly.”

Performance Covenant. If the Initial Performance Covenant Test Date has occurred, Borrower shall thereafter satisfy either of (i) Performance Covenant A or Performance Covenant B, tested at all times, or (ii) Performance Covenant C, tested quarterly.

Performance Covenant. Each of the parties hereto covenants and agrees that it will take all action reasonably within its power and authority to duly and timely carry out all of its obligations hereunder, to perform and comply with all of the covenants, agreements, representations and warranties hereunder applicable to it and to cause all conditions to the obligations of the other parties to close the purchase and sale of the Transferred Assets pursuant hereto to be satisfied as promptly as possible.

Performance Covenant. Each of the parties hereto covenants and agrees that it will take all actions reasonably within its power and authority to duly and timely carry out all of its obligations hereunder, to perform and comply with all of the covenants, agreements, representations and warranties hereunder applicable to it and to cause all conditions to the obligations of the other party to close the transactions provided for herein to be satisfied as promptly as possible.

Performance Covenant. Contractor covenants that he/she will perform the Services in a good and workmanlike manner consistent with good industry practices, and to comply with pertinent provisions of Morningstar’s Code of Ethics and other key policies in his/her performance of the Services.

Performance Covenant. By its signature in the place provided below, Panhandle Eastern Pipe Line Company, LP hereby covenants, to the extent permitted by applicable law, to cause Manager to perform the duties and obligations of Manager hereunder.

Performance Covenant. Borrower shall, at all times after the 2019 Term B Loan Advance is made through the Performance Covenant End Date, either (i) maintain unrestricted cash (deposited into accounts in the name of Borrower that are subject to a first priority perfected security interest in favor of Agent perfected by an Account Control Agreement) of at least Fifteen Million Dollars ($15,000,000.00) or (ii) achieve and maintain Aggregate 2013-2016 Vintage Clinic Level Contribution on a trailing six (6) month basis of at least Twenty-Three Million Dollars ($23,000,000.00).

Performance Covenant. Beginning on JulyJanuary 1, 20242026, tested on a quarterly basis from and after such date, Borrower’s T6M Net Product Revenue shall be no less than sixty-five percent (65%) of the projected T6M Net Product Revenue for the trailing six-month period most recently then ended as set forth in the financial projections delivered to the Agent prior to Closing Date or the most recent budget approved by Borrower’s Board of Directors delivered to Agent pursuant to Section 7.1(i) and that is reasonably acceptable to Agentthe “Covenant Level” set forth on Exhibit K hereto for the applicable trailing six (6) month period (such minimum T6M Net Product Revenue requirements set forth in this sentence, the “Performance Covenant”). Compliance with the Performance Covenant set forth in the preceding sentence of this Section 7.21(a) shall be waived for any particular quarter to the extent that Borrower maintains either (x) both (1) a minimum fully diluted Market Capitalization of at least $550,000,000 and (2) Unrestricted Cash in an amount not less than fiftyseventy-five percent (5075%) of the aggregate outstanding principal amount of the Term Loans or (y) Unrestricted Cash in an amount not less than eightyone hundred percent (80100%) of the aggregate outstanding principal amount of the Term Loans, in each case, at all times during the maintenance period beginning on the first day of such quarter through and including the date on which Borrower has delivered the financial statements and the Compliance Certificate for such quarter in accordance with Sections 7.1(b) (or 7.1(c) for the last quarter of any fiscal year) and (d) to Agent (for the avoidance of doubt, if ▇▇▇▇▇▇▇▇ fails to so maintain both a minimum Market Capitalization and/or Unrestricted Cash (as applicable and required pursuant to clause (x) or (y)) at all times during such maintenance period in the amounts required pursuant to this sentence, then Borrower shall be required to comply with the Performance Covenant for such quarter).

Performance Covenant. Each of the parties hereto covenants and agrees -------------------- that it will take all action reasonably within its power and authority to duly and timely carry out all of its obligations hereunder, to perform and comply with all of the covenants, agreements, representations, and warranties hereunder applicable to it, and to cause all conditions applicable to it to the obligations of the other party to close the purchase and sale of the Shares pursuant hereto to be satisfied as promptly as possible. Each party will promptly notify the others in the event such party receives notice of the institution or threat to institute any action that could cause the conditions set forth in Section 6.1(b) or 6.2(b) not to be satisfied at the Closing Date.