Common use of Recurring Revenue Clause in Contracts

Recurring Revenue. Subscription (platform) revenue of the Borrower from Eligible Customer Accounts received from the execution of monthly, quarterly, and annual customer contracts in the ordinary course of the Borrower’s business, in each case determined in accordance with GAAP and specifically excluding revenue or accounts received based on (a) sales of inventory, goods, or equipment, (b) transaction revenue not received in the ordinary course of business, (c) sales of services not in the ordinary course of business, (d) revenue received due to one-time, non-recurring transactions, installation and/or set-up fees, (e) add-on purchases by the Borrower’s existing clients not resulting in a continuing stream of revenue and (f) such other exclusions as the Administrative Agent shall determine, in its reasonable discretion, for the twelve month period ending as of the Statement Date: $