Recurring Revenue. Maintain Recurring Revenue for Borrower’s fiscal quarter ending December 31, 2010 of at least $28,500,000,00. In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2011, and for each fiscal quarter thereafter, Borrower shall maintain at all times, to be tested as of the last day of each fiscal quarter, minimum Recurring Revenue of greater than or equal to the greater of: (i) ninety (90%) of the Recurring Revenue projected for each fiscal quarter pursuant to Borrower’s Board of Directors’ approved projections, which projections shall be acceptable to Bank in its reasonable discretion, and (ii) the minimum Recurring Revenue required for the previous fiscal quarter.
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Recurring Revenue. Maintain Recurring Revenue for Borrower’s fiscal quarter ending December 31, 2010 of at least $28,500,000,0028,500,000.00. In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2011, and for each fiscal quarter thereafter, Borrower shall maintain at all times, to be tested as of the last day of each fiscal quarter, minimum Recurring Revenue of greater than or equal to the greater of: (i) ninety (90%) of the Recurring Revenue projected for each fiscal quarter pursuant to Borrower’s Board of Directors’ approved projections, which projections shall be acceptable to Bank in its reasonable discretion, and (ii) the minimum Recurring Revenue required for the previous fiscal quarter.
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