2Minimum Total Revenue Clause Samples
2Minimum Total Revenue. (a) Not permit the Total Revenue of the Loan Parties (on a consolidated basis) for the consecutive twelve (12) month period ending on the last Business Day of any Fiscal Quarter set forth in the table below (designated by “Q” in the table below) to be less than the applicable amount set forth in the table below for such period.
2Minimum Total Revenue. (a) Not permit the Total Revenue of the Loan Parties (on a consolidated basis) for the consecutive twelve (12) month period ending on the last Business Day of any Fiscal Quarter set forth in the table below (designated by “Q” in the table below) to be less than the applicable amount set forth in the table below for such period. Q4 2024 and each Fiscal Quarter thereafter $55,000,000
(b) Notwithstanding anything to the contrary contained in the Agreement, in the event that ▇▇▇▇▇▇▇▇ fails, as determined on the date of receipt by Agent of the interim reports to be delivered pursuant to Section 6.1.2(a) (the “Revenue Default Date”), to comply with the financial covenant set forth in Section 7.13.2(a) above (a “Revenue Covenant Default”), Borrower shall have the right to effect a “cure” of such Revenue Covenant Default (the “Revenue Cure Right”), subject to the terms and conditions of this Section 7.13.2(b). So long as no other Event of Default has occurred and is continuing, Borrower may exercise the Revenue Cure Right by (i) notifying Agent in writing of its intent to exercise its Revenue Cure Right within five (5) Business Days of the Revenue Default Date (the “Revenue Cure Right Notice”) and (ii) providing evidence, acceptable to Agent in its commercially-reasonable discretion, that Borrower has received net cash proceeds in an aggregate amount that is equal to or greater than one hundred percent (100%) of the amount by which ▇▇▇▇▇▇▇▇’s actual Total Revenue for the applicable reporting period was less than the minimum Total Revenue required pursuant to Section 7.13.2(a) above (the “Revenue Cure Amount”) within thirty (30) Business Days after delivery of the Revenue Cure Right Notice (each such period, the “Revenue Cure Right Exercise Period”) pursuant to the issuance by Borrower of (A) Subordinated Debt, (B) additional Equity Interests or (C) some combination of (A) and (B), in each case on terms and conditions satisfactory to Agent in its commercially-reasonable discretion. Notwithstanding the forgoing, Borrower shall be permitted to exercise the Revenue Cure Right (i) on no more than two (2) occasions during any period of twelve (12) consecutive months, and (ii) a maximum of three (3) occasions during the term of the Loan. Upon ▇▇▇▇▇▇▇▇’s satisfaction of the requirements set forth in the prior sentence prior to the expiration of the Revenue Cure Right Exercise Period, the Revenue Covenant Default shall be deemed cured and no longer continuing. For the av...