Minimum Net Invoiced Revenues. Borrowers will not permit the Net Invoiced Revenues for any Defined Period to be less than the amounts set forth below: xxii) provided that, if Borrowers demonstrate, as of the last day of a Defined Period, Minimum Liquidity of at least $30,000,000, Borrowers shall not be required to demonstrate compliance with this Section 6.3 for such Defined Period.”

Minimum Net Invoiced Revenues. As of any Testing Date: (a) Borrower shall not permit its consolidated Net Invoiced Revenue for the Six Month Testing Period to be less than (i) at any Testing Date through and including the Testing Date ending February 1, 2013, the minimum amounts set forth on the Schedule 1 attached to that certain Side Letter Agreement, dated as of the Closing Date, among Borrower, Agent and Silicon Valley Bank, as Lender, opposite such Testing Date set forth on such Schedule 1 and (ii) for any Testing Date thereafter (i.e. after February 1, 2013), fifty percent (50%) of the consolidated Net Invoiced Revenue for the Corresponding Six Month Testing Period ended as of such Corresponding Testing Date as set forth in Borrower’s annual operating plan for the calendar year ended which includes the month-end for such Six Month Testing Period, which plan has been approved by AxoGen Inc.’s Board of Directors and has been prepared in good faith and based on reasonable and appropriate measurement criteria; and (b) In addition to clause (a), beginning with the March 1, 2013 Testing Date and thereafter, Borrower shall not permit its consolidated Net Invoiced Revenue for the Corresponding Twelve Month Testing Period ended for any Corresponding Testing Date to be less than the amount of Borrower’s consolidated Net Invoiced Revenue for the Corresponding Twelve Month Testing Period ended for the immediately preceding Corresponding Testing Date. Notwithstanding the foregoing, if Borrower fails to satisfy the covenants set forth in clauses (a) and/or (b) above, for any Testing Date, Borrower shall not be in violation of such covenant if, as of such Testing Date and at all times thereafter until Borrower is back in compliance with this covenant, Borrower shall have cash and Cash Equivalents on hand in a Collateral Account located at Silicon Valley Bank or one of its affiliates and subject to a Control Agreement of not less than eighty percent (80%) of the then outstanding principal balance of the Term Loan.

Minimum Net Invoiced Revenues. Borrowers will not permit the Net Invoiced Revenues for any Defined Period to be less than the amounts set forth below: Period Minimum Net Invoiced Revenues April 30, 2013 $23,684,724 May 31, 2013 $29,719,074 June 30, 2013 $36,319,243 July 31, 2013 $41,967,033 August 31, 2013 $48,702,459 September 30, 2013 $56,432,873 October 31, 2013 $64,269,174 November 30, 2013 $72,662,749 December 31, 2013 $82,601,131 March 31, 2014 $89,218,499 June 30, 2014 $90,092,279

Minimum Net Invoiced Revenues. Borrowers will not permit the Net Invoiced Revenues for any Defined Period to be less than the amounts set forth below:

Minimum Net Invoiced Revenues. Borrowers agree that an Event of Default shall be deemed to have occurred under this Agreement if the Borrowers’ Net Invoiced Revenues for any calendar quarter during the period beginning with the quarter ended March 31, 2011 and ending with the calendar quarter ended December 31, 2011 (each which shall be the Defined Period) shall be less than the amounts set forth below (or any lower amount identified in writing by Agent): March 31, 2011 * June 30, 2011 * September 30, 2011 * December 31, 2011 * Agent shall set Borrowers’ minimum Net Invoiced Revenues for the calendar quarters during Fiscal Year 2012 at an amount equal to 60% of the 2012 board-approved plan, which plan shall be (i) satisfactory to the Lenders in their reasonable discretion and (ii) delivered to Agent on or before December 31, 2011. Agent further shall set Borrowers’ minimum Net Invoiced Revenues for the calendar quarters ending March 31, 2013 at an amount equal to 60% of the 2013 board-approved plan, which plan shall be (i) satisfactory to the Lenders in their reasonable discretion and (ii) delivered to Agent on or before December 31, 2012. Upon any such determination by Agent, Borrowers, Agent and Lenders agree to amend this Section 6.2 to incorporate such minimum Net Invoiced Revenues.

Minimum Net Invoiced Revenues. Borrower shall not permit Net Invoiced Revenues for any period set forth below to be less than the amounts set forth below (or any lower amount identified in writing by Agent): [*] Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portion.

Related to Minimum Net Invoiced Revenues

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.
Gross Revenue The Gross Revenue shall be inclusive of installation charges, late fees, sale proceeds of handsets (or any other terminal equipment etc.), revenue on account of interest, dividend, value added services, supplementary services, access or interconnection charges, roaming charges, revenue from permissible sharing of infrastructure and any other miscellaneous revenue, without any set-off for related item of expense, etc.
Gross Revenues All revenues, receipts, and income of any kind derived directly or indirectly by Lessee from or in connection with the Hotel (including rentals or other payments from tenants, lessees, licensees or concessionaires but not including their gross receipts) whether on a cash basis or credit, paid or collected, determined in accordance with generally accepted accounting principles, excluding, however: (i) funds furnished by Lessor, (ii) federal, state and municipal excise, sales, and use taxes collected directly from patrons and guests or as a part of the sales price of any goods, services or displays, such as gross receipts, admissions, cabaret or similar or equivalent taxes and paid over to federal, state or municipal governments, (iii) the amount of all credits, rebates or refunds to customers, guests or patrons, and all service charges, finance charges, interest and discounts attributable to charge accounts and credit cards, to the extent the same are paid to Lessee by its customers, guests or patrons, or to the extent the same are paid for by Lessee to, or charged to Lessee by, credit card companies, (iv) gratuities or service charges actually paid to employees, (v) proceeds of insurance and condemnation, (vi) proceeds from sales other than sales in the ordinary course of business, (vii) all loan proceeds from financing or refinancings of the Hotel or interests therein or components thereof, (viii) judgments and awards, except any portion thereof arising from normal business operations of the Hotel, and (ix) items constituting “allowances” under the Uniform System.
Minimum Net Income If as of the last day of any calendar month within a fiscal quarter of the Seller, the Seller’s consolidated Adjusted Tangible Net Worth is less than [***] or the Seller, on a consolidated basis, has cash and Cash Equivalents in an amount that is less than [***], in either case, the Seller’s consolidated Net Income for that fiscal quarter before income taxes for such fiscal quarter shall equal or exceed [***].
Contract Quarterly Sales Reports The Contractor shall submit complete Quarterly Sales Reports to the Department’s Contract Manager within 30 calendar days after the close of each State fiscal quarter (the State’s fiscal quarters close on September 30, December 31, March 31, and June 30). Reports must be submitted in MS Excel using the DMS Quarterly Sales Report Format, which can be accessed at xxxxx://xxx.xxx.xxxxxxxxx.xxx/business_operations/ state_purchasing/vendor_resources/quarterly_sales_report_format. Initiation and submission of the most recent version of the Quarterly Sales Report posted on the DMS website is the responsibility of the Contractor without prompting or notification from the Department’s Contract Manager. If no orders are received during the quarter, the Contractor must email the DMS Contract Manager confirming there was no activity.
Contract Year A twelve (12) month period during the term of the Agreement commencing on the Effective Date and each anniversary thereof.
Minimum Adjusted EBITDA Borrower shall maintain a minimum trailing six-month Adjusted EBITDA minus dividend distributions (other than tax distributions), as of such test date, of at least the greater of (a) $75,000,000 and (b) an amount equal to 75% of the trailing six-month Adjusted EBITDA minus dividend distributions (other than tax distributions), for the immediately preceding six-month period, tested semi-annually, commencing September 30, 2024, and continuing on each subsequent March 31 and September 30.
Minimum Net Worth The Borrower will at all times maintain ----------------- Consolidated Net Worth of not less than the sum of (i) $265,000,000 plus (ii) fifty percent (50%) of Consolidated Net Income earned in each fiscal quarter beginning with the quarter ending December 31, 1997 (without deduction for losses).
Total Operating Expenses All costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or its business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer and registration of securities, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) acquisition fees and Acquisition Expenses, (vii) real estate commissions on the sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section 14.
Gross Sales Notwithstanding anything in the Lease to the contrary the definition of Gross Sales shall be as follows:

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