Common use of Minimum Net Revenue Clause in Contracts

Minimum Net Revenue. Measured monthly and calculated on a cumulative and consolidated basis for Borrower and its Subsidiaries beginning January 1, 2018, Borrower shall achieve Net Revenue of at least the amounts shown in the table immediately below for the corresponding reporting periods on a calendar year to date basis. For subsequent reporting periods, Bank and Borrower hereby agree that, as soon as available, but in any event on or before April 1 of each year during the term of this Agreement, Borrower shall provide Bank with a budget for such year, which shall be approved by Borrower’s Board of Directors, and Bank shall use that budget to establish the minimum Net Revenue amounts for such year after reasonable consultation with Borrower (which amounts shall reflect the greater of (i) 60% of Borrower’s board-approved plan and (ii) a 30% increase over actual Revenue from the preceding year), with such amounts being incorporated herein by an amendment, which Borrower hereby agrees to execute. In addition, if no minimum Net Revenue level is in effect as of the last day of a particular month, then the covenant level for that day shall be deemed to be an amount that is 10% greater than the minimum Net Revenue required by this Section 6.7(b) for the immediately preceding month. Reporting Period Ending (on a calendar year to date basis) Minimum Net Revenue January 31, 2018 $ 23,300,000 February 28, 2018 $ 44,600,000 March 31, 2018 $ 68,900,000 April 30, 2018 $ 89,500,000 May 31, 2018 $ 116,700,000 June 30, 2018 $ 143,700,000 July 31, 2018 $ 170,300,000 August 31, 2018 $ 201,700,000 September 30, 2018 $ 229,700,000 October 31, 2018 $ 261,100,000 November 30, 2018 $ 298,200,000 December 31,2018 $ 328,900,000

Minimum Net Revenue. Measured monthly and calculated on a cumulative and consolidated basis for Borrower and its Subsidiaries beginning January 1, 20182017, Borrower shall achieve Net Revenue of at least the amounts shown in the table immediately below for the corresponding reporting periods on a calendar year to date basis. For subsequent reporting periods, Bank and Borrower hereby agree that, as soon as available, but in any event on or before April 1 of each year during the term of this Agreement, Borrower shall provide Bank with a budget for such year, which shall be approved by Borrower’s Board of Directors, and Bank shall use that budget to establish the minimum Net Revenue amounts for such year after reasonable consultation with Borrower (which amounts shall reflect the greater of (i) 60% of Borrower’s board-approved plan and (ii) a 30% increase over actual Revenue from the preceding year), with such amounts being incorporated herein by an amendment, which Borrower hereby agrees to execute. In addition, if no minimum Net Revenue level is in effect as of the last day of a particular month, then the covenant level for that day shall be deemed to be an amount that is 10% greater than the minimum Net Revenue required by this Section 6.7(b) for the immediately preceding month. Reporting Period Ending (on a calendar year to date basis) Minimum Net Revenue January 31, 2018 2017 $ 23,300,000 15,000,000 February 28, 2018 2017 $ 44,600,000 30,000,000 March 31, 2018 2017 $ 68,900,000 45,000,000 April 30, 2018 2017 $ 89,500,000 60,000,000 May 31, 2018 2017 $ 116,700,000 75,000,000 June 30, 2018 2017 $ 143,700,000 90,000,000 July 31, 2018 2017 $ 170,300,000 110,000,000 August 31, 2018 2017 $ 201,700,000 130,000,000 September 30, 2018 2017 $ 229,700,000 150,000,000 October 31, 2018 2017 $ 261,100,000 170,000,000 November 30, 2018 2017 $ 298,200,000 190,000,000 December 31,2018 31, 2017 $ 328,900,000220,000,000