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, 2017, 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. January 31, 2017 $ 15,000,000 February 28, 2017 $ 30,000,000 March 31, 2017 $ 45,000,000 April 30, 2017 $ 60,000,000 May 31, 2017 $ 75,000,000 June 30, 2017 $ 90,000,000 July 31, 2017 $ 110,000,000 August 31, 2017 $ 130,000,000 September 30, 2017 $ 150,000,000 October 31, 2017 $ 170,000,000 November 30, 2017 $ 190,000,000 December 31, 2017 $ 220,000,000

Minimum Net Revenue. Measured monthly and calculated on a cumulative and consolidated basis for Borrower and its Subsidiaries beginning January 1, 20172018, 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. January 31, 2017 2018 $ 15,000,000 23,300,000 February 28, 2017 2018 $ 30,000,000 44,600,000 March 31, 2017 2018 $ 45,000,000 68,900,000 April 30, 2017 2018 $ 60,000,000 89,500,000 May 31, 2017 2018 $ 75,000,000 116,700,000 June 30, 2017 2018 $ 90,000,000 143,700,000 July 31, 2017 2018 $ 110,000,000 170,300,000 August 31, 2017 2018 $ 130,000,000 201,700,000 September 30, 2017 2018 $ 150,000,000 229,700,000 October 31, 2017 2018 $ 170,000,000 261,100,000 November 30, 2017 2018 $ 190,000,000 298,200,000 December 3131,2018 $ 328,900,000 4) Unless otherwise defined, 2017 $ 220,000,000all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement. 5) Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date of this Amendment. 6) This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 7) As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: a) this Amendment, duly executed by Borrower; b) payment for all Bank Expenses incurred through the date of this Amendment, including Bank’s expenses for the documentation of this Amendment and any UCC, good standing or intellectual property search or filing fees, which may be debited from any of Borrower’s accounts; and c) such other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate.