Common use of Minimum Recurring Revenue Clause in Contracts

Minimum Recurring Revenue. Borrower’s Recurring Revenue, annualized for the preceding 3 months, shall be not less than the following amounts, for the respective measuring periods set forth below: Period Ending Minimum Recurring Revenue March 31, 2017 $ 16,500,000 June 30, 2017 $ 17,500,000 September 30, 2017 $ 18,500,000 December 31, 2017 $ 20,000,000 Thereafter, Borrower’s annualized quarterly Recurring Revenue shall not be less than the greater of (x) 80% of Borrower’s Board-approved plan (for projected Recurring Revenue), to be provided by Borrower to Lender in accordance with Section 5(h), above, or (y) $20,000,000.

Minimum Recurring Revenue. Borrower’s Recurring Revenue, annualized for the preceding 3 6 months, shall be not less than the following amounts, for the respective measuring periods set forth below: Period Ending Minimum Recurring Revenue September 30, 2015 $ 8,695,000 December 31, 2015 $ 9,532,000 March 31, 2016 $ 10,256,000 June 30, 2016 $ 11,219,000 September 30, 2016 $ 11,855,000 December 31, 2016 $ 12,369,000 March 31, 2017 $ 16,500,000 13,187,000 June 30, 2017 $ 17,500,000 13,960,000 September 30, 2017 $ 18,500,000 14,595,000 December 31, 2017 $ 20,000,000 15,185,000 Thereafter, Borrower’s annualized quarterly Recurring Revenue shall not be less than the greater of (x) 80% of Borrower’s Board-approved plan (for projected Recurring Revenue), to be provided by Borrower to Lender in accordance with Section 5(h), above, or (y) $20,000,00015,185,000.