Common use of Minimum Revenue Commitment Clause in Contracts

Minimum Revenue Commitment. 3.1. The RL shall fulfil the minimum revenue to be generated in terms of cumulative Reduced MRC billed in respect of NRES Connections (“Minimum Revenue Commitment”, or “MRVC”) that is indicated in the below table: 500 NRES Connections $630,000 3.2. The RL shall fulfil the MRVC specified above by the last day of the Term. The RL acknowledges that NLT has offered the Bid Rebate and Reduced MRC set out in Annex 2 on the condition that the MRVC is met, and the RL hereby agrees to pay an additional payment in the event that the RL fails to meet the MRVC at the end of the Term (or such earlier date of cessation of the Agreement pursuant to termination by the RL) (the “Additional Payment”). The Additional Payment shall be calculated according to the below formula: Where A = Amount of Additional Payment payable for failure to meet the MRVC within the Term X = Cumulative Reduced MRC billed during the Term, including any ETC payable by RL that falls during the Term 3.3. The Additional Payment shall be made in full to NLT no later than ten (10) Business Days from the last day of the Term, or such earlier date of cessation of the Agreement pursuant to termination by the RL (as the case may be). For the avoidance of doubt, interest payable on overdue amounts provided for in the relevant Schedules of the Approved ICO (including but not limited to Schedule 16) shall apply to any part of the Additional Payment which is overdue.

Minimum Revenue Commitment. 3.14.1. The RL shall fulfil the minimum revenue to be generated in terms of cumulative Reduced MRC billed in respect of NRES Connections (“Minimum Revenue Commitment”, or “MRVC”) that is indicated in the below table: 500 630 NRES Connections $630,0001,323,000 TOTAL MRVC $1,323,000 For the avoidance of doubt, the cumulative MRC billed in respect of an Original T1217 Connection and the corresponding Replacement Connection during the Term shall be regarded as the cumulative MRC billed in respect of one (1) NRES Connection under the above table. 3.24.2. The RL shall fulfil the MRVC specified above by the last day of the Term. The RL acknowledges that NLT has offered the Bid Tender Rebate and Reduced MRC set out in Annex 2 on the condition that the MRVC is met, and the RL hereby agrees to pay an additional payment in the event that the RL fails to meet the MRVC at the end of the Term (or such earlier date of cessation of the Agreement pursuant to termination by the RL) (the “Additional Payment”). The Additional Payment shall be calculated according to the below formula: Where A = Amount of Additional Payment payable for failure to meet the MRVC within the Term X = Cumulative Reduced MRC billed during the Term, including any ETC payable by RL that falls during the Term 3.34.3. The Additional Payment shall be made in full to NLT no later than ten (10) Business Days from the last day of the Term, or such earlier date of cessation of the Agreement pursuant to termination by the RL (as the case may be). For the avoidance of doubt, interest payable on overdue amounts provided for in the relevant Schedules of the Approved ICO (including but not limited to Schedule 16) shall apply to any part of the Additional Payment which is overdue.