Performance to Plan. As of the last day of each month, Borrower’s ending CMRR balance, averaged on a trailing three (3) month basis, shall be at least seventy five percent (75%) of Borrower’s projected performance averaged for the same respective period as outlined in Borrower’s Forecast_Model_vl50.xlsx received by Bank on August 20, 2010 that has been approved by Bank and is attached hereto as Exhibit F.
Performance to Plan. Borrower’s quarterly EBITDA for quarters ending September 30, 2014 and December 31, 2014 shall be positive. Borrower’s quarterly EBITDA for 2015 and beyond shall not negatively deviate more than 20% from its Projected Quarterly EBITDA as set forth in Borrower’s most recent financial projections provided to Bank in accordance with Section 3.1 or Section 6.3(d); including the amounts set forth on Exhibit E attached hereto, with respect to the periods stated therein. Notwithstanding the foregoing, Borrower’s failure to comply with the foregoing sentence shall not be deemed a breach of this section if the total quarterly negative deviation from Projected Quarterly EBITDA for the relevant fiscal quarter does not exceed $250,000.
Performance to Plan. (Section 6.7) If Borrower’s and its Subsidiaries Cash is less than Twenty Five Million Dollars ($25,000,000) as of the last day of the applicable monthly measuring period, Borrower shall maintain the following financial covenant as of the last day of the month: Performance to Plan. Performance to Plan. Bookings, measured on a trailing six (6) month basis, based on Borrower’s annual business plan (as delivered to Bank in accordance with Section 6.2(f)) and as approved in writing by Bank in its reasonable business judgment, of not less than (i) eighty-five percent (85%) of Bookings for each period ending as of the last day of the month of June, September, December and March of each year and (ii) eighty percent (80%) of Bookings for each period ending as of the last day of the month of July, August, October, November, January, February, April and May of each year; provided, however, for the periods ending as of the last day of January and February of each year, prior to the delivery of Borrower’s annual business plan pursuant to Section 6.2(f), required Bookings for such months shall be based upon the prior year actual Bookings for such months in lieu of a forecasted amount for such months in which no annual financial projections have been delivered pursuant to Section 6.2(f) prior to the end of such months. For example, for January 2017, this covenant would be calculated using the actual Bookings for the months August through December 2016 (5 months) plus actual Bookings for the month of January 2016. Bookings requirements for Borrower’s 2017 fiscal year and thereafter, shall be set forth in, and based upon, Borrower’s annual business plan delivered to Bank in accordance with Section 6.2(f) with such bookings requirements determined pursuant to the first paragraph of Section 6.7(a). Notwithstanding the foregoing, such annual business plan and Bookings requirements must be approved in writing by Bank in its reasonable business judgment by March 31st of the applicable year.
Performance to Plan. Borrower’s trailing six-month EBITDA (measured on quarterly basis) shall be at least 65% of its projected EBITDA for such periods as set forth in Borrower’s most recent financial projections provided to Bank in accordance with Section 6.3(d); which for the six month periods ending June 30, 2016, September 30, 2016 and December 31, 2016 are set forth below: Six Month Period Ending: Projected EBITDA Minimum EBITDA June 30, 2016 $ 3,452,119 $ 2,243,877 September 30, 2016 $ 2,148,970 $ 1,396,830 December 31, 2016 $ 2,177,690 $ 1,415,499 (7) Exhibit D is replaced in its entirety with the Exhibit D attached hereto.
Performance to Plan. Revenues shall be at least eighty percent (80%) of the monthly projections that have been approved by Borrower’s Board of Directors and attached as Annex I to the Schedule hereto, calculated on a trailing three (3) month basis. Borrower shall deliver to Bank updated projections approved by Borrower’s Board of Directors for the next fiscal year not more than thirty (30) days following the end of Borrower’s current fiscal year.
Performance to Plan. As of the last day of each month, Borrower’s net revenue for such month shall be equal to at least 70% of Borrower’s projected revenue for such month as outlined in the Initial Projections.
Performance to Plan. Borrower shall maintain quarterly net revenue, based on Borrower’s board approved and Bank accepted projections delivered in accordance with Section 6.3(e), of at least (i) [***] percent ([***]%) of such projections for Borrower’s fiscal quarters ending March 31, 2021 and June 30, 2021, and (ii) [***] percent ([***]%) of such projections for Borrower’s fiscal quarters ending September 30, 2021 and December 31, 2021. Thereafter, Borrower shall maintain net revenue growth, measured on a quarterly basis and tested on the last day of each fiscal quarter, of at least (i) [***] percent ([***]%) year over year for Borrower’s fiscal quarters ending March 31, 2022, June 30, 2022, September 30, 2022, and December 31, 2022, and (ii) [***] percent ([***]%) year over year for each fiscal quarter thereafter.
Performance to Plan. Beginning with quarter ending March 31, 2012 and for each quarter thereafter, each of Borrower’s revenue and net loss shall not negatively deviate more than 30% from Borrower’s operating projections as approved by Borrower’s board of directors and reasonably acceptable to Bank, and delivered to Bank in accordance with Section 6.3(e) (the “Plan”). Borrower shall not be considered in breach of the foregoing covenant if either of Borrower’s revenue or net loss deviate more than 30% from the revenue and net loss specified in the latest Plan as long as Borrower’s aggregate year-to-date revenue and net loss is within 70% of Plan.
Performance to Plan. The Borrowers on a consolidated basis shall have EBITDA of at least One Dollar ($1.00) for the fiscal quarter ending March 31, 2021, measured on a trailing three month basis. Thereafter, the Borrowers on a consolidated basis shall achieve EBITDA on a trailing 12-month basis, measured as of the last day of each month in calendar year 2021, and the last day of each calendar quarter thereafter, equal at least that set forth on attached Schedule 6.9.
Performance to Plan. So long as the Performance Period is not in effect, Borrower shall achieve minimum trailing twelve (12) month revenue under GAAP, measured at the end of each calendar quarter commencing with the quarter ending December 31, 2019, greater than seventy percent (70%) of projected revenue under GAAP (such projections attached hereto as Annex Q, the “Management Plan”) (the “Performance Covenant”). Borrower’s failure to maintain the Performance Covenant may be cured by the Equity Cure. Upon the Equity Cure, the Performance Covenant shall be based on the New Management Plan.
