Revenue Covenant Clause Samples

Revenue Covenant. For each calendar quarter while this Agreement remains in effect, Borrower shall have sales revenues that are not less than seventy-five percent (75%) of the sales revenues shown on the most recent of the Financial Statements.

Revenue Covenant. Have earned for each fiscal quarter during the periods set forth on Schedule 7.19A, Revenue of not less than the applicable amount shown on Schedule -------------- -------- 7.19A. ----- Notwithstanding the requirement set forth above, Borrower will not be required to meet the Revenue Test in this Section 7.19A for any fiscal quarter ending after the Borrower's EBTDA has exceeded zero for two successive fiscal quarters.

Revenue Covenant. Any failure of a Participant to meet its obligations hereunder or to cure such failure in a timely manner shall constitute an Event of Default and the Defaulting Party shall be subject to such remedies of NCPA as provided for herein. Each Participant covenants and agrees (i) to continue to pay or advance to NCPA, from its electric department revenues only or, in the case of BART, its tariffs, fees or other sources of revenue, provided that such sources shall not include any sums derived from sources, the use of which is limited by law to expenditures other than operating expenses, its percentage share of the costs authorized by Participants in accordance with this Agreement in connection with its participation in the Project. Each Participant further agrees that it will fix the rates and charges for services provided by its electric department, or in the case of BART, its general revenues, so that it will at all times have sufficient money in its department revenue funds to meet this obligation; (ii) to make payments under this Agreement from the Revenues of, and as an operating expense of, its Electric System, or in the case of BART, its general revenues; (iii) to make payments under this Agreement whether or not there is an interruption in, interference with, or reduction or suspension of services provided under this Agreement; such payments not being subject to any reduction, whether by offset or otherwise, and regardless of whether any dispute exists provided such interruption, interference or reduction in services is caused by forces constituting an act of God1 and not reasonably contemplated by the Parties; and (iv) to operate its Electric System., or in the case of BART, its transit system, in an efficient manner and to maintain its facilities in good repair, condition and working order so that: (a) the Participant’s obligations to make payments under this Agreement are not adversely affected or threatened; and (b) NCPA’s bond rating and ability to negotiate and enter into a PPA are not adversely affected or threatened.

Revenue Covenant. Borrower and its consolidated Subsidiaries shall achieve consolidated net product revenues (measured in accordance with GAAP) equal to not less than the amounts set forth on Schedule C for the applicable testing period, which covenant shall be tested monthly on a trailing six-month basis

Revenue Covenant. Borrower shall have cash flow and revenue projections that are not less than seventy-five percent (75%) of the cash flow and revenue projections shown on the financial projections provided by Borrower to Lender as part of Lender’s due diligence.

Revenue Covenant. Minimum Revenue Covenant under the Credit Agreement to be deferred until Q4 2024, and levels to be reset as set forth on Annex I to this Exhibit A. For the avoidance of doubt, for purposes of the Minimum Revenue Covenant, Revenue shall only include Igalmi U.S. product net revenues but exclude EUA contract revenues.​ Interest Rate: Interest rate on all Loans will be changed to 3-month Term SOFR + 7.50% (with a 2.50% SOFR floor and a 5.50% SOFR cap).​

Revenue Covenant. (i) For the fiscal quarters ending September 30, 2025 and December 31, 2025, the Loan Parties shall maintain Trailing Six-Month Ensifentrine Revenues, tested as of the last day of each such fiscal quarter, of greater than or equal to the lesser of (x) [***] and (y) the Forecast Revenues corresponding to the applicable period. (ii) Commencing with the fiscal quarter ending March 31, 2026, and for each fiscal quarter thereafter, the Loan Parties shall maintain Trailing Six-Month Ensifentrine Revenues, tested as of the last day of each such fiscal quarter, of greater than or equal to the lesser of (x) [***] and (y) the Forecast Revenues corresponding to the applicable period. (iii) Notwithstanding anything herein to the contrary, compliance with the revenue covenant in Section 6.10(a)(i) or (ii), as applicable, shall not be tested at the end of any fiscal quarter if one of the following conditions have been met: (A) the Loan Parties’ unrestricted cash balance (subject to Permitted Liens) on the last calendar day of each month during such quarter is equal to or greater than the product of (1) 1.25 multiplied by (2) the aggregate principal amount of outstanding Term Loans on such date; (B) (1) the Loan Parties’ unrestricted cash balance (subject to Permitted Liens) on the last calendar day of each month during such quarter is equal to or greater than the product of (x) 0.5 multiplied by (y) the aggregate principal amount of outstanding Term Loans on such date, and (2) the Market Capitalization as of the last trading day each month during such quarter is at least One Billion Five Hundred Million Dollars ($1,500,000,000.00); or (C) the Market Capitalization as of the last trading day each month during such quarter is at least Three Billion Dollars ($3,000,000,000.00) (any of the immediately foregoing clauses (A), (B) and (C), a “Waiver Condition”). To the extent the Borrower elects not to test compliance with the revenue covenant in Section 6.10(a)(i) or Section 6.10(a)(ii), as applicable, the fulfillment of a Waiver Condition shall be met by (x) with respect to clauses (A) and (B)(1) above, delivery of bank statements as of the last day of each calendar month ending during such fiscal quarter (to be delivered as set forth in Section 6.2(a)(ix)) showing compliance with the applicable cash balance requirements, and (y) with respect to clauses (B)(2) and (C) above calculations of Market Capitalization as of the last trading day of each calendar month ending during ...

Revenue Covenant. Any failure of a Participant to meet its obligations hereunder or to cure such failure in a timely manner shall constitute an Event of Default and the Defaulting Party shall be subject to such remedies of NCPA as provided for herein. Each Participant covenants and agrees: (i) To continue to pay or advance to NCPA, from its Revenues only, provided that such sources shall not include any sums derived from sources the use of which is limited by law to expenditures other than operating expenses, and its obligations under this Agreement. Each Participant further agrees that it will fix the rates and charges for services provided by its Electric System so that it will at all times have sufficient money in its department revenue funds to meet this obligation; (ii) To make payments under this Agreement from the Revenues of, and as an operating expense of, its Electric System; (iii) To make payments under this Agreement whether or not there is an interruption in, interference with, or reduction or suspension of services provided under this Agreement, such payments not being subject to any reduction, whether by offset or otherwise, and regardless of whether any dispute exists provided such interruption, interference or reduction in services is caused by forces constituting an Act of God and not reasonably contemplated by the Parties; and (iv) To operate its Electric System and the business in connection therewith in an efficient manner and at reasonable cost and to maintain its Electric System in good repair, working order, and condition.

Revenue Covenant. (a) There shall be fixed, charged and collected pursuant to the Facilities Lease and this Section 7.17 such fees or other charges in respect of the Project as shall be required to produce Net Revenues which, for 12 months beginning on the first day of the thirteenth month immediately following Closing Date, and for each Fiscal Year thereafter, shall be at least equal to times the Aggregate Debt Service due on the Senior Bonds in such 12-month period or Fiscal Year. (b) Before the beginning of such 12-month period or each such Fiscal Year, the Issuer will review or cause to be reviewed the financial status of the Project in order to estimate and determine whether Total Revenues for such 12-month period or the current Fiscal Year and for the following Fiscal Year will be sufficient to comply with the covenant set forth in subsection (a) of this Section. In connection with the preparation of the annual budget for each Fiscal Year, the Issuer will prepare and file or cause to be prepared and filed with the Trustee, the City, and any Owner submitting a request therefor, a copy of its estimate of Total Revenues, Operating and Maintenance Expenses, Debt Service and any transfers of Total Revenues required to be made to any other Fund or Account hereunder, together with a statement of the pertinent estimates and assumptions, which must take into consideration the cost of completing any uncompleted portion of the Project defined in Supplemental Indentures and the issuance of future Series of Additional Bonds, if necessary, to finance the completion. If the Issuer in adopting, or causing the adoption of, any annual budget determines that Total Revenues may be inadequate to meet such covenant, or if the audited financial reports regarding the Project prepared by the Issuer show that the Issuer did not satisfy such covenant for the prior Fiscal Year, the Issuer shall, within 60 days of such determination or the date such audit is final, engage or cause to be engaged a Consultant who shall conduct a study and, within 60 days of such engagement, recommend such actions as will provide sufficient Net Revenues in the next succeeding 12 months and thereafter each Fiscal Year to comply with the covenant in subsection (a) of this Section and that will provide additional Net Revenues in such next succeeding 12 months and thereafter each Fiscal Year to eliminate any deficiency at the earliest practicable time. A copy of such study and recommendations shall be filed with the Tru...