Revenue Covenant. For each calendar quarter while this Agreement remains in effect, the Credit Parties shall have sales revenues for such calendar quarter that are not less than seventy-five percent (75%) of the sales revenues shown for the corresponding calendar quarter on the most recent of the Financial Statements (i.e. comparing third quarter results to the prior years’ third quarter results).
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. Any failure of a Participant to meet its obligations hereunder or to cure such failure in a timely manner shall constitute a 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 God 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 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. A new Section 8.22 is hereby added to the Loan Agreement to read as follows:
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. 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. For each calendar quarter while this Agreement remains in effect, Borrowers, collectively, shall have at least ten percent (10%) growth in revenues over the preceding rolling twelve-month period, as evidenced by Borrowers’ financial statements as filed with the SEC or as otherwise required to be delivered hereunder.
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, 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, 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 a force majeure1 and not reasonably contemplated by the Parties; and (iv) to operate its Electric 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
1 For the purposes of Section 5.5.3, a force majeure shall be defined as any natural disaster or uncontrollable force not preventable by any human agency, such as, but not limited to, any storm, flood, or violent or destructive natural force.
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.
