Term B Revenue Milestone definition

Term B Revenue Milestone means actual minimum trailing twelve (12) month revenue, measured as of the last day of the month ending immediately prior to the Funding Date of the Term B Loan, greater than eighty percent (80.00%) of projected revenue for the trailing twelve (12) month period ending on such date, determined in accordance with the Management Plan (attached hereto as Annex X); written evidence of which (including Borrower’s unaudited financial statements) is provided, and is in form and content reasonably acceptable, to Collateral Agent and the Lenders prior to the Fund Date of the Term B Loan.
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Term B Revenue Milestone means actual minimum trailing twelve (12) month revenue under GAAP, measured as of the last day of the month ending immediately prior to the Funding Date of the Term B Loan, greater than Thirty Million Dollars ($30,000,000.00); written evidence of which (including Borrower’s unaudited financial statements) is provided, and is in form and content reasonably acceptable, to Collateral Agent and the Lenders prior to the Funding Date of the Term B Loan.
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Examples of Term B Revenue Milestone in a sentence

  • For the sake of clarity, the Second Draw Period shall commence on the first measuring date on which the Six Month Term B Revenue Milestone and the Twelve Month Term B Revenue Milestone are achieved concurrently.

Related to Term B Revenue Milestone

  • EBITDA Target means the Company's projected earnings before interest, taxes, one-time transition expenses, non-cash compensation expense charges, depreciation and amortization, as contained in the Company's budget for the Applicable Period and which is approved by the Board (without reference to any adjustments or revision, upwards or downwards, to such projected earnings which are subsequently approved by the Board as part of any subsequent revision to such budget), and (ii) the term "Financial Results" shall mean the Company's EBITDA calculated by reference to the Company's financial statements for the Applicable Period as filed with the Securities and Exchange Commission (the "SEC").

  • Estimated Incremental Quarterly Tax Amount has the meaning assigned to such term in Section 6.9.

  • Sales Milestone Payment shall have the meaning set forth in Section 8.4.

  • Incremental Amount has the meaning specified in Section 2.14(a).

  • Term Year means a 12-month period beginning on the first day of the Term and each successive 12-month period thereafter.

  • Milestone 2 means achievement of annual Net Sales of at least $35,000,000 during any Calendar Year ending on or before December 31, 2024.

  • Incremental Available Transfer Capability Revenue Rights means the rights to revenues that are derived from incremental Available Transfer Capability created by the addition of Merchant Transmission Facilities or of one of more Customer-Funded Upgrades.

  • Incremental Auction Revenue Rights means the additional Auction Revenue Rights, not previously feasible, created by the addition of Incremental Rights-Eligible Required Transmission Enhancements, Merchant Transmission Facilities, or of one or more Customer- Funded Upgrades.

  • Fixed Incremental Amount has the meaning specified in the definition of “Permitted Incremental Amount.”

  • Milestone Event has the meaning set forth in Section 8.2.1.

  • Recurring Revenue Loan means a Collateral Loan that meets each of the following criteria as of the date of acquisition by the Borrower, subject to waiver by the Administrative Agent in accordance with the definition of Eligible Collateral Loan hereto (for the avoidance of doubt, if any Collateral Loan does not meet the below listed conditions, but such failure is waived by the Administrative Agent, such Collateral Loan shall still be subject to the Advance Rates, Concentration Limitations and Revaluation Events applicable to Recurring Revenue Loans set forth herein):

  • Milestone Payment Date has the meaning set forth in Section 2.4(a).

  • Maximum Incremental Amount means, at any time, the sum of (a) $1,400.0 million minus the Dollar Equivalent amount (measured at the time of incurrence) of New Term Loans, New Revolving Commitments and Permitted Alternative Incremental Facilities Debt previously established or incurred in reliance on this clause (a) plus (b) the aggregate Dollar Equivalent amount (measured at the time of prepayment or reduction) of Term Loans and Revolving Commitments outstanding on the Closing Date (or established pursuant to clause (a) above) that are optionally prepaid or optionally reduced (other than with the proceeds of long-term Indebtedness (other than borrowings under any revolving credit facility) and other than Revolving Commitments replaced with New Revolving Commitments) following the Closing Date and on or prior to such time (and, in the case of any prepayment of Term Loans pursuant to Section 2.08(d), based on the Dollar Equivalent amount (measured at the time of each applicable prepayment) expended by the Borrowers pursuant to such Section 2.08(d) and not the principal amount) plus (c) an unlimited amount so long as, in the case of this clause (c) only, on a pro forma basis (including the application of proceeds therefrom but excluding any increase in cash and cash equivalents and treating any New Revolving Commitments established pursuant to this clause (c) as fully drawn and all Permitted Alternative Incremental Facilities Debt incurred pursuant to this clause (c) as secured by Liens whether or not actually secured (but without giving effect to any substantially simultaneous incurrence of any New Term Loans, New Revolving Commitments or Permitted Alternative Incremental Facilities made pursuant to the foregoing clauses (a) and (b))), the Consolidated Secured Debt Ratio would not exceed 3.00 to 1.00 (it being understood that the Borrowers shall be deemed to have used amounts under clause (c) (to the extent compliant herewith) prior to utilization of amounts under clause (a) or (b)).

  • Performance Milestone means an act or event specified in section 5.1 and described in section 9 of the EPLA.

  • LTM EBITDA means Consolidated EBITDA of the Company measured for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which internal consolidated financial statements of the Company are available, in each case with such pro forma adjustments giving effect to such Indebtedness, acquisition or Investment, as applicable, since the start of such four quarter period and as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio.”

  • Incremental Term B Loans has the meaning specified in Section 2.14(a).

  • Earnout Period has the meaning specified in Section 2.03(a).

  • Milestone Date means the date set against the relevant Milestone in the Implementation Plan;

  • Development Milestone Payment shall have the meaning set forth in Section 9.2(a).

  • Development Milestone Event has the meaning set forth in Section 7.2.1.

  • New M&O Revenue means, with respect to any school year, the total State and local Maintenance and Operations Revenue that the District received, after all adjustments have been made to such Maintenance and Operations Revenue in accordance with the provisions of the Applicable School Finance Law for such school year.

  • Adjusted EBITDA Margin means Adjusted EBITDA divided by operating revenue;

  • Milestone means an event or task described in the Implementation Plan which must be completed by the corresponding date set out in such plan;

  • Available Incremental Amount has the meaning set forth in Section 2.14(d)(v).

  • Project Milestone means the project milestone set forth in Schedule-J;

  • Milestone 1 means achievement of annual Net Sales of at least $20,000,000 during the Calendar Year ending on December 31, 2021.