Common use of Minimum Adjusted EBITDA Clause in Contracts

Minimum Adjusted EBITDA. During any calendar quarter during which the sum of Borrower’s unrestricted cash and Cash Equivalents at Bank falls below the Testing Threshold at any time during such calendar quarter (each, a “Testing Quarter”), Borrower shall achieve, on a consolidated basis with respect to Borrower and its Subsidiaries, Adjusted EBITDA tested on the last day of such Testing Quarter, of not less than the amounts set forth in the chart below for the corresponding measuring period: Period Ending Minimum Adjusted EBITDA (maximum Adjusted EBITDA loss) Measuring Period June 30, 2021 ($17,000,000) Trailing 6 months September 30, 2021 ($24,500,000) Trailing 9 months December 31, 2021 ($32,500,000) Trailing 12 months The required minimum Adjusted EBITDA covenant levels for the measuring periods ending after December 31, 2021, shall be set by Bank based on Borrower’s projections delivered to Bank in accordance with Section 6.3(f) hereof and acceptable to Bank. The new covenant levels shall be documented in an amendment to this Agreement to be entered into on or prior to March 15, 2022. Borrower’s failure to enter into such amendment to this Agreement to reset such covenant levels on or prior to March 15, 2022 shall be an immediate and non-curable Event of Default hereunder.”

Minimum Adjusted EBITDA. During any calendar quarter during which the sum of Borrower’s unrestricted cash and Cash Equivalents at Bank falls below the Testing Threshold at any time during such calendar quarter (each, a “Testing Quarter”), Borrower shall achieve, on a consolidated basis with respect to Borrower and its Subsidiaries, Adjusted EBITDA tested on the last day of such Testing Quarter, of not less than the amounts set forth in the chart below for the corresponding measuring period: Period Ending Minimum Adjusted EBITDA (maximum Adjusted EBITDA loss) Measuring Period June 30, 2021 ($17,000,000) Trailing 6 months September 30, 2021 ($24,500,000) Trailing 9 months December 31, 2021 ($32,500,000) Trailing 12 months The required minimum Adjusted EBITDA covenant levels for the measuring periods ending after December 31, 2021, shall be set by Bank based on Borrower’s projections delivered to Bank in accordance with Section 6.3(f) hereof and acceptable to Bank. The new covenant levels shall be documented in an amendment to this Agreement to be entered into on or prior to March 15, 2022. BorrowerXxxxxxxx’s failure to enter into such amendment to this Agreement to reset such covenant levels on or prior to March 15, 2022 shall be an immediate and non-curable Event of Default hereunder.”

Minimum Adjusted EBITDA. During any calendar quarter during which the sum of Borrower’s unrestricted cash and Cash Equivalents at Bank falls below the Testing Threshold at any time during such calendar quarter (each, a “Testing Quarter”), Borrower shall achieve, on a consolidated basis with respect to Borrower and its Subsidiaries, Adjusted EBITDA tested on the last day of such Testing Quarter, of not less than the amounts set forth in the chart below for the corresponding measuring period: Period Ending Minimum Adjusted EBITDA (maximum Adjusted EBITDA loss) Measuring Period March 31, 2022 ($38,000,000) Trailing 12 months June 30, 2021 2022 ($17,000,00040,500,000) Trailing 6 12 months September 30, 2021 2022 ($24,500,00038,000,000) Trailing 9 12 months December 31, 2021 2022 ($32,500,000) Trailing 12 months The required minimum Adjusted EBITDA covenant levels for the measuring periods ending after December 31, 20212022, shall be set by Bank based on Borrower’s projections delivered to Bank in accordance with Section 6.3(f) hereof and acceptable to Bank. The new covenant levels shall be documented in an amendment to this Agreement to be entered into on or prior to March 15, 20222023. BorrowerXxxxxxxx’s failure to enter into such amendment to this Agreement to reset such covenant levels on or prior to March 15, 2022 2023 shall be an immediate and non-curable Event of Default hereunder.”

Minimum Adjusted EBITDA. During any calendar quarter during which the sum of Borrower’s unrestricted cash and Cash Equivalents at Bank falls below the Testing Threshold at any time during such calendar quarter (each, a “Testing Quarter”), Borrower shall achieve, on a consolidated basis with respect to Borrower and its Subsidiaries, Adjusted EBITDA tested on the last day of such Testing Quarter, of not less than the amounts set forth in the chart below for the corresponding measuring period: Period Ending Minimum Adjusted EBITDA (maximum Adjusted EBITDA loss) Measuring Period March 31, 2024 ($20,000,000) Trailing 12 months June 30, 2021 2024 ($17,000,00020,000,000) Trailing 6 12 months September 30, 2021 2024 ($24,500,00020,000,000) Trailing 9 12 months December 31, 2021 2024 ($32,500,00020,000,000) Trailing 12 months The required minimum Adjusted EBITDA covenant levels for the measuring periods ending after December 31, 20212024, shall be set by Bank based on Borrower’s projections delivered to Bank in accordance with Section 6.3(f) hereof and acceptable to Bank. The new covenant levels shall be documented in an amendment to this Agreement to be entered into on or prior to March 15, 20222025. BorrowerXxxxxxxx’s failure to enter into such amendment to this Agreement to reset such covenant levels on or prior to March 15, 2022 2025 shall be an immediate and non-curable Event of Default hereunder.”

Minimum Adjusted EBITDA. During any calendar quarter during which the sum of BorrowerXxxxxxxx’s unrestricted cash and Cash Equivalents at Bank falls below the Testing Threshold at any time during such calendar quarter (each, a “Testing Quarter”), Borrower shall achieve, on a consolidated basis with respect to Borrower and its Subsidiaries, Adjusted EBITDA tested on the last day of such Testing Quarter, of not less than the amounts set forth in the chart below for the corresponding measuring period: Period Ending Minimum Adjusted EBITDA (maximum Adjusted EBITDA loss) Measuring Period March 31, 2023 ($28,000,000) Trailing 12 months June 30, 2021 2023 ($17,000,00024,000,000) Trailing 6 12 months September 30, 2021 2023 ($24,500,00020,000,000) Trailing 9 12 months December 31, 2021 2023 ($32,500,00020,000,000) Trailing 12 months The required minimum Adjusted EBITDA covenant levels for the measuring periods ending after December 31, 20212023, shall be set by Bank based on Borrower’s projections delivered to Bank in accordance with Section 6.3(f) hereof and acceptable to Bank. The new covenant levels shall be documented in an amendment to this Agreement to be entered into on or prior to March 15, 20222024. BorrowerXxxxxxxx’s failure to enter into such amendment to this Agreement to reset such covenant levels on or prior to March 15, 2022 2024 shall be an immediate and non-curable Event of Default hereunder.”

Minimum Adjusted EBITDA. During any calendar quarter during which the sum of Borrower’s unrestricted cash and Cash Equivalents at Bank falls below the Testing Threshold at any time during such calendar quarter (each, a “Testing Quarter”), Borrower shall achieve, on a consolidated basis with respect to Borrower and its Subsidiaries, Adjusted EBITDA tested on the last day of such Testing Quarter, of not less than the amounts set forth in the chart below for the corresponding measuring period: Period Ending Minimum Adjusted EBITDA (maximum Adjusted EBITDA loss) Measuring Period March 31, 2023 ($28,000,000) Trailing 12 months June 30, 2021 2023 ($17,000,00024,000,000) Trailing 6 12 months September 30, 2021 2023 ($24,500,00020,000,000) Trailing 9 12 months December 31, 2021 2023 ($32,500,00020,000,000) Trailing 12 months The required minimum Adjusted EBITDA covenant levels for the measuring periods ending after December 31, 20212023, shall be set by Bank based on Borrower’s projections delivered to Bank in accordance with Section 6.3(f) hereof and acceptable to Bank. The new covenant levels shall be documented in an amendment to this Agreement to be entered into on or prior to March 15, 20222024. BorrowerXxxxxxxx’s failure to enter into such amendment to this Agreement to reset such covenant levels on or prior to March 15, 2022 2024 shall be an immediate and non-curable Event of Default hereunder.”