Minimum Quarterly Revenue. Borrower shall maintain, to be tested as of the last day of each quarter, minimum quarterly revenue of at least (i) Eight Million Dollars ($8,000,000.00) as of and for the quarter ending June 30, 2007, (ii) Nine Million Dollars ($9,000,000.00) as of and for the quarter ending September 30, 2007, (iii) Seven Million Dollars ($7,000,000.00) as of and for the quarters ending December 31, 2007 and March 31, 2008, and (iv) with respect to the quarter ending June 30, 2008 and for each quarter in each fiscal year thereafter, an amount equal to the greater of Nine Million Dollars ($9,000,000.00) or sixty percent (60.0%) of the Board-approved plan for such fiscal quarter."
Minimum Quarterly Revenue. Borrower shall generate Revenue measured on a rolling three (3) month basis of not less than the following amounts at the following applicable times: Quarter Ending Minimum Trailing 3 Month Revenue March 31, 2018 $62,000,000 June 30, 2018 $64,000,000 September 30, 2018 $67,000,000 December 31, 2018 $70,000,000 Commencing with the month ending March 31, 2019 and as of the last day of each calendar quarter thereafter, the minimum Revenue covenant set forth in this Section 6.7(c) shall be equal to eighty percent (80%) of Trupanion’s projected Revenue for the corresponding three month period as determined from Trupanion’s annual financial projections approved by Trupanion’s Board of Directors and delivered to Administrative Agent which such projections shall constitute growth over the immediately preceding fiscal year of not less than ten percent (10%).
Minimum Quarterly Revenue. Borrower shall achieve, measured as of the end of each fiscal quarter specified below, revenues for such fiscal quarter of at least the following: With respect to the fiscal quarter ending on: Borrower’s revenues for such fiscal quarter shall not be less than the following minimum required amount (“Required Quarterly Revenues”): March 31, 2008 $6,192,200 June 30, 2008 $7,944,392 September 30, 2008 $8,727,142 December 31, 2008 $11,250,914 On or before December 31, 2008, the Minimum Quarterly Revenues financial covenant shall be reset, by mutual written agreement of Bank and Borrower in their respective discretion, for the fiscal quarters ending March 31, 2009 and each fiscal quarter thereafter based on Borrower’s projected financial statements for such periods, such projected financial statements to have been approved by the Borrower’s Board of Directors and accepted jointly by Borrower and by Bank in their respective discretion, which projected financial statements Borrower hereby covenants and agrees to deliver to Bank no later than November 30, 2008.
Minimum Quarterly Revenue. The financial statements delivered to Agent pursuant to Section 6.1 for each fiscal quarter shall demonstrate to the Agent’s reasonable satisfaction that the net revenues for the Loan Parties on a consolidated basis (determined in a manner consistent with the Borrower’s preparation of its publicly filed financial statements) for such fiscal quarter are not less than $50,000,000. 8.3
Minimum Quarterly Revenue. Achieve, measured as of the last day of each quarter, calculated on a trailing six (6) month basis, minimum revenue equal to at least the following: Period (Six Months Ended) Minimum Revenue December 31, 2014 $ 82,472,000.00 March 31, 2015 $ 78,983,300.00 June 30, 2015 $ 89,799,800.00 September 30, 2015 $ 99,306,800.00 December 31, 2015 $ 104,346,100.00 With respect to the quarter ending March 31, 2016, and each quarter thereafter, the minimum revenue financial covenant levels shall be mutually agreed upon between Borrower and Bank in an amount equal to eighty percent (80%) of Borrower’s projected revenue, determined based upon Board-approved projections for each upcoming fiscal year of Borrower. The failure of Borrower and Bank to so mutually agree in writing by February 1st of each year shall result in an immediate Event of Default for which there shall be no grace or cure period.
Minimum Quarterly Revenue. The Company shall have a minimum revenue for its most recent quarter of $1,500,000.
Minimum Quarterly Revenue. Maintain, measured as of the end of each fiscal quarter during the following periods, revenue of at least the following: Period Ending Minimum Revenue March 31, 2011 $ 4,500,000 June 30, 2011 $ 4,500,000 September 30, 2011 $ 5,500,000 December 31, 2011 $ 5,500,000 March 31, 2012 and thereafter To be determined at Bank’s discretion based Borrower’s board-approved projections delivered in accordance with Section 6.2(k).
Minimum Quarterly Revenue. Achieve, measured as of the last day of each quarter ending after the Financial Covenant Trigger Date, calculated on a trailing six (6) month basis, minimum revenue equal to the minimum revenue level required to be maintained pursuant to Section 6.12(b)(i) of the SVB Loan Agreement for the applicable period or, if the SVB Loan Agreement is not then in effect, for the last period specified in the SVB Loan Agreement.
Minimum Quarterly Revenue. Achieve, measured as of the last day of each quarter, calculated on a trailing six (6) month basis, minimum revenue equal to at least the following: Period (Six Months Ended) Minimum Revenue December 31, 2014 $ [ *] March 31, 2015 $ [ *] June 30, 2015 $ [ *] September 30, 2015 $ [ *] December 31, 2015 $ [ *] With respect to the quarter ending March 31, 2016, and each quarter thereafter, the minimum revenue financial covenant levels shall be mutually agreed upon between Borrower and Bank in an amount equal to [*] of Borrower’s projected revenue, determined based upon Board-approved projections for each upcoming fiscal year of Borrower. The failure of Borrower and Bank to so mutually agree in writing by February 1st of each year shall result in an immediate Event of Default for which there shall be no grace or cure period.
Minimum Quarterly Revenue. Commencing with the quarter ending June 30, 2015, and as of the last day of each quarter thereafter, for the trailing three (3) month period then ended, minimum Quarterly Revenue of at least (i) Twenty-Five Million Dollars ($25,000,000) at all times that Borrower’s unrestricted cash on balance sheet is at least Thirty-Five Million Dollars ($35,000,000) or (ii) the following amounts at the following times at all times that Borrower’s unrestricted cash on balance sheet is less than Thirty-Five Million Dollars ($35,000,000): Quarter Ending Minimum Quarterly Revenue June 30, 2015 $ 25,000,000 September 30, 2015 $ 25,000,000 December 31, 2015 $ 27,000,000 March 31, 2016 $ 27,000,000 June 30, 2016 $ 28,000,000 September 30, 2016 $ 29,000,000 December 31, 2016 $ 31,000,000 Commencing with the quarter ending March 31, 2017, Borrower’s minimum Quarterly Revenue is subject to change based on Borrower’s annual financial projections approved by Borrower’s Board of Directors for the December 31, 2017 fiscal year and delivered to Bank pursuant to Section 6.2(f), which shall be equal to or greater than seventy-five percent (75%) of Borrower’s projected performance for each such quarter, as determined by Bank in its sole discretion (the “2017 MRR Covenant”). Borrower’s failure to reach an agreement with Bank on the 2017 MRR Covenant and to execute and deliver to Bank an amendment to this Agreement on or by April 15, 2017 shall constitute an immediate Event of Default under this Agreement.
