Common use of Minimum Revenue Amount Clause in Contracts

Minimum Revenue Amount. Permit revenues (under GAAP) from the sale in the ordinary course of business to third party customers of ILUVIEN by Borrower, on a trailing six (6) month basis, tested at November 30, 2020 (the “Interim Revenue Testing Date”) for the trailing six (6) month period then ended and subsequently tested at the end of each quarter thereafter, to be less than the applicable Minimum Revenue Amount set forth below for such testing date: November 30, 2020 $[***] March 31, 2023 and the last day of each quarter thereafter [***]% of projected revenues in accordance with an annual plan submitted by Borrower to Collateral Agent by January 15th of such year (i.e., January 15, 2023 for the 2023 quarterly covenants), such plan to be thereafter approved by Borrower’s board of directors and Collateral Agent in its sole discretion no later than February 28 of such year. 

Minimum Revenue Amount. Permit revenues (under GAAP) from the sale in the ordinary course of business to third party customers of ILUVIEN by Borrower, on a trailing six (6) month basis, tested at November 30, 2020 (the “Interim Revenue Testing Date”) for the trailing six (6) month period then ended and subsequently tested at the end of each quarter thereafter, to be less than the applicable Minimum Revenue Amount set forth below for such testing date: November 30, 2020 $[***] March 31, 2023 2021 and the last day of each quarter thereafter [***]% of projected revenues in accordance with an annual plan submitted by Borrower to Collateral Agent by January 15th of such year (i.e., January 15, 2023 2021 for the 2023 2021 quarterly covenants), such plan to be thereafter approved by Borrower’s board of directors and Collateral Agent in its sole discretion no later than February 28 of such year. discretion.