Recurring Revenue. With respect to any Recurring Revenue Loan, the meaning of “Recurring Revenue” or any comparable definition in the related Underlying Instruments relating to recurring maintenance or support revenues, subscription revenues, and recurring revenues attributable to software licensed or sold (excluding one-time license revenues) in the Underlying Instruments for such Loan.
Recurring Revenue means the definition of annualized recurring revenue used in the Underlying Instruments for each such Eligible Collateral Obligation, or any comparable term for “Revenue”, “Recurring Revenue” or “Adjusted Revenue” in the Underlying Instruments for each such Eligible Collateral Obligation or if there is no such term in the Underlying Instruments, all recurring maintenance, service, support, hosting, subscription and other revenues identified by the Collateral Manager (including, without limitation, software as a service subscription revenue), of the related obligor and any of its parents or subsidiaries that are obligated with respect to such Eligible Collateral Obligation pursuant to its Underlying Instruments (determined on a consolidated basis without duplication in accordance with GAAP).
Recurring Revenue means, with respect to any Eligible Loan Assets that are Recurring Revenue Loans, the definition of annualized recurring revenue used in the Underlying Instruments for each such Eligible Loan Asset, or any comparable term for “Revenue”, “Recurring Revenue” or “Adjusted Revenue” in the Underlying Instruments for each such Eligible Loan Asset or if there is no such term in the Underlying Instruments, all recurring maintenance, service, support, hosting, subscription and other revenues identified by the Servicer (including, without limitation, software as a service subscription revenue), of the related Obligor and any of its parents or Subsidiaries that are obligated with respect to such Eligible Loan Asset pursuant to its Underlying Instruments (determined on a consolidated basis without duplication in accordance with GAAP).
Examples of Recurring Revenue in a sentence
The property and services giving rise to such Eligible Recurring Revenue Contracts has been delivered or rendered to the account debtor or to the account debtor’s agent for immediate and unconditional acceptance by the account debtor.
The Eligible Recurring Revenue Contracts are bona fide existing obligations.
No Borrower has received notice of actual or imminent Insolvency Proceeding of any account debtor that is included in any Borrowing Base Certificate as an Eligible Recurring Revenue Contract.
More Definitions of Recurring Revenue
Recurring Revenue means, with respect to any measurement period, recurring revenue from software as a service contracts and maintenance support contracts, in each case, recognized in accordance with GAAP during such period.
Recurring Revenue means, with respect to any Obligor, (a) the “Recurring Revenue” of such Obligor or any comparable term defined in the Related Documents, or (b) in the case of any Collateral Loan with respect to which the Related Documents do not include a definition of “Recurring Revenue” or any comparable term, the amount of revenues of such Obligor in respect of perpetual licenses, subscription agreements, maintenance streams or other similar and perpetual cash flow streams, as calculated by the Administrative Agent in its sole discretion after consultation with the Servicer or, if agreed to by the Administrative Agent, by the Servicer in good faith in accordance with the Servicing Standard using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Related Documents.
Recurring Revenue means, with respect to any Obligor, (a) the “Recurring Revenue” of such Obligor or any comparable term defined in the Related Documents, or (b) in the case of a Collateral Loan with respect to which the Related Documents do not include a definition of “Recurring Revenue” or any comparable term, the amount of revenues of such Obligor in respect of perpetual licenses, subscription agreements, maintenance streams or other similar and perpetual cash flow streams, as calculated by the Collateral Manager in good faith in accordance with the Collateral Manager Standard using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Related Documents.
Recurring Revenue means, with respect to any Obligor, the amount, as determined by the Collateral Manager in accordance with its Credit and Collection Policy, of revenues of such Obligor in respect of perpetual licenses, subscription agreements, maintenance streams or other similar and perpetual cash flow streams.
Recurring Revenue with respect to any period, the sum of, without duplication, subscription revenue of the Group Members determined in accordance with GAAP attributable to licenses, SaaS, subscriptions earned during the three month period pursuant to binding, written agreements which arise in the ordinary course of the Loan Parties’ Business, excluding for the avoidance of doubt, any Recurring Revenues attributable from “Maintenance and Support” subscriptions or services, “Term License Subscriptions” and other ‘on-premises’ services or subscriptions; provided that Recurring Revenue for the fiscal quarter ended (a) June 30, 2022 shall be deemed to be $57,083,000.
Recurring Revenue means revenue from Contracts, recognized by the Borrower in accordance with GAAP.
Recurring Revenue with respect to the Borrower of any Guarantor, committed recurring revenue (net of contractual discounts but inclusive of contractual upsells) and excess user fees, in each case attributable to services, software licenses and any other recurring services pursuant to a binding written agreement which arise in the ordinary course of such Group Members’ business that (i) meet all of the representations and warranties in Section 4.26 this Agreement; provided that Recurring Revenue for any period shall be determined in a pro forma basis to give effect to any Permitted Acquisitions provided that a quality of earnings reasonably satisfactory to the Administrative Agent has been provided.