Revenue. For any calendar quarter in which the Borrower has maintained a Liquidity Ratio less than 2.25:1.00 on any day in such calendar quarter, Borrower shall achieve revenue, measured in accordance with GAAP on a trailing twelve month basis as of the last day of such calendar quarter, of at least the level set forth in the Covenant Level Letter.”

Revenue. Commencing on December 31, 2021, the Credit Parties will not allow the revenue of the Consolidated Companies, as determined in accordance with Applicable Accounting Standards for the Applicable Fiscal Period ending on the last day of each fiscal quarter, to be less than $75,000,000.

Net revenue and/or net revenue growth; # Earnings (which may include earnings before interest and taxes, earnings before taxes, and net earnings); # Operating income and/or operating income growth;

Minimum Revenue. If a New Loan Tranche C Advance has been advanced to Borrower, Borrower shall not permit Net Product Revenue, tested as of the last day of each fiscal quarter on a trailing two fiscal quarter basis, for each fiscal quarter ending on and after June 30, 2022 (each, a “Test Period”), to be lower than 65% of the forecasted Net Product Revenue for such Test Period included in the projections approved by Borrower’s Board and delivered to Agent in accordance with Section 7.1(f) hereof (“Minimum Revenue”) (and in any event, the Board-approved forecast for Fiscal Year 2022 shall be delivered to Agent prior to the Advance Date of the New Loan Tranche C Advance), it being understood that for purposes of this Section 7.20(b) only, any Test Period forecast will need to be acceptable to Agent in its reasonable discretion if the Net Product Revenue forecasts delivered to Agent as required under this Section 7.20(b) are less than the following levels for the applicable fiscal year:

. Borrower shall promptly deposit or cause to be deposited all income, fees, revenue and other funds payable to Borrower into the Revenue Account or, in the case of Customer Payments, the Collections Account for further application to the Revenue Account in accordance with the CADA; provided, that that Borrower shall be permitted to immediately distribute any Excluded Revenues to Borrower Member upon receipt thereof. The Borrower shall deposit capital contributions and the proceeds of Loans that are expected to be used to fund A-Installment Payments or B-Installment Payments under the MEPCA into the Project Purchase Account (as defined in the CADA).

Revenue Share. In consideration of the right to commercialize the IVD Test Kits for use with IVD Hardware, [[Illumina:Organization]] Components and Custom Software, and other activities and consideration of [[Illumina:Organization]] contemplated by this Agreement, Partner will pay [[Illumina:Organization]] a revenue share determined pursuant to the following schedule (such amount referred to as the “Revenue Share”):

Sublicense Revenue. [[FibroGen:Organization]] will pay to HFB ​ of any Sublicense Revenue received by [[FibroGen:Organization]] under any sublicense to the extent the sublicense is directed to a Licensed Program for which ​. No Sublicense Revenue will be owed to HFB by [[FibroGen:Organization]] with respect to any sublicense to the extent such sublicense is directed to a Licensed Program for which ​. Notwithstanding anything to the contrary set forth in this Agreement, to the extent that any payment is made to [[FibroGen:Organization]] under a sublicense in consideration for both # a sublicense under the Licensed Technology and # a license or sublicense under intellectual property rights or materials not licensed to [[FibroGen:Organization]] under this Agreement, ​. The Parties will discuss in good faith any dispute by HFB with respect to such ​ and will resolve any issues in accordance with Article 14 (Dispute Resolution).

Sublicensing Revenue. In addition to royalties on Licensee’s or its Affiliates’ Net Sales under Section 4 of this Exhibit B, Licensee shall pay to [[Northwestern:Organization]] a percent of amounts actually received by Licensee in consideration for the grant of commercial rights to a sublicensee under this Agreement, which shall, include, but not be limited to, ​ (but excluding [***] (collectively, “Sublicensing Revenue”). Such percentage of Sublicense Revenue sale shall be equal to:

Minimum Revenue. Borrowers shall achieve Revenue for the periods and in the amounts as set forth in the schedule below.

Minimum Revenue. Company shall not permit Consolidated Recurring Revenue as of the end of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2019, for the four Fiscal Quarter period then ended to be less than the correlative amount indicated below: