Minimum Recurring Revenue. Achieve Recurring Revenue, measured on a quarter-end basis of at least the required amount set forth in the following table for the applicable period set forth opposite thereto:
Minimum Monthly Recurring Revenue. Borrowers Recurring Revenue shall not decline for any two consecutive months. In addition, measured at the last month of each fiscal quarter, Borrowers Recurring Revenue shall not be less than the amounts shown below for the applicable periods shown below:
Is Actual equal to or greater than the required amount?
Revenue. Revenue for any fiscal year shall mean the Company’s total revenues as set forth on the audited consolidated statement of operations of the Company and its subsidiaries for the fiscal year.
Revenue Sharing. During the Term of this Agreement, the Company shall pay to IPN, the Adjusted Gross Revenue Sharing Percentage, in cash or by wire transfer as directed by IPN, calculated based on the Adjusted Gross Revenue accounted by the Company and its subsidiaries during each calendar quarter (January through March being the First Quarter, April through June being the Second Quarter, July through September being the Third Quarter and October through December being the Fourth Quarter) commencing with the end of the first calendar quarter after the date of this Agreement. All payments of the Adjusted Gross Revenue Sharing Percentage shall be paid within thirty (30) days of the last day of the calendar quarter during which revenues are accounted, time being of the essence of this provision. At the time of payment, the Company shall also deliver IPN an accurate and complete written statement setting forth the Company’s calculations of the Adjusted Gross Revenue Sharing Percentage, including the basis of the gross revenues from the Defined Revenue Sources, the Cost of Goods Sold and the Adjusted Gross Revenues during the quarter, certified as to accuracy by an appropriate representative of the Company.
Sublicense Revenue. If Zai Lab grants a sublicense, sells or otherwise divests the Licensed Patents and Transferred Know-How (other than a sublicense to its Affiliates and contractors) before (provided that sublicense, sale or divestment of the Licensed Patents and Transferred Know-how shall be
The number of shares issuable will be reduced proportionately to the shortfall in the minimum gross revenue for any year. However, such a shortfall will be allowed to be carried over to the next year and allotted if the minimum gross revenue for that year exceeds the amount designated as minimum gross revenue for that year plus the shortfall of the previous year.
If Rollins Inc.’s combined revenue increase meets or exceeds of the Company’s combined revenues for , you will receive a bonus based on a scale up to the maximum allowable percentage of salary under your bonus plan for this component.
Revenue Account Priorities. All funds held in the Revenue Account shall be withdrawn or transferred to pay the following amounts on the dates and at the priorities indicated below:
The parties agrees as follows:
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