Document:

Amendment No. 1 to the Warrant to Purchase Shares of Common Stock

 Exhibit 10.6 
 EXECUTED VERSION 
 AMENDMENT NO. 1 TO WARRANT TO PURCHASE

 SHARES OF COMMON STOCK 
 OF 
 AMERICAN APPAREL, INC. 

No. W-A-11-3, originally issued July 7, 2011 to purchase 1,445,382 shares 

AMENDMENT NO. 1 (this “Amendment”), dated March 13, 2012, to the Warrant to Purchase Shares of Common Stock of
American Apparel, Inc., dated July 7, 2011, No. W-A-11-3 (the Warrant”), issued by American Apparel, Inc., a Delaware corporation (together with its successors and assigns, the “Issuer”), to Lion/Hollywood L.L.C.
(“Lion”). 
 WHEREAS, the Issuer issued the Warrant on July 7, 2011, pursuant to that certain Credit
Agreement, dated as of March 13, 2009 (as amended, modified or waived with the written consent of Lion, the “Credit Agreement”), among the Issuer, certain subsidiaries of the Issuer as facility guarantors, Wilmington Trust FSB,
in its capacity as administrative agent and in its capacity as collateral agent thereunder, Lion Capital (Americas) Inc., as a lender, and Lion, as a lender, and the other lenders from time to time party thereto; 

WHEREAS, on or about the date hereof, the Issuer, certain subsidiaries of the Issuer as facility guarantors, Wilmington Trust FSB, in its
capacity as administrative agent and in its capacity as collateral agent thereunder, and the lenders from time to time party thereto, are entering into a Seventh Amendment to Credit Agreement under and to the Credit Agreement (the “Seventh
Amendment”); and 
 WHEREAS, in connection with the Seventh Amendment and in accordance with Section 13 of the
Warrant, the Issuer and Lion desire to amend the Warrant as set forth herein. 
 NOW, THEREFORE, in consideration of the
premises and mutual covenants contained in this Amendment, the undersigned hereby agree as follows: 
 1. Amendments to
Warrant. The Warrant is hereby amended as follows: 
  

	 	(a)	Section 1 of the Warrant and the reference to the expiration date in the heading of the Warrant are each hereby amended by replacing the reference to
“February 18, 2018” with “February 18, 2022.”. 

  

	 	(b)	The Warrant is hereby amended to add a new Section 4(g)(ix), which reads in its entirety as follows: 

(ix) Violation of Financial Covenant. In the event the Issuer shall, during the period from March 31, 2012
through and including December 31, 2015 (the “Warrant Covenant Violation Period”), permit Consolidated EBITDA (as defined in, and calculated and interpreted in accordance with, the Credit Agreement including, without limitation,
Section 1.03 of the Credit Agreement, which shall be incorporated herein, mutatis 

 
mutandis) for any twelve consecutive Fiscal Month (as defined in the Credit Agreement) period ending on any date set forth in Schedule A hereto to be less than the amount set forth
in Schedule A opposite such date (the occurrence of such event, a “Warrant Covenant Violation”), the Warrant Price shall automatically be reduced following the later to occur of such event and the Effective Date by an amount equal
to $0.25 (the “Reduction Amount”) provided that there shall not be more than one price reduction made pursuant to this Section 4(g)(ix) and such price adjustment shall occur upon the first Warrant Covenant Violation. For the
avoidance of doubt, the provisions of this Section 4(g)(ix) shall remain in full force and effect for the entirety of the Warrant Covenant Violation Period notwithstanding any modification of or termination of the Credit Agreement. If the
Credit Agreement shall not be in effect at any time during the Warrant Covenant Violation Period, or if at any time Lion ceases to be a lender under the Credit Agreement, the terms defined herein by cross-reference to the Credit Agreement shall have
the meaning ascribed to them in the Credit Agreement as in effect on the date immediately prior to the Credit Agreement ceasing to be in effect, or the date Lion ceased to be a lender thereunder, as applicable. 

If the Warrants are exercised prior to the Effective Date, and prior to such exercise there has been a Warrant Covenant
Violation, then upon such exercise and in addition to the issuance of the Common Stock pursuant to the Warrants, the Issuer shall pay to Lion in cash in immediately available funds an amount equal to (x) the number of shares of Common Stock
underlying the Warrant(s) in respect of which the Warrant(s) are exercised (including shares cancelled in a cashless exercise), multiplied by (y) the Reduction Amount. 

 

	 	(c)	The definition of “Other Lion Warrants” contained in Section 11 of the Warrant is hereby amended and restated to read in its entirety as follows:

 “Other Lion Warrants” means (i) the Warrant to Purchase 16,000,000 shares
of Common Stock of the Issuer, dated March 13, 2009, issued to Lion/Hollywood L.L.C.; (ii) the Warrant to Purchase 759,809 shares of Common Stock of the Issuer, dated March 24, 2011, issued to Lion/Hollywood L.L.C., (iii) the
Warrant to Purchase 3,063,101 shares of Common Stock of the Issuer, dated April 26, 2011, issued to Lion/Hollywood L.L.C., (iv) the Warrant to Purchase 337,733 shares of Common Stock of the Issuer, dated July 12, 2011, issued to
Lion/Hollywood L.L.C., and (v) any other warrants that have been or subsequently may be issued to Lion/Hollywood L.L.C. or its Affiliates pursuant to the Credit Amendment or otherwise, in each case of the foregoing clauses (i) through
(v) as such warrants have been and subsequently may be amended or otherwise modified from time to time. 
  

	 	(d)	Section 11 of the Warrant is hereby amended to add a new definition as follows: 

“Seventh Amendment” means the Seventh Amendment, dated as of March 13, 2012, under and to the Credit
Agreement dated as of March 13, 2009, as it may be amended, amended and restated, supplemented or otherwise modified from time to time, among the Issuer, certain subsidiaries of the Issuer as facility guarantors, Wilmington Trust FSB, in its
capacity as administrative agent and in its capacity as collateral agent thereunder, Lion Capital (Americas) Inc., as a lender, and Lion/Hollywood L.L.C., as a lender, and the other lenders from time to time party thereto. 

  
 2 

 2. Requisite Stockholder Approval. If the Issuer determines, in consultation with
Lion, that the Requisite Stockholder Approval (as defined below) is required, as promptly as reasonably practicable but no later than May 1, 2012 (unless Lion determines in its sole discretion to extend such period by providing notice of
extension in writing to the Issuer), (i) the Issuer shall prepare the proxy statement to be sent to the stockholders of the Issuer in connection with the Issuer Stockholders Meeting (as defined below) (such proxy statement, as amended or
supplemented, the “Proxy Statement”), and (ii) the Issuer shall file the Proxy Statement with the U.S. Securities and Exchange Commission (the “SEC”). The Issuer shall thereafter use its commercially reasonable efforts to
respond as promptly as practicable to any comments of the SEC with respect to the Proxy Statement and to cause the Proxy Statement to be mailed (or comply with the notice-only delivery procedures of the SEC) to the stockholders of the Issuer as
promptly as reasonably practicable after (A) responding to any such comments to the satisfaction of the SEC and (B) if required, the Proxy Statement is cleared by the SEC for delivery to the Issuer’s stockholders. The Issuer shall
promptly notify Lion upon the receipt of any comments from the SEC or any request from the SEC for amendments or supplements to the Proxy Statement, and shall provide Lion with copies of all correspondence between the Issuer and its representatives
on the one hand, and the SEC on the other hand, with respect to any proposals or disclosure in the Proxy Statement with respect to the matters in this Amendment or the transactions contemplated hereby. Notwithstanding anything to the contrary stated
above, prior to filing or mailing the Proxy Statement (including any amendment or supplement to the Proxy Statement) or responding to any comments of the SEC with respect thereto, the Issuer shall provide Lion with a reasonable opportunity to review
and comment on such documents or responses. If, at any time prior to the Issuer Stockholders Meeting, any information should be discovered by the Issuer which should be set forth in an amendment or supplement to the Proxy Statement, as applicable,
so that the Proxy Statement shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they are made, not misleading, the Issuer shall promptly notify Lion, and to the extent required by applicable Law, an appropriate amendment or supplement describing such information shall promptly be filed with the SEC and disseminated by the
Issuer to its stockholders, as applicable. 
 The Issuer shall, as soon as practicable following the date that the Proxy
Statement is cleared by the SEC for delivery to the Issuer’s stockholders, mail the Proxy Statement to the Issuer’s stockholders (or comply with the notice-only delivery procedures of the SEC) and establish a record date for, duly call and
give notice of, the Issuer Stockholders Meeting, and the Issuer shall no later than July 15, 2012 (or, in the event the Issuer Stockholders Meeting may not be held by such date due to injunction or court order, or regulatory action that makes
holding the Issuer Stockholders Meeting illegal, such later date no later than sixty (60) days following the lifting of such injunction or court order, or regulatory action that makes holding the Issuer Stockholders Meeting illegal), convene
and hold a meeting of its stockholders (including any adjournment or postponement thereof, the “Issuer Stockholders Meeting”) for purposes which shall include obtaining the affirmative vote of the holders of Issuer’s common stock
representing a majority of the votes cast at the Issuer Stockholders Meeting on the proposal to approve the Exercise Price Triggers if the Issuer determines, in consultation with 

  
 3 

 
Lion, that such approval is necessary, for purposes of Section 713 of the NYSE Amex Company Guide (the “Requisite Stockholder Approval”). The Issuer shall, through its board of
directors or any committee thereof, recommend to its stockholders that the Requisite Stockholder Approval be given (the “Issuer Board Recommendation”) and shall include the Issuer Board Recommendation in the Proxy Statement and use
reasonable best efforts to solicit from its stockholders proxies in favor of the approval of this Agreement and the transactions contemplated by this Agreement. The “Exercise Price Triggers” means the adjustments to the “Warrant
Price” contemplated by Section 4(g)(ix) of this Warrant and the Other Lion Warrants. The date that such Requisite Stockholder Approval for such Exercise Price Triggers is obtained shall be the “Effective Date” hereunder.

 3. Amendment and Waiver. Except as expressly set forth herein, this Amendment shall not alter, modify, amend or in any
way affect any of the terms, obligations, covenants or agreements contained in the Warrant, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Any reference in any document to the Warrant shall mean
the Warrant as amended by this Amendment, and this Amendment and the Warrant shall be read together and construed as a single instrument. 
 4. Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of the State of New York. 

5. Modification and Severability. If, in any action before any court or agency legally empowered to enforce any provision
contained herein, any provision hereof is found to be unenforceable, then such provision shall be deemed modified to the extent necessary to make it enforceable by such court or agency. If any such provision is not enforceable as set forth in the
preceding sentence, the unenforceability of such provision shall not affect the other provisions of this Amendment, but this Amendment shall be construed as if such unenforceable provision had never been contained herein. 

6. Headings. The headings of the Sections of this Amendment are for convenience of reference only and shall not, for any purpose,
be deemed a part of this Amendment. 
 [signature page follows] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year
first above written. 
  

			
	AMERICAN APPAREL, INC.
		
	By:	 	 /s/ John Luttrell

	Name:	 	John Luttrell
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	LION/HOLLYWOOD L.L.C.
		
	By:	 	 /s/ Jacob Capps

	Name:	 	Jacob Capps
	Title:	 	President

 [Signature Page to Amendment No. 1 to Warrant W-A-11-3] 

 SCHEDULE A 

 

									
	 Year
	  	Quarter	  	 Trailing 12 Month Period Ending
	  	Consolidated
EBITDA	 
	 2012
	  	Q1	  	March 31, 2012	  	 	37,500,000	  
	  	Q2	  	June 30, 2012	  	 	44,000,000	  
	  	Q3	  	September 30, 2012	  	 	50,500,000	  
	  	Q4	  	December 31, 2012	  	 	56,000,000	  
	 2013
	  	Q1	  	March 31, 2013	  	 	60,500,000	  
	  	Q2	  	June 30, 2013	  	 	65,500,000	  
	  	Q3	  	September 30, 2013	  	 	70,750,000	  
	  	Q4	  	December 31, 2013	  	 	73,000,000	  
	 2014
	  	Q1	  	March 31, 2014	  	 	76,250,000	  
	  	Q2	  	June 30, 2014	  	 	81,750,000	  
	  	Q3	  	September 30, 2014	  	 	87,250,000	  
	  	Q4	  	December 31, 2014	  	 	92,750,000	  
	 2015
	  	Q1	  	March 31, 2015	  	 	98,250,000	  
	  	Q2	  	June 30, 2015	  	 	103,750,000	  
	  	Q3	  	September 30, 2015	  	 	109,250,000	  
	  	Q4	  	December 31, 2015	  	 	115,000,000Amendment No. 1 to the Warrant to Purchase Shares of Common Stock

 Exhibit 10.7 
 EXECUTED VERSION 
 AMENDMENT NO. 1 TO WARRANT TO PURCHASE

 SHARES OF COMMON STOCK 
 OF 
 AMERICAN APPAREL, INC. 

No. W-A-11-2, originally issued April 26, 2011 to purchase 3,063,101 shares 

AMENDMENT NO. 1 (this “Amendment”), dated March 13, 2012, to the Warrant to Purchase Shares of Common Stock of
American Apparel, Inc., dated April 26, 2011, No. W-A-11-2 (the Warrant”), issued by American Apparel, Inc., a Delaware corporation (together with its successors and assigns, the “Issuer”), to Lion/Hollywood L.L.C.
(“Lion”). 
 WHEREAS, the Issuer issued the Warrant on April 26, 2011, pursuant to that certain Credit
Agreement, dated as of March 13, 2009 (as amended, modified or waived with the written consent of Lion, the “Credit Agreement”), among the Issuer, certain subsidiaries of the Issuer as facility guarantors, Wilmington Trust FSB,
in its capacity as administrative agent and in its capacity as collateral agent thereunder, Lion Capital (Americas) Inc., as a lender, and Lion, as a lender, and the other lenders from time to time party thereto; 

WHEREAS, on or about the date hereof, the Issuer, certain subsidiaries of the Issuer as facility guarantors, Wilmington Trust FSB, in its
capacity as administrative agent and in its capacity as collateral agent thereunder, and the lenders from time to time party thereto, are entering into a Seventh Amendment to Credit Agreement under and to the Credit Agreement (the “Seventh
Amendment”); and 
 WHEREAS, in connection with the Seventh Amendment and in accordance with Section 13 of the
Warrant, the Issuer and Lion desire to amend the Warrant as set forth herein. 
 NOW, THEREFORE, in consideration of the
premises and mutual covenants contained in this Amendment, the undersigned hereby agree as follows: 
 1. Amendments to
Warrant. The Warrant is hereby amended as follows: 
  

	 	(a)	Section 1 of the Warrant and the reference to the expiration date in the heading of the Warrant are each hereby amended by replacing the reference to
“February 18, 2018” with “February 18, 2022.”. 

  

	 	(b)	The Warrant is hereby amended to add a new Section 4(g)(ix), which reads in its entirety as follows: 

(ix) Violation of Financial Covenant. In the event the Issuer shall, during the period from March 31, 2012
through and including December 31, 2015 (the “Warrant Covenant Violation Period”), permit Consolidated EBITDA (as defined in, and calculated and interpreted in accordance with, the Credit Agreement including, without limitation,
Section 1.03 of the Credit Agreement, which shall be incorporated herein, mutatis 

 
mutandis) for any twelve consecutive Fiscal Month (as defined in the Credit Agreement) period ending on any date set forth in Schedule A hereto to be less than the amount set forth
in Schedule A opposite such date (the occurrence of such event, a “Warrant Covenant Violation”), the Warrant Price shall automatically be reduced following the later to occur of such event and the Effective Date by an amount equal
to $0.25 (the “Reduction Amount”) provided that there shall not be more than one price reduction made pursuant to this Section 4(g)(ix) and such price adjustment shall occur upon the first Warrant Covenant Violation. For the
avoidance of doubt, the provisions of this Section 4(g)(ix) shall remain in full force and effect for the entirety of the Warrant Covenant Violation Period notwithstanding any modification of or termination of the Credit Agreement. If the
Credit Agreement shall not be in effect at any time during the Warrant Covenant Violation Period, or if at any time Lion ceases to be a lender under the Credit Agreement, the terms defined herein by cross-reference to the Credit Agreement shall have
the meaning ascribed to them in the Credit Agreement as in effect on the date immediately prior to the Credit Agreement ceasing to be in effect, or the date Lion ceased to be a lender thereunder, as applicable. 

If the Warrants are exercised prior to the Effective Date, and prior to such exercise there has been a Warrant Covenant
Violation, then upon such exercise and in addition to the issuance of the Common Stock pursuant to the Warrants, the Issuer shall pay to Lion in cash in immediately available funds an amount equal to (x) the number of shares of Common Stock
underlying the Warrant(s) in respect of which the Warrant(s) are exercised (including shares cancelled in a cashless exercise), multiplied by (y) the Reduction Amount. 

 

	 	(c)	The definition of “Other Lion Warrants” contained in Section 11 of the Warrant is hereby amended and restated to read in its entirety as follows:

 “Other Lion Warrants” means (i) the Warrant to Purchase 16,000,000 shares
of Common Stock of the Issuer, dated March 13, 2009, issued to Lion/Hollywood L.L.C.; (ii) the Warrant to Purchase 759,809 shares of Common Stock of the Issuer, dated March 24, 2011, issued to Lion/Hollywood L.L.C., (iii) the
Warrant to Purchase 1,445,382 shares of Common Stock of the Issuer, dated July 7, 2011, issued to Lion/Hollywood L.L.C., (iv) the Warrant to Purchase 337,733 shares of Common Stock of the Issuer, dated July 12, 2011, issued to
Lion/Hollywood L.L.C., and (v) any other warrants that have been or subsequently may be issued to Lion/Hollywood L.L.C. or its Affiliates pursuant to the Credit Amendment or otherwise, in each case of the foregoing clauses (i) through
(v) as such warrants have been and subsequently may be amended or otherwise modified from time to time. 
  

	 	(d)	Section 11 of the Warrant is hereby amended to add a new definition as follows: 

“Seventh Amendment” means the Seventh Amendment, dated as of March 13, 2012, under and to the Credit
Agreement dated as of March 13, 2009, as it may be amended, amended and restated, supplemented or otherwise modified from time to time, among the Issuer, certain subsidiaries of the Issuer as facility guarantors, Wilmington Trust FSB, in its
capacity as administrative agent and in its capacity as collateral agent thereunder, Lion Capital (Americas) Inc., as a lender, and Lion/Hollywood L.L.C., as a lender, and the other lenders from time to time party thereto. 

  
 2 

 2. Requisite Stockholder Approval. If the Issuer determines, in consultation with
Lion, that the Requisite Stockholder Approval (as defined below) is required, as promptly as reasonably practicable but no later than May 1, 2012 (unless Lion determines in its sole discretion to extend such period by providing notice of
extension in writing to the Issuer), (i) the Issuer shall prepare the proxy statement to be sent to the stockholders of the Issuer in connection with the Issuer Stockholders Meeting (as defined below) (such proxy statement, as amended or
supplemented, the “Proxy Statement”), and (ii) the Issuer shall file the Proxy Statement with the U.S. Securities and Exchange Commission (the “SEC”). The Issuer shall thereafter use its commercially reasonable efforts to
respond as promptly as practicable to any comments of the SEC with respect to the Proxy Statement and to cause the Proxy Statement to be mailed (or comply with the notice-only delivery procedures of the SEC) to the stockholders of the Issuer as
promptly as reasonably practicable after (A) responding to any such comments to the satisfaction of the SEC and (B) if required, the Proxy Statement is cleared by the SEC for delivery to the Issuer’s stockholders. The Issuer shall
promptly notify Lion upon the receipt of any comments from the SEC or any request from the SEC for amendments or supplements to the Proxy Statement, and shall provide Lion with copies of all correspondence between the Issuer and its representatives
on the one hand, and the SEC on the other hand, with respect to any proposals or disclosure in the Proxy Statement with respect to the matters in this Amendment or the transactions contemplated hereby. Notwithstanding anything to the contrary stated
above, prior to filing or mailing the Proxy Statement (including any amendment or supplement to the Proxy Statement) or responding to any comments of the SEC with respect thereto, the Issuer shall provide Lion with a reasonable opportunity to review
and comment on such documents or responses. If, at any time prior to the Issuer Stockholders Meeting, any information should be discovered by the Issuer which should be set forth in an amendment or supplement to the Proxy Statement, as applicable,
so that the Proxy Statement shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they are made, not misleading, the Issuer shall promptly notify Lion, and to the extent required by applicable Law, an appropriate amendment or supplement describing such information shall promptly be filed with the SEC and disseminated by the
Issuer to its stockholders, as applicable. 
 The Issuer shall, as soon as practicable following the date that the Proxy
Statement is cleared by the SEC for delivery to the Issuer’s stockholders, mail the Proxy Statement to the Issuer’s stockholders (or comply with the notice-only delivery procedures of the SEC) and establish a record date for, duly call and
give notice of, the Issuer Stockholders Meeting, and the Issuer shall no later than July 15, 2012 (or, in the event the Issuer Stockholders Meeting may not be held by such date due to injunction or court order, or regulatory action that makes
holding the Issuer Stockholders Meeting illegal, such later date no later than sixty (60) days following the lifting of such injunction or court order, or regulatory action that makes holding the Issuer Stockholders Meeting illegal), convene
and hold a meeting of its stockholders (including any adjournment or postponement thereof, the “Issuer Stockholders Meeting”) for purposes which shall include obtaining the affirmative vote of the holders of Issuer’s common stock
representing a majority of the votes cast at the Issuer Stockholders Meeting on the proposal to approve the Exercise Price Triggers if the Issuer determines, in consultation with 

  
 3 

 
Lion, that such approval is necessary, for purposes of Section 713 of the NYSE Amex Company Guide (the “Requisite Stockholder Approval”). The Issuer shall, through its board of
directors or any committee thereof, recommend to its stockholders that the Requisite Stockholder Approval be given (the “Issuer Board Recommendation”) and shall include the Issuer Board Recommendation in the Proxy Statement and use
reasonable best efforts to solicit from its stockholders proxies in favor of the approval of this Agreement and the transactions contemplated by this Agreement. The “Exercise Price Triggers” means the adjustments to the “Warrant
Price” contemplated by Section 4(g)(ix) of this Warrant and the Other Lion Warrants. The date that such Requisite Stockholder Approval for such Exercise Price Triggers is obtained shall be the “Effective Date” hereunder.

 3. Amendment and Waiver. Except as expressly set forth herein, this Amendment shall not alter, modify, amend or in any
way affect any of the terms, obligations, covenants or agreements contained in the Warrant, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Any reference in any document to the Warrant shall mean
the Warrant as amended by this Amendment, and this Amendment and the Warrant shall be read together and construed as a single instrument. 
 4. Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of the State of New York. 

5. Modification and Severability. If, in any action before any court or agency legally empowered to enforce any provision
contained herein, any provision hereof is found to be unenforceable, then such provision shall be deemed modified to the extent necessary to make it enforceable by such court or agency. If any such provision is not enforceable as set forth in the
preceding sentence, the unenforceability of such provision shall not affect the other provisions of this Amendment, but this Amendment shall be construed as if such unenforceable provision had never been contained herein. 

6. Headings. The headings of the Sections of this Amendment are for convenience of reference only and shall not, for any purpose,
be deemed a part of this Amendment. 
 [signature page follows] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year
first above written. 
  

			
	AMERICAN APPAREL, INC.
		
	By:	 	 /s/ John Luttrell

	Name:	 	John Luttrell
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	LION/HOLLYWOOD L.L.C.
		
	By:	 	 /s/ Jacob Capps

	Name:	 	Jacob Capps
	Title:	 	President

 [Signature Page to Amendment No. 1 to Warrant W-A-11-2] 

 SCHEDULE A 

 

									
	 Year
	  	Quarter	  	 Trailing 12 Month Period Ending
	  	Consolidated
EBITDA	 
	 2012
	  	Q1	  	March 31, 2012	  	 	37,500,000	  
	  	Q2	  	June 30, 2012	  	 	44,000,000	  
	  	Q3	  	September 30, 2012	  	 	50,500,000	  
	  	Q4	  	December 31, 2012	  	 	56,000,000	  
	 2013
	  	Q1	  	March 31, 2013	  	 	60,500,000	  
	  	Q2	  	June 30, 2013	  	 	65,500,000	  
	  	Q3	  	September 30, 2013	  	 	70,750,000	  
	  	Q4	  	December 31, 2013	  	 	73,000,000	  
	 2014
	  	Q1	  	March 31, 2014	  	 	76,250,000	  
	  	Q2	  	June 30, 2014	  	 	81,750,000	  
	  	Q3	  	September 30, 2014	  	 	87,250,000	  
	  	Q4	  	December 31, 2014	  	 	92,750,000	  
	 2015
	  	Q1	  	March 31, 2015	  	 	98,250,000	  
	  	Q2	  	June 30, 2015	  	 	103,750,000	  
	  	Q3	  	September 30, 2015	  	 	109,250,000	  
	  	Q4	  	December 31, 2015	  	 	115,000,000

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