Financial Standards. Such LC shall be required in the event Tenant, at the end of any calendar quarter (commencing with the calendar quarter ending March 31, 2000), fails to meet all of the following financial requirements ("FINANCIAL STANDARDS"): (i) Tenant shall have annual gross revenues of not less than $150,000,000, (ii) Tenant shall have cash on hand of not less than $15,000,000 and (iii) Tenant's equity-to-debt (which for purposes of this test shall exclude deferred revenue) ratio shall not be less than 1:1.
Appears in 5 contracts
Samples: Office Lease (Peregrine Systems Inc), Office Lease (Peregrine Systems Inc), Office Lease (Peregrine Systems Inc)
