PEC Compliance Date definition
PEC Compliance Date. The first to occur of: (i) that date when the total assets of PEC (valued in accordance with generally accepted accounting principles consistently applied) are equal to or greater than 5% of the total consolidated assets (valued in accordance with generally accepted accounting principles consistently applied) of the Borrower and Subsidiaries or (ii) the end of any fiscal quarter of the Borrower in which the net revenues (exclusive of any extraordinary items) of PEC for such fiscal quarter are equal to or greater than 5% of the total consolidated net revenues (exclusive of any extraordinary items) of the Borrower and Subsidiaries for such fiscal quarter.