Common use of Guarantor cover Clause in Contracts

Guarantor cover. (a) The Company must also ensure that, at any time prior to the occurrence of the Trigger Event, the turnover of the Guarantors contribute at any time 70 per cent., or more of the turnover of the Group at that time. (b) For the purpose of paragraph (a) above: (i) subject to sub-paragraph (ii) below: (A) the contribution of each Guarantor will be determined from its financial statements which were consolidated into the latest audited consolidated financial statements of the Company; and (B) the financial condition of the Group will be determined from the latest audited consolidated financial statements of the Company; (ii) if a person becomes a member of the Group after the date on which the latest audited consolidated financial statements of the Company were prepared: (A) the contribution of that person will be determined from its latest financial statements; and (B) the financial condition of the Group will still be determined from the latest audited consolidated financial statements of the Company but will be adjusted to take into account that person becoming a member of the Group; and (iii) the contribution of a Guarantor will: (A) if it has Subsidiaries, be determined from its unconsolidated financial statements; and (B) exclude intra-group items which would be eliminated in the consolidated financial statements of the Company. For the purpose of this Subclause 21.5 (Guarantor Cover), from the date of this Agreement until the later of (A) the date falling six months after the date of this Agreement and (B) the date falling 10 Business Days after the Offer Closing Date, the term Group shall mean the Purchaser Group.

Guarantor cover. (a) The Company must also ensure that, at any time prior to the occurrence of the Trigger Event, the turnover of the Guarantors contribute at any time 70 per cent., or more of the turnover of the Group at that time. (b) For the purpose of paragraph (a) above: (i) subject to sub-paragraph (ii) below: (A) the contribution of each Guarantor will be determined from its financial statements which were consolidated into the latest audited consolidated financial statements of the Company; and (B) the financial condition of the Group will be determined from the latest audited consolidated financial statements of the Company; (ii) if a person becomes a member of the Group after the date on which the latest audited consolidated financial statements of the Company were prepared: (A) the contribution of that person will be determined from its latest financial statements; and (B) the financial condition of the Group will still be determined from the latest audited consolidated financial statements of the Company but will be adjusted to take into account that person becoming a member of the Group; and (iii) the contribution of a Guarantor will: (A) if it has Subsidiaries, be determined from its unconsolidated financial statements; and (B) exclude intra-group items which would be eliminated in the consolidated financial statements of the Company. For the purpose of this Subclause 21.5 19.5 (Guarantor Cover), from the date of this Agreement until the later of (A) the date falling six months after the date of this Agreement and (B) the date falling 10 Business Days after the Offer Closing Date, the term Group shall mean the Purchaser Group.