Guarantor Coverage Requirement definition
Guarantor Coverage Requirement means, at any date of determination, the requirement that (x) the aggregate revenue of the Guarantors and (y) the aggregate assets of the Guarantors (in each case, calculated on an unconsolidated basis and excluding all goodwill, intra-group items and investments in Subsidiaries of any member of the Group), in each case, represent not less than 90% of the consolidated revenues and consolidated gross assets, respectively of the Group (tested by reference to the most recent financial statements which have been delivered pursuant to Section 6.01(a); provided that, if a Subsidiary has been acquired since the last date of the fiscal year to which such financial statements relate, such financial statements shall be deemed to be adjusted in order to give effect to the acquisition of such Subsidiary) (provided that (i) any member of the Group having negative revenue or assets shall be deemed to have zero revenue or assets and (ii) any members of the Group which cannot or are not required to become Guarantors under the Agreed Security Principles or are Excluded Subsidiaries will be excluded from both the numerator and the denominator of the calculation of the Guarantor Coverage Requirement).
Guarantor Coverage Requirement means requirements set forth in Section 6.18.
Guarantor Coverage Requirement has the meaning given to it in Clause 23.26 (Guarantors).
Examples of Guarantor Coverage Requirement in a sentence
The Borrower covenants that the Guarantor Coverage Requirement will be complied with at all times.
More Definitions of Guarantor Coverage Requirement
Guarantor Coverage Requirement has the meaning given in Section 9.1.
Guarantor Coverage Requirement means, as of any date of determination, as of the last day of the then most recently ended Test Period ending on December 31st for which financial statements have been delivered pursuant to Section 6.01(a), the requirement that the Consolidated EBITDA of the Loan Parties shall not be less than 80% of the Consolidated EBITDA of the Parent and its Restricted Subsidiaries for such Test Period, determined on a Pro Forma Basis.