481. Covenants with management companies etc.

The following provisions apply where:

  1.  

    (1)     a person other than the landlord1 or tenant2 ('the third party') is under a covenant of a tenancy3 liable, as principal, to discharge any function with respect to all or any of the demised premises ('the relevant function')4; and

  2.  

    (2)     that liability is not the liability of a guarantor or any other financial liability referable to the performance or otherwise of a covenant of the tenancy by another party to it5.

To the extent that any covenant of the tenancy confers any rights against the third party with respect to the relevant function, then,