For the purposes of sections 197 to 214 (loans etc) the person for whom a transaction or arrangement is entered into is—
(a) in the case of a loan or quasi-loan, the person to whom it is made;
(b) in the case of a credit transaction, the person to whom goods, land or services are supplied, sold, hired, leased or otherwise disposed of under the transaction;
(c) in the case of a guarantee or security, the person for whom the transaction is made in connection with which the guarantee or security is entered into;
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
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