(1) This paragraph applies to any licence (a “Parole Board licence”) which falls within sub-paragraph (2) or (3) [and which was granted to a person serving—
(a) a 1967 Act sentence,
(b) a 1991 Act sentence, or
(c) a 2003 Act sentence which is an extended sentence imposed under section 227 or 228 before 14 July 2008].
(2) A licence falls within this sub-paragraph if—
(a) it is or was granted to a person (“P”) on P's release (at any time) on the recommendation or direction of the Board, and
(b) P has not been released otherwise than on such a recommendation or direction.
(3) A licence falls within this sub-paragraph if—
(a) it is or was granted to a person (“P”) on P's release (at any time), and
(b) condition A or condition B is met.
(4) Condition A is that, before 2 August 2010, the Board exercised the function under section 37(5) of the 1991 Act of making recommendations as to any condition to be included or inserted as a condition in a licence granted to P (including by making a recommendation that no condition should be included in such a licence).
(5) Condition B is
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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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