[(1) Approval of an acquisition is effective for such period as [the FCA] may specify in writing.
(2) Where [the FCA] has specified a period under subsection (1), it may extend the period.
(3) Where [the FCA] has not specified a period, the approval is effective for one year beginning with the date—
(a) of the notice given under section 301G(3)(a);
(b) on which [the FCA] is treated as having given approval under section 301G(5); or
(c) of a decision on a reference to the Tribunal which results in the person receiving approval.]
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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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A declaratory judgment is a judgment identifying the rights, duties or obligations of one or more parties in a dispute. It is legally binding, but does not order any action by a party. A court may issue it alone or in conjunction with some other relief such as an injunction and can be granted on an
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