The following Banking & Finance precedent provides comprehensive and up to date legal information covering:
[TO BE PRINTED ON HEADED PAPER OF LAW FIRM]
[insert name and address of lender]
Dear [insert full name of lender]
We refer to the facility agreement dated [insert date of facility agreement] between [insert name of borrower] (the Borrower) and [insert name of lender] (the Lender) as amended, novated, supplemented, restated or replaced from time to time in accordance with its terms (the Facility Agreement).
Unless defined otherwise in this letter, or the context requires otherwise, all words or expressions in the Facility Agreement have the same meaning in this letter. The principles of interpretation set out in clause [1.2] (Interpretation) of the Facilit
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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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Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
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