The following Property precedent provides comprehensive and up to date legal information covering:
This Deed is made on [date]
[insert name of party giving the covenant] of [insert address OR incorporated in England and Wales with company registration number [insert company registration number] whose registered office is at [address]] (the New Owner) and
[[insert name of the Management Company] of [insert address OR incorporated in England and Wales with company registration number [insert company registration number] whose registered office is at [address]] (the Management Company)]
[[insert name of Landowner] of [insert address OR incorporated in England and Wales with company registration number [insert company registration number] whose registered office is at [address]] (the Landowner)]
This Deed is supplemental to a deed (the ‘Rentcharge Deed’) dated [insert date] and made between the Landowner (1) and the Management Company (2) (together the ‘ Rentchargee’) and [insert name of original owner] (3) (the ‘Original Owner’)
By clause [7.12] of the Rentcharge Deed, the Original Owner undertook with the Rentchargee not to make a Disposal of the Property without procuring that the person in whose favour the Disposal is to be made executes and delivers to the Rentchargee a new deed of covenant in the same terms as the Rentcharge Deed
The Original Owner now wishes to [transfer the freehold interest in the Property OR [insert details of Disposal]] to the New Owner
[the transfer of
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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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