The following Property precedent provides comprehensive and up to date legal information covering:
[name of agent] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Managing Agent)
[name of funder] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Funder)
[name of borrower] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Borrower)
The Managing Agent has been appointed by the Borrower in connection with the management of the Property under the Principal Management Agreement.
A facility has been made available to the Borrower pursuant to the Facility Agreement.
The Managing Agent has agreed to enter into this Agreement.
In this Agreement the following definitions apply:
Act of Insolvency
any of the following in relation to the Managing Agent:
being an individual [or in the case of a partnership any one or more of the partners] becomes subject to a bankruptcy order [or has an interim receiver appointed to their property]; or
being a company or limited liability partnership, enters into liquidation whether compulsory or voluntary, but not if the liquidation is for amalgamation or reconstruction of a solvent entity; or
[enters into administration] [or has a receiver appointed over all or any part of its assets]; or
enters into or makes a proposal to
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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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