Introduction This Practice Note considers how dwellings (sometimes referred to as ‘tied cottages’) let to agricultural workers as part of their employment contracts are regulated under the Rent (Agriculture) Act 1976 (R(A)A 1976) as a ‘protected occupancy’, or the Housing Act 1988 (HA 1988) as an ‘assured agricultural occupancy’, or the Renting Homes (Wales) Act 2016 (RH(W)A 2016) as an ‘occupation contract’. It also considers the impact of the Renters’ Rights Act 2025 (RRA 2025) on those lettings. Non-tied accommodation (ie lettings of farm houses and other dwellings on agricultural land) will be subject to the provisions of (as the case may be), the Rent Act 1977 (RA 1977), HA 1988, or RH(W)A 2016. Lettings under the Agricultural Holdings Act 1986 or the Agricultural Tenancies Act 1995 which include dwellings are outside the scope of this Practice Note. These lettings are unaffected by RRA 2025. Position before 1 December 2022 Prior to 1 December 2022, the general rule was that a letting of a dwelling in England or Wales to an agricultural worker who was

Life assurance for a fixed period of time or until a specified date.

The Levelling-up and Regeneration Act 2023 (LURA 2023) received Royal Assent on 26 October 2023. It sets out significant reform of the

(1) When an investor has more than a 100% exposure to a market, or part of a market, typically resulting from the use of debt or derivatives (futures and options); (2) The US term for gearing.

This Practice Note provides information on the leverage ratio requirements, set out in the Leverage Ratio (CRR) Part and the Leverage Ratio—Capital Requirements and Buffers Part of the Prudential Regulation Authority (PRA) Rulebook and in PRA Supervisory Statement SS45/15 The UK leverage ratio framework, which apply to UK banks, building societies and systemically important investment firms. The primary source for UK prudential requirements has been the onshored Capital Requirements Regulation (Assimilated Regulation (EU) 575/2013—UK CRR). The provisions of UK CRR are, however, in the process of being replaced by provisions in the PRA Rulebook and other PRA policy materials. For information, see Practice Note: Introduction to the UK prudential regime for banks, building societies and systemically important investment firms—UK CRR. Purpose of the leverage ratio requirements The leverage ratio requirements implement the leverage ratio provisions of the Basel Framework and are intended to restrict the build-up of leverage in the banking sector and so avoid the destabilising deleveraging processes that can be triggered by individual bank failures or general financial crises and cause damage to the broader financial

The leverage ratio is normally expressed as a ratio of Total [Net] Debt to EBITDA.

Leveraged buy out is the sale of a company where the shareholders are paid from the assets of the company itself or from a loan secured by the assets of the company.

The acquisition of a company using debt and equity finance. As the word leverage implies, more debt than equity is used to finance the purchase. Normally, the assets of the company being acquired are put up as collateral to secure the debt.

Financial covenants are used on a wide range of different kinds of banking transactions to monitor and test the financial performance of the borrowing company or group. This Practice Note explains the use of financial covenants in a leveraged finance context. It explains: • what is meant by financial covenants • how financial covenants are used on leveraged finance transactions • the covenant package traditionally used on a traditional leveraged finance transaction • how financial covenants are tested • other uses of financial ratios, and • equity cure, mulligan and deemed cure provisions See the Glossary of acquisition finance terms and jargon for the meaning of certain terms used in this Practice Note. What are financial covenants? Undertakings (also known as 'covenants') are promises given by the borrower (and sometimes also members of the borrower's group) to the lender about performing or not performing certain actions. Financial covenants are a specific type of covenant or undertaking. They are promises to meet or comply with certain financial thresholds. Financial covenants enable the lender to monitor the

No generally accepted definition but usually applies to a loan rated BB+ or lower or where the margin (or spread) is 125 or 150 basis points or higher

Return of capital to the investors through additional debt being raised by the business.

Various annual levies must be paid in respect of pension schemes.