Law360: Spirit Airlines is set to soar out of bankruptcy as of its plan confirmation on 20 February 2025, but it is unclear whether the ultra-low-cost carrier will be able to maintain cruising altitude for the long haul, experts told Law360.

Date [date] Parties 1 [name of Seller] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Seller) 2 [name of Buyer] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Buyer) 1 Definitions In this Deed, the following definitions apply: Apportioned Price • a sum calculated in accordance with the following formula: (A/B) x C Where: ‘A’ is the gross area in [acres OR hectares] of the property comprised in the Current Disposal ‘B’ is the gross area in [acres OR hectares] of the Property as a whole ‘C’ is the Purchase Price; Base Value • (a) where the Current Disposal is wholly comprised of Untriggered Property: i the Purchase Price (in the case of a Disposal of the whole of the Property); or ii the Apportioned Price (in the case of a Disposal of part of the Property); (b) where the Current Disposal consists wholly or partly of Triggered Property, the Subsequent Proceeds; Competent Authority • any: (a) local authority, highway authority, government department or other authority, body or person exercising powers under statute or by Royal Charter; or (b) utility service or supply company; Current Disposal • the Trigger Event for which any Overage

Finance provided to a company that is experiencing severe financial difficulties to save it from collapse. Turnaround investments carry uncertainty making them high risk.

Guidance deriving from the Turnbull Report in relation to a company’s internal control functions, now replaced by FRC Risk Guidance.

A report on internal controls published in September 1999 by the Institute of Chartered Accountants in England and Wales (Internal control: Revised guidance for directors on the Combined Code (October 2005)), generally referred to as the Turnbull Guidance.

The Pensions Commission which lead to the introduction of auto-enrolment and the National Employment Savings Trust (NEST)

Family analysis: Alex Carruthers, partner at Hughes Fowler Carruthers who acted for the mother in G v S, examines the High Court’s decision and suggests that this provides clarification regarding the interpretation of Xydhias agreements.

In an turnkey contract (also known as an EPC contract), the contractor engineers, procures, constructs and commissions a project from its inception to completion. The name turnkey is sometimes used because the concept is that once the project is complete and ready to be handed over to the user, it will require only the 'turn of a key' for the user to operate it. This is a form of procurement frequently used for large international infrastructure or power projects, particularly where project financing is involved. For more information, see the EPC contracts subtopic. The most common standard form EPC contract is the FIDIC Silver Book.

1 Definitions In this Schedule the following definitions apply: Excluded Turnover is: (a) discounts customarily allowed by the Tenant to its employees in respect of goods or services supplied by it to them; (b) amounts reasonably and properly allowed on goods traded in by customers in the ordinary course of business; (c) cash sums refunded, or allowances or credit given, to customers for defective or unsatisfactory goods or services (but not exceeding the sale price or charge attributed to them when they were originally included in Gross Turnover); (d) the sale price of goods returned by customers for exchange (but only if the sale price of: i the returned goods was originally included in Gross Turnover; and ii the goods given in exchange is included in Gross

This Practice Note sets out what turnover (or revenue) information is required for a multi-jurisdictional merger control assessment to assess the jurisdictions where the applicable merger control filing thresholds are met, therefore requiring merger control filings and approvals. Preliminary comments A few comments on the approach taken in this note: 1. For a transaction to be notifiable in a particular jurisdiction, it does not only have to meet the applicable filing thresholds but it also has to constitute a notifiable event under the rules of that jurisdiction. This note only addresses the data needed for an initial assessment of where the filing thresholds are met—it does not discuss the applicable rules that determine what kind of transactions constitute a notifiable event. In a nutshell, in most jurisdictions (including, most notably, the EU), transactions such as mergers, acquisitions and joint ventures are only a notifiable event if they bring about a lasting change in 'control' of the companies concerned (for more on the concept

Rent, the amount of which is calculated by reference to the turnover or profits of a business.

A turnover rent (also known as a ‘percentage rent’) is a rent that varies depending on the amount of trade which is achieved at the premises that have been let to the tenant. Turnover rents are most commonly used by landlords of shopping centres, factory outlets and similar multi-tenanted retail environments. This is principally because these locations provide environments which landlords can more easily control and manipulate. Types of turnover rent There are various types of turnover rent. Which one to choose will depend on a variety of factors. The ‘100%’ turnover rent The rent payable by the tenant is calculated purely as a percentage of the tenant’s turnover. Service charge and insurance rent are usually paid in addition to the turnover rent. This type of turnover rent is often used as an incentive to get a tenant to take vacant space, eg on a ‘pop-up’ or ‘meanwhile’ basis. The ‘top-up’ turnover rent The rent is calculated as the greater of a fixed percentage of turnover or a percentage (invariably 100%) of the open market rent. Service