Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Endeavours definition

What does Endeavours mean? Endeavours clauses set the level of effort a party must apply to achieve a stated objective in commercial contracts (for example, to obtain a consent, secure funding or meet a milestone). The terms are not defined by statute; their meaning is derived from case law and the wording and context of the agreement in England & Wales, Scotland, Northern Ireland and Ireland. A best endeavours obligation is the most onerous commonly used standard. It may require taking all reasonable courses, pursuing viable alternatives and incurring reasonable expenditure, but will not usually compel action that is futile, unlawful, or financially ruinous....

Real estate investment finance: drafting and negotiating borrower covenants (negative pledge, disposals, leases, maintenance, insurance) with LTV/ICR tests, LMA REF positions and EC(TE)A 2022 compliance

Published by a LexisNexis Banking & Finance expert

Practice notes

Many of the standard covenants found in a conventional syndicated loan facility will likewise apply to a real estate finance investment transaction. For guidance on those provisions, including an explanation of what covenants are and the reasons they are employed, see Practice Note: Covenants; that resource explains their purpose and operation. This Practice Note focuses on the particular covenants that are commonly seen in a real estate finance investment transaction, and it concentrates on investment deals in the property finance sphere. Additional covenants must be observed in real estate finance development facilities, and compliance with these additional undertakings is required. These arise because the property financed will be developed during the term of the facility agreement, over the whole duration agreed between the parties. For further detail, see Practice Note: Real estate finance—covenants in development facilities for a fuller discussion.

Purpose of covenants

Covenants (or undertakings) impose positive and negative obligations on the borrower to be complied with throughout the loan; unlike representations, undertakings remain continuously in force for the life of the facility. They define when the lender will keep the loan outstanding. If circumstances alter and a covenant is breached, an event of default arises, enabling acceleration...

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Web page updated on 21/05/2026

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