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restrictive covenant
(redirected from Negative covenant)

   Also found in: Medical, Legal, Financial, Encyclopedia, Wikipedia 0.01 sec.
restrictive covenant
n
(Law) Law a covenant imposing a restriction on the use of land for the purpose of preserving the enjoyment or value of adjoining land


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Forbearance agreements also contain affirmative and negative covenants, along with certain conditions-most often that the borrower will seek professional financial planning help or sell his assets to repay the debt.
This new credit facility, which matures in February 2012, contains customary affirmative and negative covenants, including, among other things, covenants requiring Command to maintain certain financial ratios.
There are no negative covenants, restrictions on future fundings, penalties or liquidated damages in the agreement.
 
 
 
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