Restrictions on the activities of a debtor written into bank loan agreements or bond indenture agreements.
Contractual terms of the loan or indenture agreement that prohibit the debtor from taking actions that might hurt the interests of the lenders or bondholders. Designed to protect the interests of creditors - often (but not limited to) unsecured creditors. Four common examples of covenants are prohibitions against: issuing new debt, paying dividends if certain minimum financial standards are not maintained, merging with another company, and selling corporate assets. American Banker Glossary

Financial and business terms. 2012.

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