Financial Terms Glossary

Covenant

Formal

A promise given by a person or business that certain acts will be performed or refrained from. Covenants typically relate to the protection of bank's interests against loans provided.

Informal

Nothing to do with witches or nuns - this is a commitment to an action or an agreement not to do something. It usually relates to the conditions attached to a loan - eg, I commit not to sell my house without telling the bank or funds provider.

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