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negative covenant
neg·a·tive cov·e·nant (plural neg·a·tive cov·e·nants)


noun 
Definition:
 
bond prohibition imposed on holder: a clause in a bond agreement that prevents the borrower from taking particular actions without the bondholders' agreement
Encarta® World English Dictionary [North American Edition] © & (P)2009 Microsoft Corporation. All rights reserved. Developed for Microsoft by Bloomsbury Publishing Plc.
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