Restrictive covenant

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Related to Negative covenant: Negative pledge, Affirmative Covenants

Restrictive covenant

A requirement to adhere to a specific restriction on the use or development of real property.

restrictive covenant

An agreement between two or more individuals, incorporated within a deed which stipulates how land may be used. The constraints may include: the specific use to which a property can be put, the location and dimensions of fences, the setback of buildings from the street, the size of yards, the type of architecture, the cost of the house, etc. Racial and religious restrictions on inhabitants are legally unenforceable.
References in periodicals archive ?
The unsecured revolving credit facility contains customary representations, financial and other affirmative and negative covenants, events of defaults and remedies.
The Notes require mandatory redemption payments beginning on June 1, 2014 and contain customary affirmative and negative covenants of the Company.
The Term Loan negative covenants were amended to substantially mirror the covenants contained in Holding's 5 3/8% Senior Notes due 2022.
The covenants have been amended to provide for less restrictive financial and negative covenants, as well as allowing for stock repurchases.
The Notes will mature on December 8, 2013 and contain customary affirmative and negative covenants of the Company.
The commercial paper backup revolver includes standard negative covenants, including a financial maintenance covenant requiring debt-to-EBITDA maintained below 3.
Sinclair also amended certain terms of the bank credit facility, including increased incremental loan capacity, increased television station acquisition capacity and increased flexibility under the negative covenants.