Restrictive covenant

(redirected from Negative 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.
Illustrated Dictionary of Architecture Copyright © 2012, 2002, 1998 by The McGraw-Hill Companies, Inc. All rights reserved

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.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
Negative covenants are usually limited but may state that the buyer does not want the seller to adopt any more plans or make any amendments to the existing plans before the transaction is complete.
This Part also suggests that contracts between litigation finance firms and plaintiffs make use of staged financing, representation in case management, certain negative covenants, and exit provisions.
Obligations paid out of the CBRF have no priority of payment or ranking, and there are no negative covenants insulating the Tower 4 annual debt service payments.
Further, the transaction documents contain customary affirmative and negative covenants, financial covenants, representations and warranties and events of default, which are subject to various exceptions and qualifications.
Nevertheless, under the negative covenants of the transaction, UniTapah is not allowed to amend the CA without the prior written consent of the Trustee, save for any amendments required by the GoM or due to any legal requirements.
The new facility amends and restates the prior revolving line of credit dated 26 June 2009 by extending its maturity through 4 January 2017 from 25 June 2013, cutting the borrowing rate and commitment fees and modifying some affirmative and negative covenants, the company said in a statement.
Besides, the company's ability to borrow under the facility is subject to its ongoing compliance with various customary affirmative and negative covenants.
This includes the DCOH covenant and other negative covenants. Maintenance of the 'BBB' rating in spite of the elimination of the parent level covenants reflects the good liquidity at ACOMM available to support the OSA.
These notes mature on or before 9 May 2020 and accrue interest at an annual rate of 7.5% that will be paid quarterly and the agreement contains customary affirmative and negative covenants of the company such as covenants not to incur certain debt that is not subordinated and not to make optional payments on its debt (other than on the notes) or amend material debt in a manner that is adverse to the holders.