Negative covenant

 

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Negative covenant

A bond covenant that limits or prohibits certain actions unless the bondholders agree.



Negative covenant

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Occurs when current liabilities exceed current assets, which can lead to bankruptcy.


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When the yield on a short-term security is higher than the yield on a long-term security, partially because high interest rates are creating a greater demand for short-term borrowing.


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A bond covenant that requires the borrower to grant lenders a lien equivalent to any liens that may be granted in the future to any other currently unsecured lenders.


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