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banking covenant

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banking covenant

Agreement between an individual or company taking out a bank loan and the bank granting the loan. The covenant outlines the conditions upon which the loan is granted. For example, the terms of the covenant may restrict further borrowing by a company. The bank may insist on immediate repayment of the loan should the covenant be broken. When repayments are not being made, the bank may force the debtor into receivership in order to reclaim the amount owed from a sale of the debtor's assets.



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The Board therefore expects that the Group will exceed the requirements of its banking covenant for the year ending March 31, 2002.
Invensys Gives Confirmation of Guidance for 2001/02 Trading ... by Business Wire
However, barring extreme events, our strong focus on performance improvement should mitigate any further downside risk and enable the Group to exceed the requirement of its banking covenant at year-end.
Invensys Interim Results For The Six Months Ended September 30, 2001 by Business Wire
The company earlier reported to the Securities and Exchange Commission that it had defaulted on certain banking covenants.
Barry's Jewelers announces compliance with banking covenants by Business Wire
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