covenant


covenant
1) A promise made in a deed, which may or may not be under seal. Such a promise can be enforced by the parties to it as a contract, even if the promise is gratuitous: for example, if A covenants to pay B £100 per month, B can enforce this promise even without having done anything in return. Covenants were formerly used to minimize income tax by transferring income from taxpayers to non-taxpayers, such as children or charities; however, only gifts made to charities now offer much scope for tax planning (see deed of covenant, gift aid).
Covenants may be entered into concerning the use of land, frequently to restrict the activities of a new owner or tenant (e.g. a covenant not to sell alcohol or run a fish-and-chip shop). Such covenants may be enforceable by persons deriving title from the original parties. This is an exception to the general rule that a contract cannot bind persons who are not parties to it.
2) An undertaking in loan agreement, the breaching of which will make the loan repayable immediately. The undertakings in such an agreement can be classified as either ratio covenants or non-ratio covenants. The breaching of either type of covenant will be an event of default

Accounting dictionary. 2014.

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  • Covenant — Saltar a navegación, búsqueda Este artículo trata sobre el Universo de Halo. Para la agrupación musical, véase Covenant (Banda). Contenido 1 Historia 1.1 Odio al Homo sapiens …   Wikipedia Español

  • covenant — cov·e·nant / kə və nənt/ n 1: an official agreement or compact an international covenant on human rights 2 a: a contract in its entirety or a promise within a contract for the performance or nonperformance of a particular act a covenant not to… …   Law dictionary

  • COVENANT — COVENANT, a general obligation concerning two parties. It was confirmed either by an oath (Gen. 21:22ff.; 26:26ff.; Deut. 29:9ff.; Josh. 9:15–20; II Kings 11:4; Ezek. 16:8; 17:33ff.), by a solemn meal (Gen. 26:30; 31:54; Ex. 24:11; II Sam. 2:20) …   Encyclopedia of Judaism

  • COVENANT — COVENA Terme désignant une forme typique de la vie politique et religieuse écossaise qui réapparut dans la première moitié du XVIIe siècle, alors que l’engagement pris par les nobles écossais en 1557 en l’absence de John Knox et en un temps où la …   Encyclopédie Universelle

  • Covenant — Cov e*nant (k?v ? nant), n. [OF. covenant, fr. F. & OF. convenir to agree, L. convenire. See {Convene}.] [1913 Webster] 1. A mutual agreement of two or more persons or parties, or one of the stipulations in such an agreement. [1913 Webster] Then… …   The Collaborative International Dictionary of English

  • covenant — [kuv′ə nənt] n. [OFr, agreement, orig., prp. of covenir < L convenire: see CONVENE] 1. a binding and solemn agreement to do or keep from doing a specified thing; compact 2. an agreement among members of a church to defend and maintain its… …   English World dictionary

  • Covenant — Cov e*nant, v. t. To grant or promise by covenant. [1913 Webster] My covenant of peace that I covenanted with you. Wyclif. [1913 Webster] …   The Collaborative International Dictionary of English

  • Covenant —   [ kʌvənənt; englisch »Bund«, zu lateinisch convenire »zusammenkommen«] der, s/ s,    1) ohne Plural, in den evangelischen ref. Kirchen auf das Alte Testament zurückgreifende theologische Beschreibung des Verhältnisses zwischen Gott und den… …   Universal-Lexikon

  • covenant — c.1300, from O.Fr. covenant agreement, originally prp. of covenir agree, meet, from L. convenire come together (see CONVENE (Cf. convene)). Applied in Scripture to God s arrangements with man, as a translation of L. testamentum, Gk. diatheke,… …   Etymology dictionary

  • Covenant — Allgemeine Informationen Genre(s) Elektro, Future Pop Gründung 1986 Website http://w …   Deutsch Wikipedia

  • covenant — s. m. Na Escócia, associação formada com vista a uma ação comum. (O covenant mais célebre foi o de 1638, que se opôs à introdução do anglicanismo na Escócia.) • Plural: covenants.   ‣ Etimologia: palavra inglesa que significa pacto …   Dicionário da Língua Portuguesa