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Protective covenant

• A part of the indenture or loan agreement that limits certain actions a company takes during the term of the loan to protect the lender's interests.

 
 Embedded terms in definition
 Indenture
 
 Related Terms
 Affirmative covenant
Bond covenant
Negative covenant
Positive covenant of a bond
Protective put buying strategy

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Tips for Trying to Fix a Clogged or "Frozen" Home Equity Line: For years, homeowners have turned to home equity lines of credit (HELOCs) as a way to borrow against their home's value to pay for college tuition, home improvements, medical bills and other major expenses. (A home's equity is the market value minus what is owed on the mortgage. If you owe $100,000 on your mortgage but your home is worth $250,000, your equity is $150,000.) More...

We may think there is willpower involved, but more likely… change is due to want power. Wanting the new addiction more than the old one. Wanting the new me in preference to the person I am now. – George Sheehan

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