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most dictionaries Define the word covenant as a formal agreement sometimes with a caveat that theres an expectation that some action shall be performed lone covenants are no exception however theyre actually small formal agreements within a much larger formal agreement which is the loan contract itself sometimes called a promissory note lone covenants expressly outline actions or behaviors that a borrower is expected to or expected not to engage in a covenant bdocHub occurs when the borrower does not adhere to one or more of these actions or behaviors loan covenants can usually be categorized in a few different ways these are standard or non-standard positive or negative and financial or non-financial standard covenants are pretty boilerplate and tend to be standard for all borrowers like no changes of ownership without consent from the financial institution non-standard covenants are customized based on characteristics or risks that are unique to a specific client or credit requests
