COVENANT Definition

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COVENANT is a clause in a contract that requires one party to do, or refrain from doing, certain things. It is usually a restriction on a borrower imposed by a lender.

Learn new Accounting Terms

BANK is a financial entity that is licensed by a government to receive monetary deposits: commercial/retail banks and investment banks. In most countries, banks are regulated by a national government or central bank. 

ACCOUNTS RECEIVABLE is a current asset representing money due for services performed or merchandise sold on credit.

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