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What is a 'Collar'. A collar is a protective options strategy that is implemented after a long position in a stock has experienced substantial gains. An investor can create a collar position by purchasing an out-of-the-money put option while he simultaneously writes an out-of-the-money call option. A collar is also known as hedge wrapper.
Definition of 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. Restriction on a firm to protect bondholders. A bond covenant that specifies certain actions the firm must take. A contractual provision in a bond indenture. A positive covenant requires certain actions, and. a negative covenant limits certain actions.