In legal terms, a party to a covenant who receives the benefits of the covenant or to whom a covenant is made.
From covenant plus the suffix -ee (indicating the recipient), following the pattern of lessee, trustee, employee—words showing who receives the action.
The covenantee/covenanter split is elegantly simple—it's the same logic that distinguishes who's borrowing (lessee) from who's lending (lessor) in property law.
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