Negative pledge: Difference between revisions
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imported>Doug Williamson (Add cross reference to Covenant page and categorise page.) |
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== See also == | == See also == | ||
* [[Covenant]] | |||
* [[Carve-out]] | * [[Carve-out]] | ||
* [[Pari passu]] | * [[Pari passu]] | ||
* [[Pari passu clause]] | * [[Pari passu clause]] | ||
* [[Security]] | * [[Security]] | ||
[[Category:Long_term_funding]] | |||
[[Category:Treasury_operations_infrastructure]] | |||
[[Category:Long_term_funding]] | |||
[[Category:Treasury_operations_infrastructure]] | |||
[[Category:Manage_risks]] | |||
[[Category:Risk_frameworks]] | |||
Revision as of 16:24, 4 December 2013
A term used in loan documentation.
It is a promise not to create a class of creditor that ranks above the lender in priority for repayment.
Usually this means that, for an unsecured loan, the borrower promises not to grant security to another, subsequent lender.
