Negative pledge: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Add cross reference to Covenant page and categorise page.) |
imported>Doug Williamson (Add link.) |
||
| Line 9: | Line 9: | ||
* [[Covenant]] | * [[Covenant]] | ||
* [[Carve-out]] | * [[Carve-out]] | ||
* [[Grant]] | |||
* [[Pari passu]] | * [[Pari passu]] | ||
* [[Pari passu clause]] | * [[Pari passu clause]] | ||
| Line 14: | Line 15: | ||
[[Category:Long_term_funding]] | [[Category:Long_term_funding]] | ||
[[Category:Manage_risks]] | [[Category:Manage_risks]] | ||
[[Category:Risk_frameworks]] | [[Category:Risk_frameworks]] | ||
[[Category:Treasury_operations_infrastructure]] | |||
Revision as of 15:28, 8 July 2021
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.
