NEGATIVE-PLEDGE CLAUSE

glossary / NEGATIVE-PLEDGE CLAUSE

NEGATIVE-PLEDGE CLAUSE

negative-pledge clause.

1. A provision requiring a borrower, who borrows funds without giving security, to refrain from giving future lenders any security without the consent of the first lender.

2. A provision, usu. in a bond indenture, stating that the issuing entity will not pledge its assets if it will result in less security to the bondholders under the indenture agreement.

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