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negative pledge

noun

Etymology

The idea (and hence presumably the name) developed in the United States, and then went global. (Reference: Trevor Sykes, The Bold Riders, second edition, 1996, →ISBN, page 8.)

Definitions

  1. A type of loan or loan condition in which the borrower agrees with the lender not to…

    A type of loan or loan condition in which the borrower agrees with the lender not to allow any other lender or creditor to rank ahead for payment in the event of a liquidation. Such a loan is unsecured (ie. not backed by a charge over specific assets).

The neighborhood

Vish — recursive loop

No curated loop yet for negative pledge. Loops are being traced one word at a time while the ingestion pipeline matures.

sense glosses and etymology drawn from English Wiktionary · source · CC-BY-SA