Negative Pledge Clause

Bankers when offering banking facilities would prefer that the company provide certain security/collaterized assets
However, in the event of an UNSECURED commercial loan, we will often then see a Negative Pledge Covenant letter being issued. So what is this negative pledge clause letter and what are its purposes?
Firstly, a negative pledge is a provision in a contract which prohibits a [...]

April 3, 2008 Tags: Debt, Legal Posted in: Treasury Terms No Comments

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