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negative pledge clause

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Negative pledge clause
A bond covenant that requires the borrower to grant lenders a lien equivalent to any liens that may be granted in the future to any other currently unsecured lenders.
negative pledge clause
A restriction in a borrowing agreement that limits a borrower's ability to issue new debt having a priority claim on the firm's assets. A negative pledge clause, a part of some debenture agreements, protects the creditors against a dilution of security.


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