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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词条贡献者

译者Natalie，在一家西班牙律师事务所的北京办公室担任全职法律翻译，擅长翻译涉及医疗健康领域的法律文件。