Definicja negative pledge
The statement in which a bank declares itself prepared to grant a loan without any collateral, to a borrower, provided that the borrower agrees not to furnish collateral to other creditors.
A negative pledge is intended to keep the debtor's assets unencumbered and to secure the value of debtor's collateral by not permitting it to be used for the benefit of other creditors by imposing a limited ban on sale. For this reason, a negative pledge includes a ban on encumbrances, a limited ban on sale and to make it complete from a legal point of view - a ban on additional undertakings.
Słownik i definicje SAPa na N.