Maine Negative Asset Pledge Agreement
Description Negative Agreement
How to fill out Maine Negative Asset Pledge Agreement?
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FAQ
A Double Negative Pledge is an agreement whereby a borrower agrees to both abstain from granting liens on assets to any other existing or prospective lender (negative pledge), and abstain from offering any current or prospective lender an agreement not to pledge (double negative pledge).
The difference between them is that in the case of a pledge the owner delivers possession to the creditor as security, whereas in the case of a lien the creditor retains a right of possession of goods previously delivered to him for some other purpose.
Lenders will sometimes require a negative pledge from a borrower or related party as a condition of a loan. Despite the title, a negative pledge is not a pledge of collateral and does not grant any kind of a security interest in assets.
What Is a Negative Pledge Clause? A negative pledge clause is a type of negative covenant that prevents a borrower from pledging any assets if doing so would jeopardize the lender's security. This type of clause may be part of bond indentures and traditional loan structures.
A negative lien, on the other hand, is a right of a person to restrict another person from disposing of or creating encumbrance over a property belonging to the latter which is in the latter's possession or control till the time the debt or other obligation (for which such negative lien is conferred) is discharged.
A negative covenant is a bond covenant preventing certain activities unless agreed to by the bondholders. Negative covenants are written directly into the trust indenture creating the bond issue, are legally binding on the issuer, and exist to protect the best interests of the bondholders.
A negative pledge clause is a type of negative covenant that prevents a borrower from pledging any assets if doing so would jeopardize the lender's security. This type of clause may be part of bond indentures and traditional loan structures.
The Negative Pledge does not transform unsecured debt to secured debt. A Negative Pledge is a promise not to encumber certain property.Therefore, the Negative Pledge, unlike a mortgage or security agreement, provides no lien or security to the creditor.