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English - Turkish
Definition of negative pledge in English Turkish dictionary
- (Kanun) menfi rehin
English - English
Definition of negative pledge in English English dictionary
- A type of loan or loan condition in which the borrower agrees with the lender not to allow any other lender or creditor to rank ahead for payment in the event of a liquidation. Such a loan is unsecured (ie. not backed by a charge over specific assets). Hailed as a great innovation when developed in the 1970s, but by the end of the 1980s had become a dirty word
- promise not to mortgage property
negative pledge
Hyphenation
neg·a·tive pledgeTurkish pronunciation
negıtîv plecPronunciation
/ˈnegətəv ˈpleʤ/ /ˈnɛɡətɪv ˈplɛʤ/
Etymology
() The idea (and hence presumably the name) developed in the United States, and then went global. (Reference: Trevor Sykes, The Bold Riders, second edition, 1996, ISBN 1-86448-184-6, page 8.)Resimler
History
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