Debt Capital Markets · glossary
The debt the negative pledge covers: bonds, notes or similar securities that are, or could be, listed or traded. The test is the form of the debt, not its size. So a bank loan secured on a warehouse falls outside it, but a secured bond is caught. Condition 3.2, “Relevant Indebtedness” · Chapter 5 · see Negative pledge
Explained in Chapter 5, Negative Pledge and Events of Default, of Debt Capital Markets.
The negative pledge does not cover every secured debt. It covers security for Relevant Indebtedness, which Condition 3.2 defines by the form the debt takes…Read Chapter 5, Negative Pledge and Events of Default →
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any indebtedness, present or future, in the form of, or represented by, bonds, notes, debentures, loan stock or other securities which are, or are capable of being, quoted, listed or ordinarily dealt in on any stock exchange or other securities market;Read the definition in the document →
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