Finance Deals & Syndicated Lending · glossary
The borrower's promise not to give any other creditor security over its assets, with small exceptions. It keeps the assets free for all the unsecured creditors, so nobody gets ahead of an unsecured syndicate. Clause 18.2 · Chapter 9 · Chapter 13
Explained in Chapter 9, Undertakings and Financial Covenants, of Finance Deals & Syndicated Lending.
Also explained in Debt Capital Markets, Derivatives and Security & Collateral.
Sunrise is unsecured. The lenders have guarantees from Atlas's subsidiaries, but no charge over any asset. The negative pledge stands in the place of security…Read Chapter 9, Undertakings and Financial Covenants →
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