{"component": "clause", "props": {"groups": [{"snippet": "Holdings and the Borrowers shall not, and shall not permit any of the Restricted Subsidiaries to, agree or covenant with any Person to restrict in any way its ability to grant any Lien on its assets in favor of the Lenders, other than pursuant to the ABL Intercreditor Agreement, any First Lien/Second Lien Intercreditor Agreement, any Additional Intercreditor Agreement, any Pari Passu Intercreditor Agreement or any other intercreditor agreement contemplated by this agreement, and except that this Section 10.10 shall not apply to:\n(i) any covenants contained in this Agreement or any other Credit Documents or that exist on the Closing Date;\n(ii) covenants existing under the ABL Credit Documents and the Unsecured Notes Indenture, each as in effect on the First Restatement Effective Date or as amended in a manner consistent with any amendment to this Agreement or the other Credit Documents;\n(iii) the covenants contained in any 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"label": "Credit Agreement (Tortoise Capital Resources Corp)", "score": 21.0, "published": true}, {"hash": "6EXHkVWmxum", "uri": "/contracts/6EXHkVWmxum#negative-pledges", "label": "Credit Agreement (Tortoise Gas & Oil Corp)", "score": 21.0, "published": true}, {"hash": "dCIZta7QJqo", "uri": "/contracts/dCIZta7QJqo#negative-pledges", "label": "Credit Agreement (Tortoise North American Energy Corp)", "score": 19.0, "published": true}], "hash": "4acd11eecc5e72ffafcd8dc4a928f55a", "id": 7}, {"snippet": "Enter into any agreement limiting the ability of Borrower or any of its Subsidiaries to voluntarily create Liens upon any of its Property, except pursuant to the Indentures, the City Loan Agreement and the Exchange Indentures.", "size": 14, "snippet_links": [{"key": "create-liens", "type": "clause", "offset": [100, 112]}, {"key": "the-indentures", "type": "clause", "offset": [158, 172]}, {"key": "city-loan-agreement", "type": "definition", "offset": [178, 197]}, {"key": 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prohibiting any such lien on assets in which such Person has a prior security interest which is permitted by ss.9.2.", "size": 14, "snippet_links": [{"key": "this-credit-agreement", "type": "clause", "offset": [91, 112]}, {"key": "the-loan-documents", "type": "clause", "offset": [117, 135]}, {"key": "lien-on-assets", "type": "clause", "offset": [361, 375]}, {"key": "prior-security-interest", "type": "clause", "offset": [403, 426]}], "samples": [{"hash": "lys7ZGZngkO", "uri": "/contracts/lys7ZGZngkO#negative-pledges", "label": "Revolving Credit Agreement (Genrad Inc)", "score": 18.0, "published": true}, {"hash": "j4wykMW5x2K", "uri": "/contracts/j4wykMW5x2K#negative-pledges", "label": "Revolving Credit Agreement (Genrad Inc)", "score": 18.0, "published": true}, {"hash": "7UXPo0CTwmJ", "uri": "/contracts/7UXPo0CTwmJ#negative-pledges", "label": "Revolving Credit Agreement (Genrad Inc)", "score": 18.0, "published": true}], "hash": "db613456e6db34f25c03794db46bb17c", "id": 9}, {"snippet": "No Loan Party shall, nor shall any Loan Party permit any of its Subsidiaries or the LS&Co. Trust to, directly or indirectly, enter into or suffer to exist, any agreement prohibiting or conditioning the creation or assumption of any Lien upon any of its property or assets except:\n(a) negative pledges existing on property of the U.S. Borrower and its Subsidiaries on the Closing Date and listed on Schedule 6.12;\n(b) negative pledges in favor of the Administrative Agent, the Multicurrency Administrative Agent and the Lenders pursuant to the Loan Documents;\n(c) negative pledges in connection with any purchase money Indebtedness permitted under Section 6.01(g) solely to the extent that the agreement or instrument governing such Indebtedness prohibits a Lien on the property acquired with the proceeds of such Indebtedness;\n(d) negative pledges in connection with any Capital Lease Obligation permitted under Section 6.01(t) solely to the extent that such Capital Lease Obligation prohibits a Lien on the property subject thereto;\n(e) negative pledges on the property subject to Equipment Financing Transactions permitted under Section 6.01(k) and Real Estate Financing Transactions permitted under Section 6.01(j), and negative pledges on the property subject to Liens permitted under Section 6.02;\n(f) negative pledges on intellectual property rights (other than, prior to the Trademark Release Date, Eligible Trademark Collateral) licensed from third parties;\n(g) negative pledges with respect to Indebtedness of Foreign Subsidiaries (other than Canadian Loan Parties) that only apply to the assets of such Foreign Subsidiaries; and\n(h) negative pledges in Indebtedness permitted by Section 6.01; provided that such negative pledges do not restrict the Loan Parties from securing the Obligations with Liens on any of their assets (except for restrictions contained in Indebtedness secured by Liens permitted by Section 6.02 which Liens apply only to the assets securing such Indebtedness).", "size": 14, "snippet_links": [{"key": "no-loan-party", "type": "definition", 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"parents": [["negative-covenants", "Negative Covenants"], ["covenants", "COVENANTS"], ["miscellaneous", "Miscellaneous"], ["covenants-and-continuing-agreements", "Covenants and Continuing Agreements"], ["representations-and-warranties", "Representations and Warranties"]], "title": "Negative Pledges", "children": [["", ""], ["events-of-default", "Events of Default"], ["counterparts", "Counterparts"], ["payments", "Payments"], ["governing-law", "GOVERNING LAW"]], "id": "negative-pledges", "related": [["negative-pledge", "Negative Pledge", "Negative Pledge"], ["no-negative-pledges", "No Negative Pledges", "No <strong>Negative Pledges</strong>"], ["additional-negative-pledges", "Additional Negative Pledges", "Additional <strong>Negative Pledges</strong>"], ["negative-pledge-agreements", "Negative Pledge Agreements", "Negative Pledge Agreements"], ["negative-pledge-clauses", "Negative Pledge Clauses", "Negative Pledge Clauses"]], "related_snippets": [], "updated": "2026-04-09T05:26:19+00:00", "also_ask": ["What are the most effective carve-outs to negotiate in a negative pledge?", "Which drafting elements are essential to ensure enforceability of a negative pledge?", "What are the main risks if a negative pledge is breached or inadequately drafted?", "How do negative pledges compare to affirmative covenants in protecting lenders?", "What factors do courts consider when determining if a negative pledge is enforceable?"], "drafting_tip": "Specify restricted actions, identify affected assets, and define exceptions to prevent ambiguity and ensure enforceability.", "explanation": "A Negative Pledge clause restricts a borrower from granting security interests over its assets to other creditors without the consent of the lender. In practice, this means the borrower cannot use its assets as collateral for new loans or obligations, ensuring that the lender\u2019s position is not subordinated to future secured creditors. This clause is commonly used in unsecured loan agreements to protect the lender by maintaining their priority and reducing the risk that the borrower\u2019s assets will be encumbered, thereby preserving the lender\u2019s ability to recover funds in the event of default."}, "json": true, "cursor": ""}}