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Contract law Part of the common law series Contract formation Offer and acceptance · Mailbox rule Mirror image rule · Invitation to treat Firm offer · Consideration Defenses against formation Lack of capacity Duress · Undue influence Illusory promise · Statute of frauds Non est factum Contract interpretation Parol evidence rule Contract of adhesion Integration clause Contra proferentem Excuses for non-performance Mistake · Misrepresentation Frustration of purpose · Impossibility Impracticability · Illegality Unclean hands · Unconscionability Accord and satisfaction Rights of third parties Privity of contract Assignment · Delegation Novation · Third party beneficiary Breach of contract Anticipatory repudiation · Cover Exclusion clause · Efficient breach Deviation · Fundamental breach Remedies Specific performance Liquidated damages Penal damages · Rescission Quasi-contractual obligations Promissory estoppel Quantum meruit Related areas of law Conflict of laws · Commercial law Other common law areas Tort law · Property law Wills, trusts and estates Criminal law · Evidence v • d • e Negative pledge is a provision in a contract which prohibits a party to the contract from creating any security interests over certain property specified in the provision. Negative pledges often appear in security documents, where they operate to prohibit the person who is granting the security interest from creating any other security interests over the same property, which might compete with (or rank pari passu with) the security of the first secured creditor under the security document in which the negative pledge appears. In Australia, negative pledge lending took off after a substantial deal by Pioneer Concrete in 1978.[1] It was a new way of lending, which allowed the banks to lend to corporates, something previously the domain of life insurers. Negative pledge clauses are almost universal in modern unsecured commercial loan documents. The purpose is to ensure that a borrower, having taken out an unsecured loan, cannot subsequently take out another loan with a different lender, securing the subsequent loan on the specified assets. If the borrower could do this, the original lender would be disadvantaged because the subsequent lender would have first call on the assets in an event of default. See also Second lien Seniority Pari passu Senior debt Subordinated debt Secured creditor Unsecured creditor References ^ Trevor Sykes, The Bold Riders, second edition, 1996, ISBN 1-86448-184-6, pages 7-10