NEGATIVE UNDERTAKINGS. (a) NEGATIVE PLEDGE The Borrower will not create any Encumbrance, except for Permitted Encumbrances, on or over all or any of its present or future assets or revenues, for the purpose of granting a security in respect of its Indebtedness, its Guarantees in respect of Indebtedness, or the Indebtedness or Guarantees of any other Person, unless such Encumbrance rateably and equally secures obligations arising pursuant to this Agreement at the same or an earlier time.
