A promise to set aside, dedicate and use exclusively for specified purposes certain categories of property, generally money or other intangibles.
See Also
A covenant that is the opposite of a pledge – a promise not to pledge property, generally money or other intangibles, to any party other than the issuer, a letter of credit provider or other intended beneficiary of the negative pledge.
The amount, if any, required to be paid to the issuer by the underwriter at the time the bonds are sold, which serves as the amount retained by the Issuer as compensation for any damages caused to the issuer by the underwriter failing to purchase the bonds at the closing.
