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 type of offering document circulated prior to the determination of the interest rates and certain other terms of the bonds when it is anticipated or known the bonds will be purchased by an underwriter and resold to the public.
