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 term used in Section 145 of the code to refer to a type of tax-exempt bonds issued as private activity bonds for the benefit of a 501(c)(3) organization.
