A promise to set aside, dedicate and use exclusively for specified purposes certain categories of property, generally money or other intangibles.
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.
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Term of the Week
Law designed to ensure that investors are provided with material information about new issues of securities offered for sale to the public.