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.
A fund into which pledged revenues may be required to be deposited as received and from which disbursements are made to pay allowable operations and maintenance expenses and to meet debt service requirements and deposit requirements to other funds.
