bond-basics

Program Investment

Purpose Investments that meet certain rules set forth in Treasury Regulations Section 1.148-1(b).

See Also

Purpose Investment

Investment property acquired to carry out the purpose of a governmental program for which the bonds are issued (i.e., conduit loans, mortgage notes, mortgage-backed securities and student loan obligations).

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Negative Pledge

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.