A Bond that gives the bondholder the right to sell, or put, the Bond to the Issuer or some other party, often a remarketing agent, under specific conditions. Put Bonds are ordinarily put to the Issuer or remarketing agent at 100% of the Par Value of the Bonds.
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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.
