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"Clean your skirts"

Definition

In the context of general equities, i.e. "make all your obligated calls" check with all prior obligations in a security. Often preceded by "subject to."

Investing Essentials

Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University


Term of the Day

Covenant
An agreed action to be undertaken (Positive) or not done (Negative). A breach of a covenant is a default.

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