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Legal defeasance

Definition:

The deposit of cash and permitted securities, as specified in the bond indenture, into an irrevocable trust sufficient to enable the issuer to fully discharge its obligations under the bond indenture.

Investing Essentials


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

Term of the Day

Concentration services

Movement of cash from different lockbox locations into a single concentration account from which disbursements and investments are made.

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