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.
Certificate of a responsible officer of the Issuer and/or Borrower certifying compliance with the limitations on Arbitrage imposed on the Tax-Exempt Bonds by the Internal Revenue Code.
