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Nonrefundable

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Definition of Nonrefundable

Nonrefundable Image 1

Nonrefundable

Not permitted, under the terms of indenture, to be refundable.



Related Terms:

All-or-none underwriting

An arrangement whereby a security issue is canceled if the underwriter is unable
to re-sell the entire issue.


Bond indenture

The contract that sets forth the promises of a corporate bond issuer and the rights of
investors.


Completion undertaking

An undertaking either (1) to complete a project such that it meets certain specified
performance criteria on or before a certain specified date or (2) to repay project debt if the completion test
cannot be met.


Credit Terms

Conditions under which credit is extended by a lender to a borrower.


Firm commitment underwriting

An undewriting in which an investment banking firm commits to buy the
entire issue and assumes all financial responsibility for any unsold shares.



Indenture

Agreement between lender and borrower which details specific terms of the bond issuance.
Specifies legal obligations of bond issuer and rights of bondholders.


Life Underwriter

Insurance Agent.


Nonrefundable Image 1

Money Laundering

This is the process by which "dirty money" generated by criminal activities is converted through legitimate businesses into assets that cannot be easily traced back to their illegal origins.


Refundable

Eligible for refunding under the terms of indenture.


Repayment Terms

The length of time given a borrower by a lender to repay a debt and the frequency of principal payments which the borrower has to meet.


Rho - The rate of change in a derivative’s price relative to the underlying

security’s risk-free interest rate.


Roth IRA. An IRA account whose earnings are not taxable at all under certain

circumstances.


Terms of sale

Conditions on which a firm proposes to sell its goods services for cash or credit.


terms of sale

Credit, discount, and payment terms offered on a sale.


Terms of trade

The weighted average of a nation's export prices relative to its import prices.


Terms of Trade

The quantity of imports that can be obtained for a unit of exports, measured by the ratio of an export price index to an import price index.


Nonrefundable Image 2

underapplied overhead

a debit balance in the Overhead account at the end of a period; when the applied overhead amount is less than the actual overhead that was incurred


Underfunded pension plan

A pension plan that has a negative surplus (i.e., liabilities exceed assets).



Underground Economy

Economic activity not observed by tax collectors and government statisticians.


Underinvestment problem

The mirror image of the asset substitution problem, wherein stockholders refuse
to invest in low-risk assets to avoid shifting wealth from themselves to the debtholders.
underlying
The "something" that the parties agree to exchange in a derivative contract.


Underlying asset

The asset that an option gives the option holder the right to buy or to sell.


Underlying Results

Earnings after removing the effects of nonrecurring or nonoperating items.


Underlying security

Options: the security subject to being purchased or sold upon exercise of an option
contract. For example, IBM stock is the underlying security to IBM options. Depository receipts: The class,
series and number of the foreign shares represented by the depository receipt.


Underperform

When a security is expected to appreciate at a slower rate than the overall market.


Underpricing

Issue of securities below their market value.


underpricing

Issuing securities at an offering price set below the true value of the security.


Underwrite

To guarantee, as to guarantee the issuer of securities a specified price by entering into a purchase
and sale agreement. To bring securities to market.


Underwriter

A party that guarantees the proceeds to the firm from a security sale, thereby in effect taking
ownership of the securities. Or, stated differently, a firm, usually an investment bank, that buys an issue of
securities from a company and resells it to investors.



underwriter

Firm that buys an issue of securities from a company and resells it to the public.


Underwriter

See investment banker.


Underwriter

This could be the person (broker or agent) who helps you choose the proper type of life insurance or disability insurance and the insurance company for your particular needs. This could also be the person at the insurance company's head office who reviews your application for coverage to determine whether or not the insurance company will issue a policy to you.


Underwriter

Person that uses various types of evidence to evaluate the insurability of a client.


Underwriting

Acting as the underwriter in a purchase and sale.


Underwriting

Evaluating and classifying potential risk of a client.


Underwriting fee

The portion of the gross underwriting spread that compensates the securities firms that
underwrite a public offering for their underwriting risk.


Underwriting income

For an insurance company, the difference between the premiums earned and the costs
of settling claims.


Underwriting syndicate

A group of investment banks that work together to sell new security offerings to
investors. The underwriting syndicate is led by the lead underwriter. See also: lead underwriter.
underwritten offering
A purchase and sale.



 

 

 

 

 

 

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