PROMISSORY NOTE Definition

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PROMISSORY NOTE, usually just called a note, is a NEGOTIABLE INSTRUMENT wherein the maker agrees to pay a specific sum at a definite time.

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GIVEUP is the opposite of "pickup." A reduction in yield as a result of a swap transaction in which one security is sold and another purchased. Yield declines rather than increases as a result of the transaction.

MANDATORY SPENDING is spending that is automatically obligated due to previously-enacted laws. In the United States, this would include things such as Social Security, Medicare, and the interest on the national debt. See DISCRETIONARY SPENDING.

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