ADJUSTABLE RATE PREFERRED Definition

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ADJUSTABLE RATE PREFERRED (ARP) is preferred stock issues in which dividends are reset quarterly either at a fixed spread or at a percentage of the highest of three benchmarks on the yield curve. Also known as floating­-rate preferreds.

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PROFIT & LOSS ACCOUNT shows the net profit which is left after all relevant business expenses have been deducted.

UP-FRONT PAYMENT is anything of value, usually money, delivered at the time a contract is signed, e.g. down payment, licensing fees, or closing costs.

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