COUPON RATE Definition

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COUPON RATE is the annual interest rate of a bond.

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OWNERS DRAW see PROPRIETORS DRAW.

LETTER OF GUARANTEE is a written promise issued by a bank to compensate (pay a sum of money) to the beneficiary (third party, local or foreign) in the event that the obligor (customer) fails to honor its obligations in accordance with the terms and conditions of the guarantee/agreement/contract.

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