ENCUMBERED is when an asset is owned by one party subject to the legal claims of another party. One example is a homeowner that owns a home that is subject to (encumbered by) the claims of the mortgage holder.
PROCUREMENT, from a business perspective, is the purchasing of services or materials.
SPOT RATE is the price at which a currency can be purchased or sold and then delivered within two business days, e.g., spot dollar.
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