EXCHANGE RATE EFFECTS Definition

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EXCHANGE RATE EFFECTS is the effect on any given currency as the rate of exchange changes providing either a gain or loss in value against other currencies.

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NONREFUNDABLE BOND is a bond issue that cannot be redeemed for a stated period of time using the proceeds from a new, lower-cost issue to finance the refunding. The bond can still be called without a refunding, but the company must use internal capital or equity funds to retire the issue. This provides some protection to the bondholder if interest rates decline significantly.

CUSTODY is possession.

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