IMPLICITY is something implied or understood although not directly expressed.
STRAPS is Stated Term Rate Auction Preferred Stock; issues having a fixed dividend rate, usually for three to five years. After this period, the security becomes an auction-rate preferred and the holder can sell the stock at par on the date of the first auction. STRAPs trade like and are compared to a short-term sinking fund preferred stock.
DISCRETIONARY INCOME means the amount of a companys income available for spending after the essentials have been met. See DISPOSABLE INCOME.
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