NONCALLABLE Definition

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NONCALLABLE is a bond exempt from call by the issuer for a stated period of time.

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CASH ON HAND literally means coin, currency, and cash items on hand. It is not possible to have negative cash on hand.

PREPAYMENT RISK, in the area of mortgage-backed securities, which are backed by loans on property, is the possibility that home owners will payoff their mortgages early, returning the investor's principal earlier than expected. This typically occurs during a declining inter­est rate environment, when home owners can refinance at lower rates, leaving investors vulnerable to the risk of reinvestment at lower rates.

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