TAXABLE EQUIVALENT YIELD Definition

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TAXABLE EQUIVALENT YIELD is the yield that must be received on a taxable security to provide the holder with the same after-tax return as that earned on a tax-exempt bond or preferred stock.

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EUROBOND see GLOBAL BOND.

LOAN COVENANT is a legally enforceable promise or restriction in a mortgage. For example, the borrower may covenant to keep the property in good repair and adequately insured against fire and other casualties. A breach of covenant in a mortgage usually creates a default, defined by the mortgage, and can be the basis for foreclosure.

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