UNSECURED Definition

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UNSECURED is obligation backed not by collateral but only by the integrity of the borrower. Opposite of secured.

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CAP is a series of European interest rate call options used to protect against rate moves above a set strike level.

REPO is a contract under which the seller of securities, such as Treasury Bills, agrees to buy them back at a specified time and price. Also called repurchase agreement or buyback. See REPURCHASE AGREEMENT.

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