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If I could hold a pencil, I'd mark up those reading passages like it was going out of style. Do it for the buffalo, man. Do it for me.

Closed vs. Open Ended Terms

Closed vs. Open Ended Terms

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    Quizlet

    In the case where these kinds of collateral are being used to secure a bond, obviously there are limits or ceilings formed by the value of the collateral. If a bottle stamper sold new for $25 million, it might fetch $10 million in the used market… maybe. So a cautious lender would likely limit the amount that could be borrowed against that asset pledge. The lender could attach to the loan the requirement that it was closed ended: Loans of that given type or class could borrow up to $7.5 m...

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