Definition and Citations:
A FLOATING RATE NOTE or BOND that converts into a fixed COUPON obligation when a reference INTEREST RATE is breached on the downside. See also DROP LOCK.
Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.
A FLOATING RATE NOTE or BOND that converts into a fixed COUPON obligation when a reference INTEREST RATE is breached on the downside. See also DROP LOCK.