Nonrefundable

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Nonrefundable

Not permitted, under the terms of an indenture, to be refundable.

Nonrefundable

Describing a bond that may not be retired for a certain number of years or until maturity. Nonrefundable bonds protect bondholders from the risk that the issuer may effectively refinance a bond at a lower interest rate, which would deprive bondholders of coupon payments to which they would otherwise be entitled. Most bonds are nonrefundable for at least five or 10 years after issue. See also: Refundable.

nonrefundable (NR)

A provision of some bond issues that prohibits the issuers from retiring the bonds before a specified date on which funds for the retirement will be raised externally (that is, from outside the issuing firm). Essentially, this provision restricts a borrower from taking advantage of lower interest rates by replacing a bond issue that carries a high coupon rate of interest with a new bond issue that carries a reduced coupon rate of interest. Most bonds are nonrefundable for five to ten years from the date of issue. However, when the funds are raised internally, the bonds ordinarily may be called for some other reason such as a reorganization or merger. A nonrefundable feature works to the advantage of the investor because the bonds are usually not refunded unless interest rates have fallen below the coupon. Compare noncallable.
References in periodicals archive ?
Eighty-two organizations from all parts of BiH responded to the tender invitation for non-refundable funds to improve competitiveness in the poultry sector announced by USAID/Sweden Farma II project, and 11 were selected.
Following receipt of the additional EUR 25,000 extension fee, Plaza has now received a total of EUR 275,000 from the purchaser in non-refundable advance payments in connection with this transaction.
following instructions shall be applicable with immediate effect:The SBP further said that a non-refundable processing fee of Rs.
This voucher has no cash value, is nonexchangeable and non-refundable.
The KHDA report says that these fees are non-refundable if students choose not to take the reserved seats except under special circumstances.
Instead there will be a non-refundable capital fee of Dh22,000 per student.
The State Property Management Fund will also draft contracts with mass media on non-refundable placement of information about privatization, defining format, periodicity of news items rotation and other conditions of collaboration.
However, I think that asking for non-refundable deposits too early is unfair on parents.
I jubilantly went back to the used car showroom to ask for one, but to my shock and disbelief they said they would only print out a quotation for the car if I paid them a non-refundable cash deposit of BD500.
In this article, we question the idea that a tax credit, especially a non-refundable one (i.
The proposed purchaser paid an initial USD75,000 non-refundable deposit to the company.
This is the last non-refundable payment agreed in 2007, when diplomatic relations were established between the two countries, with China granting assistance for $130 million.