Nonrefundable

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Nonrefundable

Not permitted, under the terms of an indenture, to be refundable.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
Meanwhile, candidates for PhD (Law) and MS/MD, would deposit Rs10,000/- fee (non-refundable) in the School of Law and Advance Studies and Research Board, KU, respectively before the deadline.
Most are therefore non-refundable. Often this is stated when you pay.
In addition, with the non-refundable aid of the Government of Japan, two public schools and two school extensions will be built in Ulaanbaatar from 2018 to 2020.
Invuo Technologies AB (Invuo) (STO:INVUO), a provider of proprietary solutions and systems for mobile phone transactions, confirmed on Tuesday the receipt of a non-refundable deposit of SEK1.0m from AJ Group Holdings Ltd, ahead of the expected completion of AJ Group's purchase of 16,334,906 Invuo shares, scheduled to be completed before the upcoming Invuo annual general meeting (AGM) on 26 April 2018.
The board's clarification comes after parents expressed their anguish over the non-refundable infrastructure development fee imposed on new and existing students.
The school tells us they are collecting OMR100 as a refundable deposit, as well as an OMR100 non-refundable deposit per child for the infrastructure fund." "This is a one-sided decision they are imposing on parents.
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.
In the deposit receipt, it is mentioned "non-refundable".
In order to secure the prolonged validity of the initial agreement, the purchaser has paid a EUR 25,000 non-refundable extension fee to Plaza and has an option to extend the long stop date to 20 January 2018 for an additional EUR 25,000.
SOARING numbers of passengers are being hit by airport trolley charges which are non-refundable.
ISLAMABAD -- State Bank of Pakistan (SBP) has notified amendments in rules and regulations of exchange companies saying that a non-refundable application processing fee of Rs.