A provision in an indenture stating that the collateral securing the bond may also secure other bond issues. An open-end indenture means that the issuer may use the same collateral on multiple issues, which increases the number of claims on the collateral in the event of default. As a result, a secured bond with an open-end indenture carries more risk than a secured bond with a closed-end indenture, which allows only one collateral per issue.
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