gross revenue pledge


A restrictive provision contained in a municipal bond indenture that will obligate the bond issuer to first use its revenues in order to pay down the debt servicing costs of the issue. This pledge delegates the issue's operating costs as the second priority. These provisions tend to make the bond issue safer for the bondholders.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
gross revenue gross sales