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Term of the Day: Open-End

Open-End adj

: organized to allow for contingencies: as
a : permitting additional debt to be incurred under the original debt instrument subject to specified conditions see also open-end mortgage at mortgage
b : having fluctuating capitalization of shares that are issued or redeemed at the current net asset value or at a figure in fixed ratio to this [an investment company] compare closed-end
c : calling for the filling by a particular contractor of all government needs for a specific product during a specified period [an contract]

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.

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