Examlex
An interest rate collar consists of:
Traveler's Check
A preprinted, fixed-amount check designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.
Instrument
A formal document, especially one that legally records a fact, act, or agreement.
Enforceable Contract
A legally binding agreement that can be upheld and compelled in a court of law.
Negotiability
The quality of a financial instrument that allows it to be transferred from one party to another with minimal legal restrictions.
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