Definition: [crh] Applies mainly to convertible securities. Means the issuer, if so stated, may substitute a convertible debenture for an existing convertible preferred with identical terms. Most often used when a corporation has an immediate need foDefinition: r equity capital and a low tax rate, and expects either or both conditions to change. This would make the debenture lDefinition: ess attractive if the interest tax-deductibility is lost.

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