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drop lock

noun, adj — 2 senses

drop lock

nounalso spelled drop-lock
1

A kind of lock by which a short length of canal can be temporarily lowered while a boat passes under an obstruction such as a low bridge.

drop-lock

adj
1

Business, Finance Having a floating interest rate until a certain market rate is reached, at which point the interest rate becomes fixed.

  • a drop-lock bond
  • a drop-lock stock

Entry derived from the Wiktionary, under licence CC BY-SA 4.0 — authors: page histories for drop lock and drop-lock.