The Ajax Corporation issues bonds that pay a minimum of 6% interest but that can pay more if corporate earnings reach certain specified levels. The holder of the bond may exchange it for stock of the corporation. This bond would be a .

The Ajax Corporation issues bonds that pay a minimum of 6% interest but that can pay more if corporate earnings reach certain specified levels. The holder of the bond may exchange it for stock of the corporation. This bond would be a convertible participating bond.

Explanation:

A Convertible participating bond is a stock portfolio that, in addition to the preferred dividend, grants owners the right to claim surplus earnings (along with shareholders).

A convertible bond has become a fixed-income debt instrument that pays interest but can be exchanged to a specified number of common stocks or shareholdings. At certain periods during bond tenure, the conversion between bond to stock is performed and typically at bondholder's choice.

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are: