by a certain amount). Break-even analysis An analysis of the level of sales at which a project would make zero profit. Break-even lease payment The lease payment at which a party to a prospective lease is indifferent between entering and not entering into a lease arrangement. Break-even payment rate The prepayment rate of an MBScoupon that will produce the same cash flow yield (CFY) as that of a predetermined benchmark MBS coupon. Used to identify for coupons higher than the benchmark coupon the prepayment rate that will produce the same cash flow yield (CFY) as that of the benchmark coupon; and for coupons lower than the benchmark coupon the lowest prepayment rate that will do so. Break-even point Refers to the price at which a transaction produces neither a gain nor a loss. In the context of options, the term has the additional definitions: 1. Longcalls and shortuncovered calls: strike price plus premium. 2. Longputs and shortuncovered puts: strike priceminuspremium. 3. Short covered call: purchase price of underlying stock minus premium. 4. Shortput covered by shortstock: shortsale price of underlyingstock plus premium. Break-even tax rate The tax rate at which a party to a prospective transaction is indifferent between entering into and not entering into the transaction. Break-even time Related: Premiumpayback period. Breaking the syndicate Terminating an agreement among underwriters, specifically the investment banking group assembled to underwrite the issue of a security. Breakout A rise in a security's price above a resistance level (commonly its previous high price) or a drop below a level of support (commonly the former lowest price.) A breakout is taken to signify a continuing move in the same direction. Can be used by technical analysts as a buy or sell indicator. Breakpoint For mutual funds, the point at which the amount invested reduces the sales charge is called the "breakpoint." Each mutual fund may have several breakpoints; the larger the investment, the greater the discount. Note that the actual reduction in the sales charge is known as the "breakpoint discount". Also, the term "breakpointing" is sometimes used to refer to the offering of breakpoint discounts. The practice of soliciting mutual fund purchases just below the breakpoint (to earn more commissions) is considered unethical and in violation of NASD rules. See: right of accumulation. Breakpoint Sale For mutual funds, this refers to the practice of soliciting mutual fund purchases just below the breakpoint (to earn more commissions). The practice is considered unethical and in violation of NASD rules. Breakup value See: Private market value. Breeden, Douglas T. Inventor of one of the foundational asset pricing models in finance, the consumption based capital asset pricing model. Chairman of Smith Breeden Associates, and Dean of the Fuqua School of Business. Bretton Woods Agreement An agreement signed by the original United Nations members in 1944 that established the International Monetary Fund (IMF) and the post-World War II international monetary system of fixed exchange rates. Bridge financing Interim financing of one sort or another used to solidify a position until more permanent financing is arranged. "Bring it out" In the context