Leaf Products may issue a 10-year maturity fixed-income security, which might include a sinking fund provision and either refunding or call protection. a. Describe a sinking fund provision. b. Explain...

Leaf Products may issue a 10-year maturity fixed-income security, which might include a sinking fund provision and either refunding or call protection.
a. Describe a sinking fund provision.
b. Explain the impact of a sinking fund provision on:
i. The expected average life of the proposed security.
ii. Total principal and interest payments over the life of the proposed security.
c. From the investor’s point of view, explain the rationale for demanding a sinking fund provision.