Which term describes the money a corporation promises to pay upon bond expiration?

The term that describes the money a corporation promises to pay upon bond expiration is commonly known as Face Value. This term specifically refers to the nominal value or dollar value of a bond as stated by the issuer. When a bond matures, the issuer is obligated to pay the bondholder this stated value, which is usually the amount the bond was originally issued for.

Face Value is essential in the context of bonds because it represents the amount that a bondholder can expect to receive back at maturity, and it also serves as the basis for calculating interest payments, which are typically a percentage of the face value.

While Principal Amount is also a term that can refer to the original sum of money borrowed or invested, Face Value is the more precise term in this context as it specifically pertains to bonds. Market Value refers to the current trading price of the bond in the market, which can fluctuate based on interest rates and other market factors, while Equity Value relates to a company's total market value of its equity, which is not applicable when discussing bonds.