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Definition of lock-in clause in English English dictionary
- lock-in clause
- A condition in a promissory note that prohibits prepayment of the note
- lock-in clause
- A clause which restricts prepayment of a loan during a specified period of the whole term of the mortgage This ensures that the lender receives a stipulated return on his investment and discourages "shopping around" for another loan
- lock-in clause
- Clause in a loan agreement that states that the borrower cannot repay a loan prior to a specified date
Related Terms
lock-in clause
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