Defeasance Clause

Business / Real Estate / Defeasance Clause: A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan.

Lock-In Clause

Business / Real Estate / Lock-In Clause: A condition in a promissory note that prohibits prepayment of the note. MORE

Lifting Clause

Business / Real Estate / Lifting Clause: A provision in a junior mortgage that allows the underlying senior loan to be replaced or refinanced so long as the amount of the new senior loan does not exceed the amount of the first lien outstandi MORE

Market Out Clause

Business / Finance / Market Out Clause: A clause that may appear in an underwriting firm commitment that releases it from its purchase requirement if there are negative securities market developments. MORE

Multicurrency Clause

Business / Finance / Multicurrency Clause: An agreement in the case of a Euro loan that permits the borrower to switch from one currency to another currency on a rollover date. MORE

Multiple-Listing Clause

Business / Real Estate / Multiple-Listing Clause: A provision in an exclusive listing for the authority and obligation on the part of the listing broker to distribute the listing to other brokers in the multiple-listing organization. MORE

Legal Defeasance

Business / Finance / Legal Defeasance: The deposit of cash and permitted securities, as specified in the bond indenture, into an irrevocable trust sufficient to enable the issuer to fully discharge its obligations under the bond indenture. MORE

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