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 outstanding at the time the junior loan was made.

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

Lock-In Clause

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

Negative Pledge Clause

Business / Finance / Negative Pledge Clause: A bond covenant that requires the borrower to grant lenders a lien equivalent to any liens that may be granted in the future to any other currently unsecured lenders. MORE

Lifting Condensation Level (LCL)

Science / Weather / Lifting Condensation Level (LCL): The height at which a parcel of moist air becomes saturated when it is lifted dry adiabatically. MORE

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