After Acquired Clause: A contractual clause in a mortgage agreement stating that any additional mortgageable property attained by the borrower after the mortgage is signed will be regarded as additional security for the obligation addressed in the mortgage.

 

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After Acquired Clause: A contractual clause in a mortgage agreement stating that any additional mortgageable property attained by the borrower after the mortgage is signed will be regarded as additional security f . . . View Full Definition

Incontestability Clause: Levies on the income of a business imposed by federal and state governments. This expense appears on the income statement simply as Taxes.

Hospital Acquired Infection: Nosocomial infections are infections which are a result of treatment in a hospital or a healthcare service unit, but secondary to the patient's original condition.

Hold-Harmless Clause: A contract provision whereby one party agrees to indemnify and protect the other party from any injuries or lawsuits arising out of the particular transaction. Such clauses are usually found . . . View Full Definition

Inflation-Escalator Clause: The fact that future inflation rates are not known. It is a possible contributing factor to the makeup of the term structure of interest rates.

Inheritance Of Acquired Characteristics: Lamarcks view that features acquired during an organisms lifetime would be passed on to succeeding generations, leading to inheritable change in species over time.

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.

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

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 . . . View Full Definition

Jack Rafter: A rafter that spans the distance from the wall plate to a hip, or from a valley to a ridge.