Related Words

Penalty Clause: A clause found in contract agreements that provides for a penalty in the event of default.

No Penalty: Tickets that are refundable if returned, the refund is applied to the original credit card or by a travel voucher.

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.

Nondisturbance Clause: An agreement where the mortgagee agrees to honor a tenants lease in the event that the mortgage is foreclosed.

Nonforfeiture Clause: If there is a nonforfeiture clause in your insurance policy contract, and you have let the policy lapse because you haven’t paid a premium that’s due, you may qualify for the benefit named i . . . View Full Definition

Partial Release Clause: A mortgage provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. The clause is . . . View Full Definition

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.

Peace Clause: Term used to refer to Article 13 of the Uruguay Round Agreement on Agriculture which exempts certain policies from challenges in the World Trade Organization so long as countries are meeting . . . View Full Definition

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.

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