lock-in clause

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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