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Simple English definitions for legal terms

prepayment clause

Read a random definition: forum conscientiae

A quick definition of prepayment clause:

A prepayment clause is a part of a loan agreement that allows the borrower to pay off the debt before the due date without any penalty. This means that the borrower can save money by paying off the loan early.

A more thorough explanation:

A prepayment clause is a provision in a loan document that allows a borrower to pay off a debt before its due date without any penalty. This means that the borrower can pay back the loan early without having to pay extra fees or charges.

John took out a loan to buy a car. The loan agreement had a prepayment clause that allowed him to pay off the loan early if he wanted to. After a few months, John received a bonus at work and decided to pay off the loan in full. Because of the prepayment clause, he was able to do so without any penalty.

The example illustrates how a prepayment clause can benefit a borrower by giving them the flexibility to pay off their debt early without any additional costs.

prepaid interest | prerogative

General

General chat about the legal profession.

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texaslawhopefully

13:10

I wish I could be like you lily

Trismegistus

13:10

im actively losingh my mind man

choosingpeace

13:10

@texaslawhopefully: lmaoo same Im crashing out so bad like it's never been this bad

texaslawhopefully

13:11

I need Chicago on Friday

Trismegistus

13:11

me too

Trismegistus

13:11

sixty coffees is having an insane cycle

PerpetualCheerfulBeaver

13:12

jesus they really are

GreyCeaselessMammoth

13:13

sixtys making a historic run here

Trismegistus

13:13

theyre close to my stats that's how i know them lol

choosingpeace

13:13

stanford harvard columbia duke wtfff

choosingpeace

13:13

uva nyu umich

sadpadresfan

13:13

I’m just tryna be like him fr fr

choosingpeace

13:13

that's crazy

ImpartialLion

13:13

Def that fulbright

choosingpeace

13:14

ohhhh

choosingpeace

13:14

i didn't even see that yep fas

lilypadfrog

13:14

why does the Fulbright have so much weight? idgi

ImpartialLion

13:14

And several pubs, and solid we. pretty awesome app

texaslawhopefully

13:14

idk I feel like that Fulbright isn't that big of a diff, there's so many countries where it is easy to get

snow

13:14

im telling yall, sictycoffees and nothim are like prime kobe and shaq

texaslawhopefully

13:14

it is prolly they just had a great overall narrative and not KJD

sadpadresfan

13:14

^

sadpadresfan

13:14

KJD 🗑️ squad

ImpartialLion

13:15

Maybe a fulbright alone isnt insanity, but pairing it with several first author pubs is sick

sadpadresfan

13:15

Besides lion ur killin jt

texaslawhopefully

13:15

yeah half tuition at CLS is fantastic

ImpartialLion

13:16

Thank you! But lowkey my page a lil fake. Withdrew from UChi after missing the II and the fact my future wife wants to leave the midwest anyways (i cant lie its mainly the first reason tho)

sadpadresfan

13:16

UChi didn’t inv u but you hit cls w half

sadpadresfan

13:16

That’s crazy haha

ImpartialLion

13:17

Honestly no clue. I missed NU waves too. Quite frankly, I think my why chicago statements were very meh

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