Conversion Clause

Definition

  • A provision that may be present in an adjustable-rate loan agreement which allows the loan to be changed to a fixed-interest rate loan, usually for an additional charge.

Synonyms
instructions, adjustment clause, convertible, provision, legal contract, fine print

Related Terms and Acronyms

  • Acceleration Clause Definition,
    • A provision within a document that explains how the lender expects payment for a loan, in due haste.
  • Convertible Mortgage Definition, Important,
    • A mortgage where the borrower has the option at specified times to change the term length.
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