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prepayment privilege
pre·pay·ment priv·i·lege


noun 
Definition:
 
right to prepay something without penalty: the right under a contract to prepay part or all of a debt to avoid interest amounts without incurring a penalty
Encarta® World English Dictionary [North American Edition] © & (P)2009 Microsoft Corporation. All rights reserved. Developed for Microsoft by Bloomsbury Publishing Plc.
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