Examlex
Which of the following is not correct with regard to the definition of a recession as used by the NBER?
Foreclosure Proceeding
A legal process by which a lender seeks to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the asset used as the collateral for the loan.
Redeem
To recover possession of something by paying a specified amount, or to fulfill a promise or obligation.
Default
Failure to fulfill an obligation, especially failure to meet a financial commitment or appear in a court of law.
Prepayment Penalty Clause
A provision in a contract that imposes a penalty on a borrower for paying off a loan before its maturity date.
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