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From Longman Business Dictionaryprepaymentpre‧pay‧ment /ˌpriːˈpeɪmənt/ noun [countable, uncountable]1the act of paying for something that you have not yet received, or the amount involvedHall-Houston Offshore received $20 million in prepayments for natural gas production in the Gulf of Mexico.2FINANCE the act of repaying a loan to the lender before the normal time, or the amount involvedTW Holdings Inc. is making two prepayments totaling $70 million on senior debt.We’d like to get out of the loan, but it carries expensive prepayment penalties (=additional costs for repaying early).3TAX the act of paying tax in an earlier TAX YEAR than the time it needs to be paid, in order to avoid paying more tax later, or the amount involved
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