1. A provision that can be found on some bonds allowing the bondholder to exchange their debt into common stock. The resulting number of shares is specified in this provision as well.
2. A provision that can be found on some adjustable rate mortgages allowing the borrower to switch over to a fixed-rate mortgage. The exact terms of converting tend to vary with each mortgage, but can be found in this clause.
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Convertibility Clause A provision in some adjustable-rate mortgages (ARMs) that allows the borrower to change the ARM to a fixed-rate mortgage at specified ...