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LSDefine

Simple English definitions for legal terms

letter of license

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A quick definition of letter of license:

A letter of license is an agreement signed by all the creditors of a business that is having financial difficulties. This agreement allows the business more time to pay its debts and continue operating in the hopes of overcoming its financial problems. The letter also protects the business from being sued or arrested while it is in effect.

A more thorough explanation:

A letter of license is an agreement signed by all the creditors of a financially troubled business. This agreement grants the debtor more time to pay debts, allows the debtor to continue business in the hope of overcoming its financial distress, and protects the debtor from arrest, lawsuit, or other interference while the letter is in effect.

For example, if a business is struggling to pay its debts, it may negotiate a letter of license with its creditors. This agreement would give the business more time to pay its debts and protect it from legal action while it works to improve its financial situation.

Another example would be if an individual is struggling to pay their debts and enters into a debt management plan. As part of this plan, they may negotiate a letter of license with their creditors to give them more time to pay their debts and protect them from legal action.

letter of intent | letter of recall

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General chat about the legal profession.
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HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
13:18
i’m in the same boat mastermonkey but with lower stats. i hope i hear back by mid march
CheeseIsMyLoveLanguage
13:24
@mastermonkey45: Looking at some of the recent decisions in relation to when they went complete, I'd say it's a good sign. It seems many declines were sent within about 5-6 weeks of completion. Given those were applications that were SENT in January, I'd say that means you're still solidly in the running. :)
14:30
Sent an app to OSU in early december and have STILL not heard back
Give it 4 more weeks at least. Everyone in this chat needs to wait longer.
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