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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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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