LSDefine

Simple English definitions for legal terms

term loan

Read a random definition: dispatch

A quick definition of term loan:

A term loan is when someone borrows money and agrees to pay it back by a certain date, usually more than a year from when they borrowed it. They can't pay it back early without getting charged extra. It's like borrowing a toy from a friend and promising to give it back in a week, but you can't give it back sooner or you'll have to give them extra toys.

A more thorough explanation:

A term loan is a type of loan that has a specific due date, usually more than one year from the date it was issued. This means that the borrower has to pay back the loan by a certain date, and if they pay it back earlier, they may have to pay a penalty.

For example, if a business needs to buy new equipment, they may take out a term loan to pay for it. The loan may have a due date of five years from the date it was issued, and the business will have to make regular payments until the loan is paid off in full.

Another example is a student loan. When a student takes out a loan to pay for their education, it is usually a term loan. The loan has a specific due date, and the student has to make regular payments until the loan is paid off in full.

Overall, a term loan is a loan that has a specific due date and requires regular payments until it is paid off in full.

terminus a quo | term of art

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

ErraticFearlessGecko

10:01

Morning

ChowieBean

10:37

Gecko, I feel pretty good. Two of the RC passages had really tough inference questions -- hoping I narrowed down my answer choices correctly

ChowieBean

10:38

Very happy with LR other than having to guess on a couple questions cuz of time

ChowieBean

10:42

i have a question about my personal statement. in my activism for the hospitality workers' union, i organized and spoke up in favor of stronger regulations on airbnb because the unregulated spread of airbnb throughout LA was inflating housing costs for workers and threatening their job security. do you think it's too divisive to mention regulating airbnb? idk

Nostradumbass

10:44

I wrote mine about how all activists should be consolidated into a large smelting pot and refined down to a viscous goo

Nostradumbass

10:45

Expecting a lot of rejections though

ChowieBean

11:07

I'm sure you'll get a full ride to a few schools :P

HowlEngineer

11:11

The impression I get is most schools try not to judge based on the political implications of what you write about. They probably care more that you saw a problem and tried to fix it. That seems like a great thing to write a PS about @chowie

HowlEngineer

11:18

Besides, if a school didn’t let you in for trying to fix a problem you saw in your community, that doesn’t say great things about your school’s culture (assuming the thing you did showed good common sense judgment ofc)

HowlEngineer

11:19

That school’s* culture

ChowieBean

11:23

Thanks Howl you're right :D I def talked about solving problems in my PS

ChowieBean

12:03

@HowlEngineer: what's your dream school

MildChiller

12:08

"Have you applied for admission to [school] in a prior year" I applied in Oct. of the 23-24 cycle, should I put 23 or 24 as the year I applied?

MildChiller

12:09

Bcuz 2023 is when I technically applied but I applied for admissions in 2024

ChowieBean

12:14

2024 cuz that's when you would've been admitted

ErraticFearlessGecko

12:17

I agree with Howl

ChowieBean

12:19

Gecko what's ur dream school

ErraticFearlessGecko

12:20

Hard to say. I'm pretty firmly committed to the philly area so probably temple or villanova

ErraticFearlessGecko

12:20

Also relatively debt averse so I'd have to get a good scholarship from BC or Fordham to want to go but that's not very likely for me

ErraticFearlessGecko

12:21

Any advice? lol

[] baddestbunny

12:25

what’s a good scholarship for you? what would make BC or Fordham worth it?

ChowieBean

12:25

Hmmmm let me think

[] baddestbunny

12:25

fordham’s max aid they give is 45k per year

ErraticFearlessGecko

12:29

Bunny I can possibly get a 75%+ scholarship from villanova or temple, and I'd be moving back in with my parents if I went there so I'd have near-zero COL. It'd be really hard to beat that

ErraticFearlessGecko

12:29

I would prefer BC over Fordham just because I like boston more, but I'm expecting a WL there tbh

ErraticFearlessGecko

12:31

I would maybe consider BC with $ but I don't know how to decide if a better biglaw chance is worth the COL + higher tuition

Law01

12:50

How do I know if my status checkers are properly linked

HowlEngineer

12:59

@ChowieBean: right now, Michigan, but there are several that come close. How about you?

HowlEngineer

13:05

@Law01: I haven't gotten the status checkers to work at all. When I sent an email to the LSData folks the other week, they said they were working on fixing them

HowlEngineer

13:10

but I think "Last Checked" would change from "Never" to something else

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