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LSDefine

Simple English definitions for legal terms

workout

Read a random definition: FCPV

A quick definition of workout:

Workout: A workout is when someone who owes money and the person they owe money to make a new agreement to pay back the debt. This new agreement might include changing the terms of the loan or forgiving some of the debt. It's a way to help the person who owes money get back on track and avoid defaulting on the loan.

A more thorough explanation:

Definition: A workout is an agreement made between a borrower and a lender to resolve a debt that is in default. This can be done by paying off the debt or through loan forgiveness. The workout agreement typically involves waiving any existing defaults and restructuring the loan's terms and conditions.

For example, if a borrower is unable to make their mortgage payments, they may enter into a workout agreement with their lender to modify the terms of the loan. This could involve reducing the interest rate, extending the loan term, or forgiving a portion of the debt.

Another example of a workout agreement is when a business is struggling to make payments on a loan. The lender may work with the business to restructure the loan, allowing for more manageable payments and avoiding default.

Overall, a workout agreement is a way for borrowers and lenders to work together to find a solution to a debt that is in default, rather than resorting to legal action or defaulting on the loan.

workmen's compensation | workplace safety

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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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