Definition of Workout Agreement:
Workout Agreement means: A restructuring agreement is a mutual agreement between a lender and a borrower to renegotiate the terms of a repayable loan, usually in the form of a mortgage. In general, adjustments include overcoming existing standards and redefining loan terms.
- Restructuring agreements allow lenders and their lenders to renegotiate loan terms.
- The purpose is to accommodate the defaulting lenders so that there is a better chance of repaying the principal and interest without the lender, which is mutually beneficial.
- Not all lenders are willing to sign agreements and the terms are different.
Literal Meanings of Workout Agreement
Meanings of Workout:
Physical or full exercise session
Sentences of Workout
John trains in the gym every day.
Synonyms of Workout
drill, keep-fit session, physical training session, exercise session
Meanings of Agreement:
Harmony or consensus of opinion or sense of position or the result of an agreement
Sentences of Agreement
The government has not reached an agreement
Synonyms of Agreement
concord, harmony, like-mindedness, concurrence, unison, accordance, accord, consensus, rapport, sympathy, unity