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Workout

Definition: A workout is a mutual attempt by the lender and borrower to avoid bankruptcy. The objective is to get the problem loan paid off, one way or another. Loans implement get-well plans agreeable to both tDefinition: he borrower and lender which the borrower can follow to work out of a problem situation. Definition: [crh] Informal repayment or loan forgiveness arrangement between a borrower and creditors.

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