a process for consideration of rescheduling or restructuring terms and conditions of a seriously delinquent loan to facilitate repayment and meet lending criteria and objectives. A workout is initiated when it becomes evident that the original terms cannot be fulfilled. For loans, grants, cooperative agreements, contracts, and other receivables, workout may also mean intensified collection action, including identification of appropriate collection mechanisms.
A debt which is in default but which the creditor allows the debtor to rectify by lengthening the time period of the loan, reducing the interest rate, or some other accommodation. An example is a bank that elects not to foreclosure on a mortgage because of the homeowner's nonpayment, but agrees to stretch out the payments.
A loan which is technically in default but under which the lender (mortgagee) is attempting to assist the borrower (mortgagor) in restructuring the terms of the loan or the time of repayment rather than proceeding with foreclosure.
Effort to resolve, through compromise, a problem between two sides. Alternately, when a creditor allows a debtor to rectify his default by lengthening the time period of repayment or reducing the interest rate.
Workout is a script to remind a user not to goof off during set work hours. A list of work hours can be specified in the configuration file. A number of modes can be used to remind the user not to goof off.