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Simple English definitions for legal terms

cleanup clause

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A quick definition of cleanup clause:

A cleanup clause is a part of a loan agreement that says the borrower must pay back the entire loan within a certain time frame. After that, the borrower cannot get any more loans for a set period of time.

A more thorough explanation:

A cleanup clause is a provision in a loan agreement that requires the borrower to repay the loan in full within a specific period. After the loan is repaid, the borrower is not allowed to take out any further loans for a specified "cleanup" period.

Suppose a company takes out a loan with a cleanup clause that requires the loan to be repaid in full within three years. After the loan is repaid, the company cannot take out any further loans for the next six months.

This clause is designed to ensure that the borrower does not become overly reliant on debt and is able to manage their finances responsibly. It also protects the lender by reducing the risk of default and ensuring that the borrower has the means to repay the loan.

Overall, the cleanup clause is an important provision in loan agreements that helps to promote responsible borrowing and lending practices.

clean-slate rule | cleanup doctrine

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

ParallelAgreeableOrangutan

23:21

I don't visit y'all's profiles enough, clearly

NarrowFaithfulCougar

0:22

@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.

llama

1:23

@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.

RasheedWallaceFan

12:52

@llama: your cycle confuses me, your stats are good and you applied early but all of those Rs? Is there anything weird about your app?

RasheedWallaceFan

12:53

do you have C&F issues or something?

RasheedWallaceFan

12:55

also ur first choice is kansas but you didnt apply there?

llama

12:55

@RasheedWallaceFan: Hi. Yes, I waited for April LSAT, put almost all apps (which were sent really early) so that basically most of my apps were reviewed In May. Shot myself in the foot for 155 -> 161 lmao. Would not recommend 10/10

llama

12:57

@RasheedWallaceFan: unironically, KSLS was my top choice, however by April LSAT their app had closed. It was like waiting to date ur dream partner, but waiting until you graduate uni, then by the time u graduate uni, your soul mate is already married with 2.4 kids and 1.6 dogs. Heartbreak.exe fr fr

NemoPropheta

12:58

are you R&Ring?

llama

13:00

No, I think what I will do is flip a coin: heds NKU, tails NEL|B what u guys think bout dat. Then once 1L - if good at LS, try to transfer, if bad at LS or one of my grandiose ideas/inventions are viable, drop out and pursue.

RasheedWallaceFan

13:10

oh so you submitted the apps with a lower lsat and then retook

RasheedWallaceFan

13:10

got it

Bettercaulsaul

13:33

Most schools will hold your application for the next test score to be released into your account as well. I was notified by an admissions director that if a decision is processed they will not retroactively go back for the new score even if higher

ParallelAgreeableOrangutan

13:34

I vote NEL-Boston so we can be friends :D

ParallelAgreeableOrangutan

13:34

But it says you withdrew?? :(

ParallelAgreeableOrangutan

13:41

@Bettercaulsaul: in my experience, there is often an option on the application for you to choose whether you'd like them to review your application as-is ASAP or hold it until your new score is released. but it probably varies by school—I just remember seeing that option on at least a few app forms

llama

2:21

While I am unsure of what option you are referring to, I personally just emailed each school and asked for them to hold my app pending my lsat score release.

llama

2:22

Sorry WNE = Western New England not NEL|B

LawCarrot

14:50

Hey guys is anyone online rn

LawCarrot

14:51

I need adviceee

llama

15:48

shooooot

Mitchthemeanguy

17:45

hey y'all so im gonna be honest im completely new to all this, i kinda bullshitted and took the LSAT and i have no clue what my odds are of getting into schools. 163 LSAT, 3.17 GPA, and a double major in undergrad i may write about in an addendum

InnateMatureRhino

17:50

Based on the list I see you made on your profile, you will need to make significant LSAT improvement for those schools to be contenders. Your primary focus should probably be working to get your LSAT practice tests up to a number you are happy with before you retest, and then test until you get a score you like. Don't rush an application cycle or apply late since those will hurt your odds of getting into your school as a splitter. Good luck!

Mitchthemeanguy

17:51

oh that was literally just random stuff i dont know how this works

Mitchthemeanguy

17:51

thank you so much!

Mitchthemeanguy

17:52

im retaking in 4 days, and maybe again in august, and i was gonna apply to see what i got, and if i didnt like it i was going to wait till next cycle and work on improving my GPA

PremiumFrequentCrane

21:33

@InnateMatureRhino: wow rude

RitzySkillfulLeopard

23:43

yall need help fr

sniper

0:51

chat should i go to uc davis or loyola

TheOrangeGorillla

1:58

https://www.lsd.law/users/creep/UnsuitableExoticTiger Is this real chat?

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