lock-out

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Lock-out

With PAC bond CMO classes, the period before the PAC sinking fund becomes effective. With multifamily loans, the period of time during which prepayment is prohibited.

Lock-Out

The act of an employer not permitting its employees to work. That is, an employer may close down its place of business (such as a factory) so that employees cannot work and thereby earn a living. Lock-outs are useful in situations such as when a union only represents a portion of a company's workforce. If the employer believes the union is making unreasonable demands, it can declare a lock-out to encourage non-union workers to put pressure on the union workers to give up on those demands. Because this has the effect of punishing all workers, lock-outs are usually illegal.

lock-out

see INDUSTRIAL ACTION.
References in periodicals archive ?
They were warned that it must not be repeated, hence the lock-out.
Since then, lock-outs have been used more widely in the sale and purchase of land and a subsequent court ruling has made it clear that the courts will support a properly constituted lock-out agreement for the sale of land, as well as for the sale of shares.
The company's technology protects against both external and internal threats by immediately identifying suspicious or unauthorized behavior based on continuous comparisons to baselines of normal activity, and generating policy-based actions such as alerts, account lock-outs and blocking.
The built-in AutoQC[R] module holds up to 40 days worth of QC material and automatically provides programmable QC regimens, lock-outs and lot-to-lot comparisons.
As a result, enterprises can enforce a standard and tight security policy across all applications, with consistent policies for password composition and rotation, expiration, history, inactivity periods and automatic user lock-outs after certain activities.
Shortly after seeking information from the Company, the FDA allowed laser manufacturers to issue software which allowed surgeons to override previous lock-outs for unapproved limits, thus eliminating the need for the practice in question.
The agreement prohibits labor strikes and lock-outs during the term of the current mill contracts and their four-year extensions.
The system will relay such information as frontier crossing status, detours, snow reports, train lock-outs, air connections and exchange rates.