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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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
lock-outsee INDUSTRIAL ACTION.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson