A lending agreement is a formal contract between a lender and borrower that specifies the terms, conditions, and obligations related to the loan.
For example, before disbursing a $250,000 business loan, the lender and borrower both sign a lending agreement that specifies the loan amount, interest rate, repayment schedule, collateral pledged, financial covenants, and what constitutes a default — a legally binding document that governs the entire lending relationship.
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