Solved

A(n)_________________________________________ Is a Contractual Promise by a Bank to Lend

Question 9

Short Answer

A(n)_________________________________________ is a contractual promise by a bank to lend to a customer up to a maximum amount of money at a set interest rate (or rate markup over the rate prime or LIBOR).The only way the bank can renege on its promise is if there has been a "material adverse change" in the borrower's financial condition.

Correct Answer:

verifed

Verified

formal loa...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents