Waivers are the borrower's promises that it will or will not take specific actions as long as either a commitment or a loan is outstanding.

Question

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Waivers are actually permissions granted by the lender to allow the borrower to deviate from the terms of the loan agreement temporarily. They are not promises by the borrower but rather exceptions to the agreement granted by the lender.

Waivers Are the Borrower's Promises That It Will or Will