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Why do banks add covenants to the loan? |
why do banks add covenants to the loan????? Banks add covenants in order to protect their interests in the loan or the collateral. For example, in a home loan, a typical covenant is against "waste," that is, removing valuable fixtures from the property that would reduce the property's value. Technically, a violation of any of the covenants puts the loan into default, even if the payments are on time. |
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