Sporting Chance?
Loan agreements
Q: Our bank requires a loan agreement as a condition for a long-term loan to our sports memorabilia store. What gives?
A: Welcome to the big leagues. With term loans, banks impose conditions--called covenants--on your future operations. The agreement states your rights (few) and your obligations (many). It's the real game and wipes out all verbal understandings. The agreement may not fit all business. Three key points to remember:
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