Extension 

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An agreement between a borrower and lender to provide the borrower additional time to repay a loan past its original maturity date.  

Resources relating to the term Extension:  

The Importance of Documenting a Modification
The Importance of Documenting a Modification

The Importance of Documenting a Modification

Loan Modifications are a popular solution when restructuring a loan or dealing with a borrower on the brink of default. The terms of a Modification can include virtually any change …

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