Agreement To Waive Interest

1. In deciding when interest, penalties and administrative fees will be collected against fairness and good conscience, the Board of Directors shall take into account the following evidence: when a party voluntarily waives a claim or right, it is referred to as a waiver. A written form of waiver is usually a legally binding provision in a contract in which each party agrees to lose its right to a right without imposing any liability on the other party. When a lender voluntarily releases a borrower from the obligation or responsibility to repay a loan, it is called a credit waiver. The lender undertakes to bear all or part of the cost of the loan. For example, the U.S. government sometimes waives an educational loan through the Stafford Loan Forgiveness program when the student meets certain service criteria. .

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