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The essence is to make loans on similar phrases to make a bundle of loans right into a single agreement. This settlement not only regulates the connection between the lenders and the borrower but importantly between lenders. These were the aforementioned key actors of the arranging financial institution, the agent, and the trustee. The distinction in the lending agreements, and use of the three aforementioned actors is primarily to avoid the creation of a partnership, avoid lenders from inadvertently acting as guarantors to one another - or to prevent Set-off.
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