Definition
Borrower. The party to whom a Lender makes a Loan. A person or company that borrows money from a Bank. More generally a party to a debt instrument that is obligated to repay the amount borrowed (principal) with interest and other fees according to the terms of the instrument.
A legal or natural person who has concluded a Credit Agreement with a Credit Institution, including its legal successor or assignee.
A borrower can be any entity that is lent money by a Finance Provider and who pays it back over time on an agreed basis.
See Also
- Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012
Disclaimer
This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.
