Collegatary

Collegatary is a type of financial agreement between two people or companies that involves a loan or other type of credit. In a collegatary agreement, one person or company (the debtor) agrees to borrow a certain amount of money from another person or company (the creditor) in exchange for something called a promissory note. The promissory note outlines the agreed-upon terms of the loan, including how much the debtor will owe and when the debt must be paid back. Once these terms have been met and the debt paid back, the collegatary agreement is complete.