4 Who redeemeth thy life from destruction; who crowneth thee with lovingkindness and tender mercies;
ESV - 4 Who redeems your life from the pit, who crowns you with steadfast love and mercy.
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My understanding is that the Hebrew word translated in English as "lovingkindness" is equivalent to the Greek word that is expressed as "grace" in the New Testament. To me, the verse cited in the question illustrates this by associating "lovingkindness" with "tender mercies". Both of these terms deal with love shown toward another that is not associated with anything that the object of that love has done to deserve or merit it, but that is based purely on the will of the person or being offering the love, and that even contains an element of mercy in disregarding or overlooking negative things that the object of love has done.
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