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Revolving Credit
Source:
Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order
it here)
REVOLVING
CREDIT
A
commitment by a bank to lend to a customer under predefined terms; open-end
credit. The commitments generally
contain covenants allowing the bank to refuse to lend if there has been
a material adverse change in the borrower’s financial condition.
See
LETTER OF CREDIT.
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