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A cleanup clause is a contractual provision in a loan agreement which provides that all loans must be repaid within a specified period, after which no further loans will be made available to the debtor for a specified "cleanup" period. It may also refer to revolving line of credit.
A revolving loan is a particularly flexible financing tool as it may be drawn by a borrower by way of straightforward loans, but it is also possible to incorporate different types of financial accommodation within it – for example, it is possible to incorporate a letter of credit, a swingline (that is, a short-term borrowing that is funded on ...
A business line of credit can be unsecured or secured (typically, by inventory, receivables or other collateral). Lines of credit are often referred to as revolving and can be tapped into repeatedly. For instance, if there is access to a $60,000 line of credit and $30,000 is taken out, access to the remaining $30,000, if necessary, remains.
A business line of credit gives companies a revolving line of credit to use as they need. You can explore a secured or unsecured line of credit.
Before signing a loan agreement, ... Similar to a line of credit, this is a revolving line of credit. You can spend up to your credit limit, which will replenish as you repay it. Business credit ...
Asset-based revolving credit line used for short-term business needs, which is often extending credit to other small businesses. For this line of credit, repayment is made by converting short-term ...