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Revolving Credit
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

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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