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Line of Credit |
Also found in: Dictionary/thesaurus, Medical, Financial, Acronyms, Encyclopedia, Wikipedia, Hutchinson | 0.04 sec. |
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The maximum borrowing power granted to a person from a financial institution. Line of credit denotes a limit of credit extended by a bank to a customer, who can avail himself or herself of its full extent in dealing with the bank but cannot exceed this limit. It most frequently covers a series of transactions, in which case, when the customer's line of credit is nearly exhausted or not replenished, the customer is expected to reduce the indebtedness by submitting payments to the bank before making additional use of the line of credit. |
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6 million first mortgage and a $300,000 line of credit for a 300-unit co-op located at 181 Long Hill Road in Little Falls, NJ; a $3. 5,000-$15,000 of Chicago deposit; line of credit same as deposit. NASDAQ:SNTS), a specialty pharmaceutical company focused on therapies for gastrointestinal diseases and disorders, today announced that it has obtained from Comerica Bank a three-year $20 million revolving line of credit for working capital needs and general corporate purposes. |
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Line of Credit
