Line of Credit

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Line of Credit

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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
The GMS Revolving Loan Servicing Software is a robust and comprehensive system providing one of the most powerful portfolio management tools you can find.
Sources from the NREA said that it is negotiating with Banque Misr, the National Bank of Egypt (NBE), and the Commercial International Bank (CIB, to provide a revolving loan with the aim of encouraging the use of solar energy among residents and institutions.
Since its Inception in 1988, the state's Clean Water State Revolving Loan Fund has been awarded more than $3 billion in federal funding.
DSK Bank will provide a revolving loan of BGN 40 M in exchange for an interest of BGN 4.47 M, VAT excluded.
RNB has entered into an agreement with Konsumentforeningen Stockholm which grants RNB the right to extend the maturity of the revolving loan by one year, extending the maturity of the revolving loan to May 2017.
The county has partnered with Lane Council of Governments, which will administer the revolving loan fund, Levis said.
The funds are a combination of assessment, cleanup and revolving loan fund (RLF) grants.
The Poverty Pockets Program productivity projects implemented in the district include the Consumer market (Al Hamra Military Retirees Association), a Productive kitchen at Faa social development society and the revolving loan program which has been implementation through Hosha district Cooperated Society, and has benefited more than 50 individuals to date.
International Resource News-July 19, 2011--Laclede Group Inc signs new revolving loan agreements with Laclede Gas Company(C)1994-2011 ENPublishing - http://www.enpublishing.co.uk
Also provides access to revolving loan funds, business assistance, business planning resources, a conference room, computer, copier and fax machine and more.
The Arkansas Energy Office, a division of the Arkansas Economic Development Commission, announced it is expanding the Industry Energy Technology Revolving Loan program for certain commercial companies and private hospitals to implement energy efficiency programs in Arkansas.
The facility, a 2.1 billion multi-currency revolving loan, was signed with banks on October 2, 2007 for three years with bullet repayment and carried an interest rate of EURIBOR plus 27.5 basis points out of the box.