REVOLVING LINE OF CREDIT Definition

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REVOLVING LINE OF CREDIT in commercial banking is a contractual agreement between a bank and, usually, a company where the bank agrees to provide loans up to a specified maximum over a specified period, usually a year or more. In consumer banking, it is a loan account requiring monthly payments less than the full amount of the loan, and the balance is carried forward with a finance charge on that balance. Also known as REVOLVING CREDIT.

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GENERAL PARTNERSHIP is one or more partners who are jointly and severally responsible or liable for the debts of the partnership.

SIGN-OFF is approval or agreement, e.g. to sign-off on a purchase contract.

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