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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LAG TIME is the period of time between two closely related events, phenomena, etc., as between stimulus and response or between cause and effect: a time-lag between the declaration of war and full war production.

DOLLAR is a currency of: Antarctica, Australia, Bahamas, Belize, Bermuda, Brunei, Canada, Cayman Islands, Cook Islands, E. Caribbean States, Fiji, Grenada, Guyana, Jamaica, Liberia, Malaya & British Borneo, Namibia, New Zealand, Rhodesia, Singapore, Solomon Islands, Trinidad & Tobago, Tuvalu, USA, Virgin Islands, and Zimbabwe.

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