Unlike a Line of Credit, a Revolving Credit is the bank’s firm commitment to lend up to a certain amount until a specific maturity date (up to five years). This commitment is subject to a loan agreement containing mutually agreeable terms and conditions. Revolving credits are to be paid in full at maturity, most often with the proceeds of a Term Loan having a monthly repayment schedule over an extended period. Interest rates are usually tied to the Prime Rate or LIBOR.

 

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