South Carolina Mortgage, Assignment of Rents and Profits, and Fixture Financing Statement Securing Revolving Line of Credit
Category:
State:
Multi-State
Control #:
US-0896BG
Format:
Word;
Rich Text
Instant download
Description
Line of credit refers to the maximum borrowing power that a lender extends to a borrower. The borrower may draw required amounts from the fixed amount. Usually, it is a credit source extended to any credit-worthy business by a bank or any financial institution. A line of credit includes cash credit, overdraft, demand loan, export packing credit, term loan, discounting or purchase of commercial bills, etc. The borrower may use the line of credit to overcome liquidity problems. Requisite amounts may be withdrawn from the account as and when required. The borrower pays interest only for the amount withdrawn.
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