Credit facility
An agreed source of borrowing that can be drawn subject to set limits and conditions, such as an overdraft or revolving loan.
Related terms
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Available credit
The amount of an agreed credit limit that remains unused and can still be drawn, subject to the lender’s terms.
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Facility agreement
The contract setting out the terms of a lending facility, including borrowing limits, interest, repayment, covenants, security and default provisions.
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Business overdraft
A bank facility allowing a business account to go below zero up to an agreed limit, normally repayable on demand or under the facility terms.
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