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lemn8 lemn8
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7 years ago
How is a line of credit different than a revolving credit agreement?
Textbook 
Business Essentials, Canadian Edition

Business Essentials, Canadian Edition


Edition: 8th
Authors:
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7 years ago
With a line of credit, the company borrowing the money knows the maximum amount it will be allowed to borrow (if the bank has sufficient funds). With a revolving credit agreement, the company knows not only the maximum amount, but it is also guaranteed that the bank will make the money available (the company pays a commitment fee to get this guarantee).
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