A Revolving Credit Agreement is a contract between a seller and a buyer who agree to create a revolving credit account. According to a Revolving Credit Agreement, a seller allows a buyer to make purchases under this account on the terms and conditions established in the agreement. The loan amount on this account can be refunded or withdrawn any number of times.
A buyer has to repay a revolving loan, including the financial charges, applied to the unpaid balance, and delinquent charges in the case of late payment. The usage of revolving credit lines provides liquidity for the buyer's daily transactions. Examples of revolving credit are credit card loans and overdrafts.
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