Credit Extension definition: Copy, customize, and use instantly
Introduction
The term "Credit Extension" refers to an agreement or arrangement where a lender provides credit to a borrower, allowing them to access funds or credit lines under specified conditions. This term is crucial for defining the terms under which credit is made available, including the amount, duration, interest rates, and repayment terms.
Below are various examples of how "Credit Extension" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Credit Extension" for revolving credit facility
This definition ties "Credit Extension" to a revolving credit facility.
"Credit Extension" means the provision of a revolving credit facility under which a borrower can access funds up to a specified limit, repay the amount, and borrow again as needed, subject to the terms outlined in the agreement.
Definition of "Credit Extension" for term loan
This definition connects "Credit Extension" to a term loan arrangement.
"Credit Extension" refers to the granting of a term loan, where a lender provides a specified amount of funds to the borrower, to be repaid in installments over a set period.
Definition of "Credit Extension" for trade credit
This definition links "Credit Extension" to trade credit.
"Credit Extension" means the provision of trade credit, allowing a buyer to purchase goods or services on credit, with the repayment due at a later date as per agreed terms.
Definition of "Credit Extension" for credit line
This definition applies "Credit Extension" to a credit line.
"Credit Extension" refers to the offering of a credit line, which provides the borrower with access to a maximum loan amount, which can be drawn upon and repaid over time.
Definition of "Credit Extension" for commercial credit
This definition connects "Credit Extension" to commercial credit.
"Credit Extension" means the provision of commercial credit, allowing businesses to borrow funds for operational purposes, subject to repayment terms and interest conditions.
Definition of "Credit Extension" for unsecured loan
This definition links "Credit Extension" to an unsecured loan.
"Credit Extension" refers to an unsecured loan, where the borrower is granted credit without the need to provide collateral, based on their creditworthiness.
Definition of "Credit Extension" for secured loan
This definition ties "Credit Extension" to a secured loan.
"Credit Extension" means a secured loan arrangement where the borrower pledges collateral to secure the credit extended, and failure to repay may result in the seizure of the collateral.
Definition of "Credit Extension" for personal loan
This definition connects "Credit Extension" to a personal loan.
"Credit Extension" refers to the provision of a personal loan, where a lender grants credit to an individual for personal use, with repayment terms outlined in the agreement.
Definition of "Credit Extension" for revolving credit line
This definition links "Credit Extension" to a revolving credit line.
"Credit Extension" means the provision of a revolving credit line, where the borrower can draw and repay funds repeatedly, as long as they stay within the established credit limit.
Definition of "Credit Extension" for credit facility
This definition applies "Credit Extension" to a credit facility.
"Credit Extension" refers to the granting of a credit facility, where the lender provides a borrower with access to funds up to an agreed-upon limit, under specific terms and conditions.
Definition of "Credit Extension" for bridge loan
This definition ties "Credit Extension" to a bridge loan.
"Credit Extension" means the provision of a bridge loan, offering temporary financing to a borrower until permanent financing can be arranged.
Definition of "Credit Extension" for corporate loan
This definition links "Credit Extension" to a corporate loan.
"Credit Extension" refers to the granting of a corporate loan, where funds are provided to a business entity for capital expenditures, working capital, or other corporate purposes.
Definition of "Credit Extension" for facility agreement
This definition applies "Credit Extension" to a facility agreement.
"Credit Extension" means the provision of credit under a facility agreement, where a lender agrees to extend credit to the borrower under specific terms, including repayment schedules and interest rates.
Definition of "Credit Extension" for financing agreement
This definition connects "Credit Extension" to a financing agreement.
"Credit Extension" refers to the provision of credit as part of a financing agreement, where a lender extends funds to a borrower for a specific purpose, such as business expansion or capital improvements.
Definition of "Credit Extension" for line of credit
This definition links "Credit Extension" to a line of credit.
"Credit Extension" means the provision of a line of credit, where the borrower can access funds up to a specified limit, subject to the terms and conditions outlined in the agreement.
Definition of "Credit Extension" for letter of credit
This definition applies "Credit Extension" to a letter of credit.
"Credit Extension" refers to the issuance of a letter of credit, where a bank guarantees payment to a beneficiary upon the fulfillment of specific terms, facilitating trade or financing.
Definition of "Credit Extension" for trade financing
This definition connects "Credit Extension" to trade financing.
"Credit Extension" means the provision of credit for trade financing purposes, enabling businesses to purchase goods or services for resale, with payment deferred to a later date.
Definition of "Credit Extension" for installment loan
This definition links "Credit Extension" to an installment loan.
"Credit Extension" refers to the granting of an installment loan, where the borrower receives a lump sum amount of credit, to be repaid in fixed, scheduled installments over a defined period.
Definition of "Credit Extension" for small business loan
This definition applies "Credit Extension" to a small business loan.
"Credit Extension" means the provision of a small business loan, where a financial institution offers credit to a small business, typically for working capital, expansion, or operational needs.
Definition of "Credit Extension" for student loan
This definition connects "Credit Extension" to a student loan.
"Credit Extension" refers to the granting of a student loan, where funds are provided to a student for educational expenses, with repayment typically starting after graduation.
Definition of "Credit Extension" for home equity line of credit
This definition links "Credit Extension" to a home equity line of credit.
"Credit Extension" means the provision of a home equity line of credit, where a borrower can access credit based on the equity they have in their home, using it for various purposes, such as home improvements or debt consolidation.
Definition of "Credit Extension" for revolving credit arrangement
This definition applies "Credit Extension" to a revolving credit arrangement.
"Credit Extension" refers to a revolving credit arrangement, where the borrower has access to a set amount of credit, which they can draw from and repay as needed, with the balance available for reuse.
Definition of "Credit Extension" for credit card
This definition ties "Credit Extension" to a credit card.
"Credit Extension" means the granting of a credit card, where the borrower can make purchases and access credit, with a repayment obligation to the credit card issuer.
Definition of "Credit Extension" for working capital line
This definition connects "Credit Extension" to a working capital line.
"Credit Extension" refers to the provision of a working capital line, where a lender extends credit to a business to fund day-to-day operational expenses.
Definition of "Credit Extension" for short-term loan
This definition links "Credit Extension" to a short-term loan.
"Credit Extension" means the provision of a short-term loan, where funds are provided for a brief period, typically with the expectation of repayment within a year or less.
Definition of "Credit Extension" for long-term loan
This definition applies "Credit Extension" to a long-term loan.
"Credit Extension" refers to the granting of a long-term loan, where the borrower is provided credit with repayment terms extending beyond one year.
Definition of "Credit Extension" for working capital financing
This definition connects "Credit Extension" to working capital financing.
"Credit Extension" means the provision of credit to finance a company's working capital, enabling it to meet its short-term financial obligations.
Definition of "Credit Extension" for financing facility
This definition links "Credit Extension" to a financing facility.
"Credit Extension" refers to a financing facility, where a lender extends credit to a borrower under an agreement designed to provide funds for specific purposes, such as operational needs or capital expenditures.
Definition of "Credit Extension" for capital loan
This definition applies "Credit Extension" to a capital loan.
"Credit Extension" means the provision of a capital loan, where funds are provided to a borrower for business expansion, equipment purchases, or other capital needs.
Definition of "Credit Extension" for government-backed loan
This definition connects "Credit Extension" to a government-backed loan.
"Credit Extension" refers to the granting of a government-backed loan, where a government entity provides a guarantee or funding for the borrower, typically for specific purposes like home ownership or business development.
Definition of "Credit Extension" for asset-backed financing
This definition ties "Credit Extension" to asset-backed financing.
"Credit Extension" means the provision of credit secured by the borrower's assets, where the lender may seize collateral if the borrower defaults on the loan.
Definition of "Credit Extension" for financing agreement
This definition links "Credit Extension" to a broader financing agreement.
"Credit Extension" refers to the terms under which a financial institution extends credit to a borrower under a financing agreement, including repayment schedules, interest rates, and any collateral requirements.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.