back-up credit


back-up credit
An alternative source of funds arranged if an issue of commercial paper is not fully taken up by the market. Back-up credit is provided by a bank for a fee or by the deposit of credit balances at the bank of the issuer. The back-up is often a stand-by facility provided by the bank, which may be drawn upon if the paper is not placed.

Big dictionary of business and management. 2014.

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