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What does back-up line of credit mean?

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back-up line of credit
Noun

A credit facility provided by one or more banks to assure investors that the issuer will have the funds required for repaying maturing commercial paper in the event the CP cannot be paid off out of the borrower’s current cash flow or the market proves inaccessible for refunding.

Synonym(s): 
  • liquidity line; liquidity line of credit.
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