Letter of credit that reverts to its original amount at specified intervals, e.g., monthly, thereby preventing drawing too much in any one period. See also " cumulative revolving letter of credit" and " non-cumulative revolving letter of credit."
A Letter of Credit which provides for automatic reinstatement of funds available for drawing once a drawing has been made from it.
A letter of credit where the amount is renewed without requiring any specific amendments to the letter of credit, which is usually used where regular shipments of the same goods or commodities are made to the same importer.
A letter of credit which is automatically restored to its full amount after the completion of each documentary exchange.
A letter of credit that permits the amount of the credit to be renewed automatically. This clause may revolve according to time or value. To revolve according to time, monies unused during one period may be carried over to the next period. This carryover would be termed cumulative. If carryovers are not permitted, then the term would be non-cumulative. To revolve according to value, the credit may permit the value to be reinstated with or without amendment.
See letter of credit. Français: Lettre de crédit revolving (renouvelable) Español: Carta de crédito rotatoria
A letter of credit which when drawn upon is automatically restored to its full amount, periodically, or after a particular event prescribed in the credit.
