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Promissory Note
A financial instrument containing a written promise by one party to pay a certain sum of money to another party under specified conditions.
Revolving Line of Credit
A flexible loan arrangement which allows a borrower to use, repay, and re-borrow funds up to a certain credit limit.
Negotiability
The feature of a financial instrument that allows it to be transferred or assigned freely from one party to another.
Default
Failure to fulfill a legal obligation, especially failing to make a required payment on a loan or financial agreement.
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