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Renewal
The act or process of transforming or extending a credit agreement, whereby the old debt is cancelled by the establishment of a new one. With current accounts this can be achieved by determining the negative balance and having this acknowledged.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Banking
- Category: Investment banking
- Company: UBS
- Product:
- Acronym-Abbreviation:
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