Uncommitted credit facilities are a short-term credit facility which are subject to the discretion of both the borrower and the lender. That is, the creditor has no obligation to extend credit to the borrower, and the borrower has no...
banking
underwrite
Underwrite can refer to one of many different kinds of financial risk taking. Broadly, underwrite means agreeing to some form of financial investment with the possibility of profits or losses. A few examples of underwriting include loans,...
usurious
Usurious is an adjective that means practicing, constituting, or amounting to usury; charging an illegally high interest rate on a loan.
[Last updated in August of 2021 by the Wex Definitions Team]
usury
Usury is interest that a lender charges a borrower at a rate above the lawful ceiling on such charges; a contract upon the loan of money with an illegally high interest rate as a condition of the loan. Usury is also the act of making a loan...
Volcker Rule
The Volcker Rule refers to a broad set of rules adopted under Dodd-Frank Title VI that attempts to reduce risk within banking institutions, stemming from mixing investment banking and commercial banking. The Volcker Rule consists of two major...
wage attachment
Wage attachment, also known as wage garnishment, is a court order by which the court attaches debtors' wages to help pay their creditors by directly transferring the wages to the creditors. Although a wage attachment order can be obtained...
without recourse
A phrase meaning that one party has no legal claim against another party. It is often used in two contexts:
1. In litigation, someone without recourse against another party cannot sue that party, or at least cannot obtain adequate relief even...
workout
Workout is an arrangement negotiated between a debtor and creditor to take care of a debt, by paying it off or through loan forgiveness. A workout agreement is a mutual agreement entered into by a borrower and a lender to reschedule the terms...