Revolving Loan Account Defined

Revolving Loan Account means an arrangement between a lender and a debtor pursuant to which

(1)it is contemplated by the parties that the lender may make loans to the debtor from time to time,

(2)the debts COL120106 CH. 3 LOANS arising from loans, loan finance charges and other charges will be debited to an account,

(3)a loan finance charge will not be precomputed but may be computed from time to time on the basis of the debtor's unpaid balances, and

(4)debtor will have the privilege of paying the balances in installments.