Glossary entry (derived from question below)
French term or phrase:
crédit sous forme retirée/non-retirée
English translation:
unrestricted/restricted credit facility
French term
United Kingdom
The highest professional standards
Native in: English
Works in: Spanish to English, French to English
crédit lombard sous forme retirée/non-retirée
Lorsque le présent crédit lombard est accordé à la Partie Créditée sous forme non-retirée, la Partie Créditée s’engage expressément à investir les fonds déboursés en une ou plusieurs fois dans le cadre de la présente convention, exclusivement dans des Actifs éligibles."
Contract issued by a Luxembourg bank. Does anyone know the equivalent term in English? I am struggling to find examples of this phase anywhere.
Thanks.
| 3 +1 | A (Lux) Lombard unrestricted-use (open drawdown)/restricted-use (no direct-drawdown) credit facility |
Adrian MM.
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| 3 | Lombard loan |
Louise TAYLOR
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Non-PRO (1): Adrian MM.
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Proposed translations
Austria
Retd.T&I, Barrister & Austro-Advokat
Native in: English (Variants: Scottish, British) 
Works in: Spanish to English, English to Spanish, French to English, and 5 more.
A (Lux) Lombard unrestricted-use (open drawdown)/restricted-use (no direct-drawdown) credit facility
BTW, I never intentionally hit the Non-Pro classification key.
The Lombard loan is a loan collateralized by securities. (capital market investments- Maximum loan-to-value ratio > loan drawdown
| neutral |
Francois Boye
: your translation does not fit the explanation for 'forme retirée/non-retirée'
9 mins
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The restricted and unrestricted facility does. Read the UK Consumer Credit Act ref. again.
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| agree |
Daryo
: THAT makes sense, i.e. agrees with the accompanying explanations.
1 day 29 mins
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Merci and thanks! The asker 'kind of' thinks so, too.
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Lombard loan
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Note added at 27 mins (2019-05-27 11:17:44 GMT)
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OK - sorry. I have never seen that before either. Following this for enlightenment :)
| No, sorry, the "forme retiree/non-retiree" part. |
Discussion
"Lorsque le présent crédit lombard est accordé à la Partie Créditée sous forme retirée, la Partie Créditée utilisera librement le crédit à sa convenance, en tout ou en partie, sur la signature des personnes désignées ci-avant sub « Partie Créditée » ou sur la signature de personnes à désigner séparément.
Lorsque le présent crédit lombard est accordé à la Partie Créditée sous forme non-retirée, la Partie Créditée s’engage expressément à investir les fonds déboursés en une ou plusieurs fois dans le cadre de la présente convention, exclusivement dans des Actifs éligibles."
-- forme retirée = you get the money immediately (as soon as the loan is agreed) and you can spend it whichever way you want - like a "personal loan" in UK
-- forme non-retirée = the money is "waiting for you", you have only a potential right to the amount of the loan but you get the money ONLY if it's going to be immediately spent on some "authorised use" - like when you get a mortgage in UK: you never see the loaned money, it goes straight to the house seller, no way you are going to spent it on anything else.
OTOH, no idea what would be the technical term in EN. "fully drawn" vs "made available"?