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An arrangement for deferred payments for goods and services is known as

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The credit facility is known as an arrangement for deferred payments for goods and services.

What is a credit facility?

A credit facility is a kind of loan made in a business or corporate finance context. It permits the borrower to take out money for an extended period of time, in place of reapplying for a loan each time it needs money.

A deferred payment letter of credit, is a business letter of credit that imparts that the receiver will be paid, not at the time the receiver makes a complying presentation, but at a later, specified, maturity date.

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