The repayment of a maturing loan or advance under a revolving facility by a rollover loan without any payment in cash having to be made.

Following the insolvency of Lehman Brothers, many facility agreements (including the Loan Market Association's recommended forms) now expressly provide that the amount of the rollover loan is treated as if it had been applied in repayment of the maturing loan but without any payment in cash having to be made. Prior to this, facility agreements often did not specify that the repayment of the maturing loan and redrawing of the new loan could take place without any payment in cash having to be made (traditional rollover provisions). Cashless rollover provisions were introduced to protect borrowers from the risk of a lender in financial difficulty insisting on strict compliance with traditional rollover provisions and failing to re-advance its portion of a rollover loan.