letter of credit

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Related to Commercial letters of credit: Revocable letter of credit, Irrevocable Letters of Credit
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  • noun

Words related to letter of credit

a document issued by a bank that guarantees the payment of a customer's draft

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Insureds shipping goods under commercial letters of credit will have access to online and on-demand certificate issuance.
As of April 30, 2005, the company had unutilized credit facilities of $11,047,000 available for direct borrowing or commercial letters of credit.
5 million in financing from a sale and leaseback arrangement with a real estate investment trust involving 45 of the company's restaurants; and a $30 million three year revolving credit facility of which up to $20 million will be available to support commercial letters of credit with the remainder available to provide working capital and for other corporate needs.
I set out to collect information about discrepancies in the presentations that beneficiaries make seeking payment on commercial letters of credit.
Produced each year since 1996, the ANNUAL REVIEW OF INTERNATIONAL BANKING LAW & PRACTICE is the world's only annual survey of court cases regarding commercial letters of credit, standby letters of credit, and independent guarantees, plus the year's significant articles, practice reports, and government actions impacting these instruments.
The financing will be used for general corporate purposes including the issuance of standby and commercial letters of credit, Stein Mart said in a statement.
Rather, in showing that the beneficiaries of letters of credit routinely fail to present documents that comply with the terms of the underlying letter and that the applicants and issuing banks just as routinely waive the resulting defects, he has convincingly documented an important and counterintuitive empirical regularity about commercial letters of credit -- one that substantially undercuts the conventional teaching in the area that the purpose of the letter of credit is to provide the beneficiary with a guaranty of payment that is legally enforceable against the issuing bank.
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