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Irrevocable Letter of Credit |
Also found in: Acronyms | 0.03 sec. |
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Irrevocable letter of credit Assurance of funds issued by a bank that cannot be canceled
or amended without the beneficiary's approval. Irrevocable Letter of Credit A letter of credit that neither the bank granting it nor the letter holder (who is the buyer of some good) may cancel under any circumstances. This provides the seller with extra assurance that he/she will be paid on time and in the correct amount. Irrevocable letters of credit are most common in international commerce. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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However, a tenant who balks at posting even a small cash security deposit may be receptive to delivering as security a clean, irrevocable letter of credit ("LC') in an even larger amount. This EITF issue, Impact of an Uncollateralized Irrevocable Letter of Credit on a Real Estate Sale-Leaseback Transaction, considers the effect of a letter of credit on sale-leaseback accounting under FASB Statement no. NEW YORK -- Fitch upgrades the rating of Sunbelt Funding Corporation's programwide credit enhancement, provided in the form of Irrevocable Letter of Credit (LOC) No. |
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