Irrevocable letter of credit

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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.
References in periodicals archive ?
It has recently become public that the banks which provide irrevocable letters of credit (LOCs) for the $250 million of outstanding General Obligation TRANs Series 1995 have informed the district that they are considering whether to issue a formal declaration of default.
Attorney Todd Turner of Arkadelphia blames the Division of Check Cashing at the Arkansas State Board of Collection Agencies for allowing AAA to surrender its licenses and revoke eight irrevocable letters of credit on the day before it was to go on trial in Craighead County.
I am certain that our shareholders will be pleased to hear that with each of these contracts we should receive ten percent of the funding upon execution of the contracts with the balance on irrevocable letters of credit.
Irrevocable letters of Credit from an approved bank may be used in lieu of the Performance and Payment Bonds or cash in the amount equal to one hundred percent (100%) of the contract price at the approval of the City Engineer.
31, 2001, Top Layer has the ability to draw on irrevocable letters of credit in an amount of up to $75 million if a major loss occurs.
Choosing a financial institution to provide investment loan - long-term investment loan, which is absorbed by detecting one or more irrevocable letters of credit issued by the Creditor by order of the Borrower in favor of the beneficiary.
While these countries are small and relatively poor, they have the support of the international community who have agreed to pay for the VScan test kits through Irrevocable Letters of Credit drawn on western banks.
government- and corporate investment-grade debt securities, precious metals, irrevocable letters of credit, equities, mutual funds, hedge funds, commercial loans, premiums receivable and reinsurance receivables
In South Africa most established importers use documentary collections varying from 60 to 120 days alter acceptance, but they also use confirmed irrevocable letters of credit.
Our new policy is only to release information when firm irrevocable letters of credit are received by Wataire Industries Inc as stated Mr.
On the effective date of May 28, 2009, the ratings will be based on the substitute irrevocable letters of credit (LOC) issued by the JPMorgan Chase Bank, N.
The company said that it has already received downpayments and irrevocable letters of credit for these orders with offers of confirmation from prime U.