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Irrevocable letter of credit

   Also found in: Acronyms 0.46 sec.
Irrevocable letter of credit
Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary's approval.

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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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