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LOC |
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LOC See: Letter of credit
letter of credit (LOC) (Pronounce each letter of the abbreviation;it is not pronounced as a word.) An instrument issued by a bank or other financial institution (issuer) agreeing that it will pay money to another (beneficiary), on behalf of the bank's customer (account party), upon the happening of certain named events.There is usually an issuance fee of 1 to 2 percent of the face amount of the LOC.Modern banking regulations require the same underwriting as for a commercial loan.The LOC will set out the exact prerequisites to be met before the bank will issue payment. These usually include a particular time and place to present the original letter of credit and the exact documents that must accompany the letter.Some states still follow the old “strict compliance”rule holding that any deviation from the instructions, no matter how minor, will justify the bank in refusing to pay. Others follow a “substantial compliance” rule, so that minor typographical or syntax errors in the presenting documents will not justify nonpayment. See also the two types of letters of credit: documentary letter of credit and standby letter of credit. 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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The purpose of such releasing is not to do damage to the people who are in the geographical areas in which such ''releasing'' is taking place, but rather to free the earth from burdens she has been carrying so that she can heal and move into a higher level of consciousness and being as a sacred planet. The essence of it is that we are shifting from our current limited state, to a higher vibration and level of consciousness - a more spiritually evolved state, free from many of the individual and collective problems of our present existence. He called it transcendental meditation and it was based on the concept that a meditation using mantras of short words or phrases, repeated in the mind, could help the user subdue many thought processes and reach a deep level of consciousness. |
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