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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Letter of Credit

A statement issued by a bank to the buyer of a good stating that the seller will receive payment on time and in the correct amount. If the buyer fails to make payment, the bank will do so on his/her behalf. The buyer presents a letter of credit to the seller, which eliminates the risk that the seller will not be paid. Letters of credit have become very common in international commerce, as distance and other factors make it difficult for sellers to establish the creditworthiness of every buyer.

Line of Credit

An agreement between a bank and a company or an individual to provide a certain amount in loans on demand from the borrower. The borrower is under no obligation to actually take out a loan at any particular time, but may take part of the funds at any time over a period of several years. This agreement is fairly common in situations in which a business must make payroll but does not always have the operating income to do so, especially when its operating income is seasonal or otherwise varies from month to month. It is also called open-end credit or a revolving line of credit. See also: Credit Card.
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Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The impact of familiar sensory stimulation on level of consciousness in patients with head injury in ICU.
His level of consciousness rapidly deteriorated on day two post-operatively, with no evidence of haematoma recurrence or neurosurgical complication on repeat CT Brain.
Our consent with such experiments, the results of which are illogical from the view-point of ordinary consciousness, means that we accept to start to operate at another level of consciousness which is distinct from the level of consciousness necessary for the acceptance of experimental results of classical physics.
On admission we noted profound peripheral vasoconstriction, bradycardia (80 beats/min), a decreased level of consciousness and inability to maintain oxygen saturation above 90% despite oxygen therapy.
It was to be called for an acute change in any non-ICU inpatient's respiratory rate, oxygen saturation, heart rate, blood pressure, or level of consciousness, or when a caregiver was concerned about a patient's condition.
Performing Mantsoe's choreography to passages of almost unbearably intense drumming, they recall that it is rooted in a tradition intended to lift the dancers to another, trance-like, level of consciousness. It's pretty exhilarating to watch, too.
Altered level of consciousness (anything other than "alert").
Hypercapnia may produce alterations in the level of consciousness (1).
He had been previously seen at a private hospital, where he had been receiving treatment for oliguria, an altered level of consciousness, and a biochemical profile consistent with renal failure.
Evaluate the level of consciousness and mentation of the resident.
Infection in humans produces a fever and signs of meningitis, namely headache, vomiting, neck stiffness, intolerance of light and decreased level of consciousness, and occasional hearing loss.
Donna believes that the pain was necessary to arrive at a higher level of consciousness. "I would not have this higher level of being.