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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.


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.

References in periodicals archive ?
She was transferred to the intensive care unit after her level of consciousness decreased; she was moving all four limbs but did not respond to verbal commands or painful stimuli.
Through workshops and a variety of appropriate training opportunities, the level of consciousness can be raised from blindness to a more competent view.
Further developed persons also can run the risk of being the objects of violence if they are sufficiently public or adamant in advancing the perspectives of their higher consciousness among those who cannot yet share that level of consciousness.
They practiced communal art and pleasure as a conduit to a different level of consciousness.
His level of consciousness has improved and he now understands what people are saying to him, but he is by no means fully conscious and is still not speaking.
Recording a verdict of accidental death, Mr Walters added: ``There is no doubt that the high level of alcohol may have impaired his judgement and probably his level of consciousness.
But Bishop Ann Tottenham of Toronto said the document is useful for "raising people's level of consciousness," adding that she had to tell a parish it couldn't summarily fire a church secretary who had been diagnosed with epilepsy.
Those living in long term care settings are often vulnerable to delirium, which manifests as impaired attention and a disturbed level of consciousness.
Currently many humans have achieved the level of consciousness development called vision-logic, the ability to engage in high level conceptual activities.
This system, driven by sensory input, is responsible for our level of consciousness (the brain's degree of wakefulness).
Her primary mission was to "raise the level of consciousness through liberating the spirits and strengthening the minds of its people.