letters of credit

letters of credit

A document issued by a bank guaranteeing the payment to a beneficiary of a customer's drafts up to a stated amount; in the event that the customer is unable to make the payment to the beneficiary, the bank will be required to cover the full or remaining amount owed. Only standby letters of credit are currently available in connection with LMA loans.

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Part of Speech: noun
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Industry/Domain: Financial services
Category: Funds
Company: Merrill Lynch
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