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Letter of credit

noun

Definitions

Noun
  1. 1
    A document, used primarily in trade finance and issued generally by a financial institution, in which the institution promises to pay debts up to a certain limit to be acquired by the beneficiary against delivery of documents specified in the letter.
  2. 2
    a document issued by a bank that guarantees the payment of a customer's draft; substitutes the bank's credit for the customer's credit wordnet

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