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letter of credit
(redirected from LOC)

    Also found in: Medical, Legal, Financial, Acronyms, Encyclopedia, Wikipedia 0.03 sec.
letter of credit
n. pl. letters of credit Abbr. L/C
A letter issued by a bank authorizing the bearer to draw a stated amount of money from the issuing bank, its branches, or other associated banks or agencies.
letter of credit
n
1. (Economics, Accounting & Finance / Banking & Finance) a letter issued by a bank entitling the bearer to draw funds up to a specified maximum from that bank or its agencies
2. (Economics, Accounting & Finance / Banking & Finance) a letter addressed by a bank instructing the addressee to allow the person named to draw a specified sum on the credit of the addressor bank
ThesaurusLegend:  Synonyms Related Words Antonyms
Noun1.letter of credit - 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
credit - money available for a client to borrow
commercial letter of credit - a letter of credit given to a business concern for commercial purposes
traveler's letter of credit, traveller's letter of credit - a letter of credit given to a traveler
document - a written account of ownership or obligation
Translations
letter of credit n → lettera di credito
documentary letter of credit → lettera di credito documentata
letter of credit n → lettera di credito
documentary letter of credit → lettera di credito documentata


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? Mentioned in ? References in periodicals archive
 
The LOC is sized to cover a maximum stated amount of $200 million in principal amount of CP Notes, plus 90 days of interest calculated at 10%, based on a year of 365 days.
Fitch Rates Sacramento Municipal Utility District (CA) $200MM CP ... by Business Wire
The initial stated amount of the LOC is $108,877 representing the principal amount, plus interest to accrue on the notes until their maturity.
Fitch Rts Greater Orlando Aviation Auth Florida Prog B CP Ser A, B, C ... by Business Wire
The LOC is sized to cover up to $55,000,000 in principal plus 270 days of interest, calculated at the maximum rate of 12% based on a year of 360 days.
Fitch Rates City of Albuquerque, New Mexico's $55MM Third Lien ... by Business Wire
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