( letters of credit)
1.
A letter of credit is a letter written by a bank authorizing another bank to pay someone a sum of money. Letters of credit are often used by importers and exporters. ( BUSINESS )
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2.
A letter of credit is a written promise from a bank stating that they will repay bonds to lenders if the borrowers are unable to pay them. ( BUSINESS )
The project is being backed by a letter of credit from Lasalle Bank.
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