direct pay letter of credit (L/C) definition

direct pay letter of credit (L/C)

L/C that is not paid through an advising bank but must be presented at the issuing bank for payment.

Standby letter of credit arrangement (usually a third-party guarantee securing the payment of a debt instrument) in which its beneficiary looks first to the issuer of the guarantee for payment in case of a default.

direct pay letter of credit (L/C) is in the Banking, Commerce & Finance and International Trade & Relations subjects.

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