direct pay letter of credit (L/C)
Definitions (2)
1. L/C that is not paid through an advising bank but must be presented at the issuing bank for payment.
2. 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.
News containing the term direct pay letter of credit (L/C)
http://www.businessdictionary.com/definition/direct-pay-letter-of-credit-L-C.html

