ILOC

(redirected from Irrevocable letter of credit)
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ILOC

Rice U. Register-oriented intermediate language targeted to PC/RT. Source languages include Fortran and Russell.
References in periodicals archive ?
It is unfortunate that they will not seek the bond or irrevocable letter of credit, that you had initially stated they were interested in seeking, when they have clearly raised close to $500,000 with which to pay the damage award," she wrote to Grey.
Irrevocable Letter of Credit (ILC)--Much the same as a CILC; however, since it has not been confirmed, the financial responsibility for payment lies with the bank that opened the Letter of Credit.
As the buyer and as the bank's customer, Sztejn contracted for an irrevocable letter of credit with Schroder Banking Corporation.
This EITF issue, Impact of an Uncollateralized Irrevocable Letter of Credit on a Real Estate Sale-Leaseback Transaction, considers the effect of a letter of credit on sale-leaseback accounting under FASB Statement no.
The rating is being assigned in connection with the issuance by the bank of its irrevocable letter of credit pursuant to a reimbursement agreement between the city and the bank, dated as of June 1, 2011.
In Case Of Foreign Supply Payment Will Be Made Through Their Irrevocable Letter Of Credit Or Through Direct Remittance As Follows: 1.
Funds can be in the form of cash, cash equivalents or an irrevocable letter of credit.
Many exporters feel that it is in their best interest to ask for a confirmed irrevocable letter of credit, which is fine if the terms and conditions of the letter of credit are also spelled out in the sales contract and all parties involved in the transaction know exactly which documents are needed to facilitate payment.
Issues of money and currency are less likely to be a problem, says Owsley, if the company has an irrevocable letter of credit between banks.
The customary solution is to provide in the letter of credit that "it shall automatically be extended for periods of at least one year from the present and each future expiration date unless the bank gives to the landlord, by certified mail, return receipt requested, no later than 30 days prior to the relevant expiration date, notice that the bank elects not to renew this irrevocable letter of credit.
Each bid must be accompanied by a certified or cashier%s check in the amount of 10% of the amount bid, an irrevocable letter of credit in the amount of 10% of the amount bid or an original bond in the amount of 100% of the amount bid per ORC 153,54 and 153.
However, a tenant who balks at posting even a small cash security deposit may be receptive to delivering as security a clean, irrevocable letter of credit ("LC') in an even larger amount.