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Letter of credit l/c

• A letter written by a company's bank to the company's foreign supplier, stating that the bank guarantees payment of an invoiced amount if all the underlying agreements are met.

• A form of guarantee of payment issued by a bank used to guarantee the payment of interest and repayment of principal on bond issues.

 
 

Follow this link for all the terms related to credit.

 
 Embedded terms in definition
 Bond
Foreign
Interest
Principal
Underlying
 
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Tips for Trying to Fix a Clogged or "Frozen" Home Equity Line: For years, homeowners have turned to home equity lines of credit (HELOCs) as a way to borrow against their home's value to pay for college tuition, home improvements, medical bills and other major expenses. (A home's equity is the market value minus what is owed on the mortgage. If you owe $100,000 on your mortgage but your home is worth $250,000, your equity is $150,000.) More...

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