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2 definitions

A new letter of credit issued to another beneficiary on the strength of a primary credit. The second L/C uses the first L/C as collateral for the bank. Used in a three–party transaction.

FK Reading Ease
54.8

FK Grade Level
High School
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  • A new letter of credit issued to another beneficiary on the strength of a primary credit. The second L/C uses the first L/C as collateral for the bank. Used in a three–party transaction.

    FK Reading Ease
    54.8

    FK Grade Level
    High School
  • Flag