Direct pay letter of credit (L/C),
Definition of 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.
Meaning of Direct pay letter of credit (L/C) & Direct pay letter of credit (L/C) Definition
