letter of credit
noun phrase
1
: a letter addressed by a banker to a correspondent certifying that a person named therein is entitled to draw on the writer's credit up to a certain sum
2
: a letter addressed by a banker to a person to whom credit is given authorizing drafts on the issuing bank or on a bank in the person's country up to a certain sum and guaranteeing to accept the drafts if duly made
Examples of letter of credit in a Sentence
Recent Examples on the Web
The bid required the city to put forward an irrevocable letter of credit of $30 million, in case the host committee fell short of its nearly $85 million obligation – a record-breaking sum – and convince party officials to recommend Chicago over Atlanta, Houston and New York.
—
Francesca Chambers, USA TODAY, 17 Aug. 2024
The specific details of WBD’s match offer were not immediately available, but a source said that the company had secured a letter of credit that would cover what is believed to be a $5.4 billion upfront payment that Amazon agreed to in its deal.
—Alex Weprin, The Hollywood Reporter, 24 July 2024
According to Sports Business Journal, WBD secured a letter of credit from multiple banks to match the offer, which included an up-front payment from Amazon covering the first three years of the 11-year contract.
—Barry Jackson, Miami Herald, 23 July 2024
Between the lines: WBD secured a letter of credit to shore up finances that would enable it to match Amazon's deal, the source said.
—Tim Baysinger, Axios, 22 July 2024
As a result, Weisbrot said surety companies want liquid assets as collateral, specifically cash or a letter of credit, and not hard assets like real estate.
—Katrina Kaufman, CBS News, 25 Mar. 2024
By contrast, previous federal programs required either a letter of credit or a match but not both, the letter from advocates said.
—Jon Brodkin, Ars Technica, 6 Sep. 2023
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Francesca Chambers, USA TODAY, 17 Aug. 2024
The specific details of WBD’s match offer were not immediately available, but a source said that the company had secured a letter of credit that would cover what is believed to be a $5.4 billion upfront payment that Amazon agreed to in its deal.
—Alex Weprin, The Hollywood Reporter, 24 July 2024
According to Sports Business Journal, WBD secured a letter of credit from multiple banks to match the offer, which included an up-front payment from Amazon covering the first three years of the 11-year contract.
—Barry Jackson, Miami Herald, 23 July 2024
Between the lines: WBD secured a letter of credit to shore up finances that would enable it to match Amazon's deal, the source said.
—Tim Baysinger, Axios, 22 July 2024
As a result, Weisbrot said surety companies want liquid assets as collateral, specifically cash or a letter of credit, and not hard assets like real estate.
—Katrina Kaufman, CBS News, 25 Mar. 2024
By contrast, previous federal programs required either a letter of credit or a match but not both, the letter from advocates said.
—Jon Brodkin, Ars Technica, 6 Sep. 2023
Dictionary Entries Near letter of credit
Cite this Entry
“Letter of credit.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/letter%20of%20credit. Accessed 28 Nov. 2024.
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