Transferable letter of credit

Definition:

Document that allows the first beneficiary on a standby bank assurance of funds to transfer all or part of the original letter of credit to a third party.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Nonrecourse

In the case of default, the lender has no ability to claim assets over and above what the limited partners contributed.

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