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PRIME LETTER OF CREDIT (L/C)

\pɹˈa͡ɪm lˈɛtəɹ ɒv kɹˈɛdɪt ˈɛl slˈaʃ sˈiː], \pɹˈa‍ɪm lˈɛtəɹ ɒv kɹˈɛdɪt ˈɛl slˈaʃ sˈiː], \p_ɹ_ˈaɪ_m l_ˈɛ_t_ə_ɹ ɒ_v k_ɹ_ˈɛ_d_ɪ_t__ ˈɛ_l s_l_ˈa_ʃ s_ˈiː]\

Definitions of PRIME LETTER OF CREDIT (L/C)

1910 - Black's Law Dictionary (2nd edition)

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The original Letter of credit that is exchanged as a security for another letter of credit. This usually takes place in consecutive transactions.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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