Banks typically require a pledge of securities or cash as collateral for issuing a letter of credit.
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Letter Of Credit Definition | Investopedia bank pays the beneficiary or any bank nominated by the beneficiary. If a letter of credit is transferrable, the beneficiary may assign another entity, such as a corporate parent or a third party, the right to draw. Funding a Letter of Credit <span>Banks typically require a pledge of securities or cash as collateral for issuing a letter of credit. Banks also collect a fee for service, typically a percentage of the size of the letter of credit. The International Chamber of Commerce Uniform Customs and Practice for Documentary Cred Summary
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