revolving letter of credit (L/C)

Definition

Single L/C that covers multiple-shipments over a long period. Instead of arranging a new L/C for each separate shipment, the buyer establishes a L/C that revolves either in value (a fixed amount is available which is replenished when exhausted) or in time (an amount is available in fixed installments over a period such as week, month, or year). L/Cs revolving in time are of two types: in the cumulative type, the sum unutilized in a period is carried over to be utilized in the next period; whereas in the non-cumulative type, it is not carried over.

单词	revolving letter of credit (L/C)
释义	revolving letter of credit (L/C) Definition Single L/C that covers multiple-shipments over a long period. Instead of arranging a new L/C for each separate shipment, the buyer establishes a L/C that revolves either in value (a fixed amount is available which is replenished when exhausted) or in time (an amount is available in fixed installments over a period such as week, month, or year). L/Cs revolving in time are of two types: in the cumulative type, the sum unutilized in a period is carried over to be utilized in the next period; whereas in the non-cumulative type, it is not carried over.
随便看	cashout cash outflow cash-out merger cashout merger cash out of vested benefits cash-out refinance cash overdraft cash payback period cash payment cash payment to suppliers cash plus convertible cash pooling cash price cash rate cash ratio cash receipt cash receipts and disbursements approach cash receipts journal cash refund annuity cash register cash return on gross investment (CROGI) cash settlement cash short and over cash short and over account cash surrender value (CSV)