Irrevocable Letter Of Credit - ILOC
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Definition of 'Irrevocable Letter Of Credit - ILOC'
A letter of credit that can't be canceled. This guarantees that a buyer's payment to a seller will be received on time and for the correct amount.
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Investopedia explains 'Irrevocable Letter Of Credit - ILOC'
This is often used in international transactions.
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Search results for 'Irrevocable Letter Of Credit (ILOC)'
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http://www.investopedia.com/university/estate-planning/estate-planning7.asp
... of the IRS in an amount equal to 65% of the fair market value of the trust assets,
or the US trustee furnishes an irrevocable letter of credit (ILOC) issued by ...
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