„Letter Of Credit“

A commitment, usually by a bank on behalf of a client, to pay a beneficiary a stated amount of money under specified conditions.

Source:

Crane, D.B., Froot, K.A., Mason, S.P., Perold, A.F., Merton, R.C., Bodie, Z., Sirri, E.R., & Tufano, P. (1995). The Global Financial System: A Functional Perspective. Harvard Business School Press, pp. 175-178.