green clause letter of credit
Also known as anticipatory credits. A letters of credit which contains a clause authorising the nominated bank to make advances to the seller against security (such as a payment guarantee from a third party or the pre-shipment storage of the goods in the name of the nominated bank or the issuing bank) before shipment /presentation of documents. If the seller fails to present the documents, the issuing bank's or buyer's reimbursement obligations can be recovered through enforcement of the security.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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