(Total Views: 350)
Posted On: 06/16/2019 5:44:27 PM
Post# of 22465
The new PR. Quantum Materials Corp Announces $1 Million Order for Two High Volume Quantum Dot Production Systems
...states that a letter of credit was Issued...
Quote:
The $1M order has been placed by Amtronics LLC and has been secured with a letter of credit issued by Assam Electronic Development Corporation Limited.
...therefore, QMC can draw on the $1 million dollar LOC whenever it wants. Same as Cash...
Quote:
Definition of letter of credit
1 : a letter addressed by a banker to a correspondent certifying that a person named therein is entitled to draw on the writer's credit up to a certain sum
2 : a letter addressed by a banker to a person to whom credit is given authorizing drafts on the issuing bank or on a bank in the person's country up to a certain sum and guaranteeing to accept the drafts if duly made
...states that a letter of credit was Issued...
Quote:
The $1M order has been placed by Amtronics LLC and has been secured with a letter of credit issued by Assam Electronic Development Corporation Limited.
...therefore, QMC can draw on the $1 million dollar LOC whenever it wants. Same as Cash...
Quote:
Definition of letter of credit
1 : a letter addressed by a banker to a correspondent certifying that a person named therein is entitled to draw on the writer's credit up to a certain sum
2 : a letter addressed by a banker to a person to whom credit is given authorizing drafts on the issuing bank or on a bank in the person's country up to a certain sum and guaranteeing to accept the drafts if duly made
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