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I am writing to request an increase of $5,000.00 in my credit limit with Doe. My current limit is insufficient to cover my monthly purchases at your firm. As you know, my credit history with you is spotless. I have always made payments on time, so I do not anticipate problems handling the increased limit.

Letter of Credit Limit means, on any date, a maximum amount (as such amount may be reduced from time to time pursuant to Section 2.2) equal to the Total Credit Commitment Amount.

Disadvantages of a letter of credit: Expensive, tedious and time consuming in terms of absolute cost, working capital, and credit line usage. Additional need for security and collateral to satisfy bank's coverage terms for the buyer.

We can compute the LC limit which will be required by the customer by dividing the annual consumption of raw material to be purchased against LC by 12 and then multiplying by the total time. i.e. Monthly Raw Material Purchases × Total Time.

Your credit references were satisfactory, and we have granted you the credit for which you applied. Thank you for your letter requesting credit. Your credit history is exemplary, and we are pleased to offer you a $5,000 credit line. We want to welcome you as a new client with full credit privileges.

A letter of credit, or a credit letter, is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. If the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.

Key Takeaways: Types of letters of credit include commercial letters of credit, standby letters of credit, and revocable letters of credit. Other types of letters of credit are irrevocable letters of credit, revolving letters of credit, and red clause letters of credit.