Containerized shipment is inconsistent with the prohibition against transhipment, as commonly insisted upon by applicants, in commercial letters of credit.

For this reason, commercial letters of credit usually stipulate that the bank's payment will be against presentation of the shipper's copy of the air waybill.

International transactions include: traveler's cheque, foreign exchange, Foreign Currency Deposit Unit transactions, commercial letters of credit, international remittances and collections.

Prominent American bankers recently informed me that half of their commercial letters of credit provided for payment not against ocean bills of lading, but against freight forwarders' cargo receipts.

Up until the 1960's, most commercial letters of credit, reflecting documentary sales terms, called for payment against presentation of negotiable ocean bills of lading indorsed to the issuing or confirming bank.

City Bond Issue Proceeds Proceeds from the city bond issue will be used for the nullifaction, or defeasance, of outstanding bonds backed by insurance companies or commercial letters of credit.

Using a plan conceived by public finance specialists at J. P. Morgan Securities Inc., proceeds from the financing will be used for the nullification, or defeasance, of outstanding bonds backed by insurance companies or commercial letters of credit.