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Simple English definitions for legal terms

revolving letter of credit

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A quick definition of revolving letter of credit:

A revolving letter of credit is a type of agreement between a bank and a customer, where the bank agrees to pay a third party (the beneficiary) as long as certain conditions are met. This type of letter of credit is used when there will be multiple payments or transactions under a single credit. It self-renews, meaning the beneficiary can periodically draw on the credit and the customer will periodically repay it.

A more thorough explanation:

A revolving letter of credit is a type of letter of credit that self-renews by providing for a continuing line of credit that the beneficiary periodically draws on and the bank customer periodically repays. It is used when there will be multiple drafts under a single transaction or multiple transactions under a single credit.

For example, a company may use a revolving letter of credit to purchase goods from a supplier on an ongoing basis. The supplier can draw on the credit as needed, and the company will periodically repay the bank. This allows for a more efficient and streamlined payment process.

revolution | revolving loan

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HopefullyInLawSchool
13:53
it's all desire when posting online
JumpySubsequentDolphin
13:54
omg theres a your mom joke
JumpySubsequentDolphin
13:54
im loling
13:54
LOL
soap
13:56
Lmao Hopefully your reddit is great
soap
13:59
Nearly everyone who interviewed with me already got into Cornell. WL inbound T-T
JumpySubsequentDolphin
14:00
no soapy i believe in you sm
soap
14:00
My Cornell portal changed
soap
14:01
It totally dropped any references to reviewing my interview.
soap
14:02
Tex, if you're on here, has your Cornell portal also changed?
soap
14:04
All the substatuses disappeared
triplethread
14:08
UGH i got a washu email and i was so excited
triplethread
14:09
just an info session email sigh
snow
14:09
i unsubbed from those lol
triplethread
14:09
i wonder if i should go
babycat
14:11
I love washu info sessions and how everyone in them wants to redact both LSAT and GPA
14:12
i believe in u soap!!!
soap
14:13
It's back to all the generic "thank you for your interest in Cornell" stuff as opposed to the "we are reviewing your interview" -- all signs point to utterly cooked
PiquantHabitualVole
14:15
Is it a bad sign WashU hasn't gotten back to me yet -- I applied ED on Nov. 1, interviewed Nov. 6...
shaquilleoatmeal
14:16
Damn BU wave today ?
soap
14:16
WashU's really picky about medians, so you're OK if you are either above their GPA median or LSAT median, but if not, it may be more of an uphill battle
glovediedthisishismom
14:16
anyone know what the wash u LSAT cutoff is shaping up to be
glovediedthisishismom
14:16
it was 173 last year
snow
14:16
174
glovediedthisishismom
14:17
gotcha thanks
14:17
any other median rumors?
babycat
14:19
the 7sage article that they sent out today talks about this
babycat
14:19
While Wash U is admitting a number of “GPA splitters” (students with high GPAs and low LSATs), Georgia has yet to admit any lawschooldata users with a low LSAT. Thus far, everyone has had at least a 169 LSAT or higher. Given that a 169 was UGA Law’s median last year, they seem to be targeting that number again this year.
babycat
14:19
And if we check out UVA Law, we see a school that’s pursuing a little more of a balanced strategy: There’s a right angle, but it’s not quite as distinct as what we saw with Wash U—it’s difficult to tell if it starts at a 174 or 173 LSAT (with a 173 being last year’s median). We can see the development of a GPA target line around last year’s median of 3.96, but there are a few hardy souls who have been admitted with lower LSATs and “low” GPAs (in a normal world, a 3.88 would not be a “low” GPA, but that’s how law school medians have been trending over the past few years).
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