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LSDefine

Simple English definitions for legal terms

RL/C

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A quick definition of RL/C:

RL/C stands for revolving letter of credit, which is a type of financial agreement between a bank and a customer. It allows the customer to have a line of credit that they can draw on periodically, and then repay to the bank. This type of letter of credit is useful when there will be multiple transactions or drafts under a single agreement. It is important to note that RL/C is governed by Article 5 of the UCC and is often abbreviated as LC or L/C.

A more thorough explanation:

RL/C stands for revolving letter of credit, which is a type of letter of credit. A letter of credit is a legal document that a bank issues to guarantee payment to a third party (the beneficiary) on behalf of a customer (the account party). The bank agrees to pay the beneficiary if the account party fails to fulfill their obligations under a contract or agreement.

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

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 letter of credit each time they ship goods to the company, and the company will repay the bank periodically. This allows the company to have a continuous supply of goods without having to apply for a new letter of credit each time.

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WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
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