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letter of credit (G2)<br />A document issued by a bank to guarantee payment of sums due under BILLS oF EXCHANGE and cheques. In most cases, these letters are requested by importers to make them sufficiently creditworthy to be able to order goods from foreign exporters.
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<strong>Mastercheck</strong> – A single paper check issued from a lender or disbursing agent that includes funds for multiple FFEL Program borrowers.
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principalship (GO)<br />Part of a bond or mortgage entitling the owner to receive payment of the amount originally lent.
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