DEFERRED PAYMENT CREDIT Definition

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DEFERRED PAYMENT CREDIT is a type of a letter of credit where payment is made at a specified interval after collection papers are submitted.

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RECEIVING REPORT is a document completed in the receiving department, which identifies the purchase order that initiated the purchase, and the date, quantity, and condition of goods received.

ORIGINAL FACE is the the face value (original principal amount) of a security, generally a mortgage- or asset­-backed security, as of its issue date.

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