OVERHAUL Definition

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OVERHAUL is to rebuild, make repairs or adjustments to, e.g. an overhaul expense would be the expenditures incurred in making the subject item(s) acceptable once again.

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BOND ANTICIPATION NOTE (BAN) is a tax-exempt note that is issued as temporary or bridge financing until a bond issue is floated. The proceeds from the bond issue are then used to payoff the bond anticipation note.

LETTER OF CREDIT (LOC) is a legal document issued by a buyer's bank that upon presentation of required documents payment would be made. Usually confirmed by the sellers bank, protection is given to the seller that payment will be made if the goods are shipped correctly, and protection is given to the buyer that the goods will be shipped before payment is made.

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