A LETTER OF CREDIT IS:

Select one:

a. A WRITTEN ORDER INSTRUCTING THE IMPORTER OR HIS AGENT TO PAY THE AMOUNT SPECIFIED ON ITS FACE ON A CERTAIN DATE

b. IS A DOCUMENT ISSUED BY THE COMMON CARRIER SPECIFYING THAT IT HAS RECEIVED THE GOODS FOR SHIPMENT

c. NEGOTIABLE MONEY MARKET INSTRUMENT FOR WHICH A SECONDARY MARKET EXISTS

d. A GUARANTEE FROM THE IMPORTER'S BANK THAT IT WILL ACT ON BEHALF OF THE IMPORTER AND PAY THE EXPORTER FOR THE MERCHANDISE IF ALL THE RELEVANT DOCUMENTS ARE PRESENTED