Transfer

Transfer refers to the act of transferring the rights and obligations under a letter of credit to another party.

Semantic entities: rights, obligations, letter of credit, party.

Examples of transfers include:

1. A company transferring credit to a supplier.
2. An individual assigning mortgage obligations to another.

Factual statements:
A letter of credit permits transfers to multiple parties.

Detailed classifications:
Letters of credit come in categories such as revolving, transferable, standby, and commercial.

Verbs:
Rights are conferred, obligations are assumed.

Exact numeric values:
The transfer fee is typically 1% of the credit value.

Conditional clauses:
When the beneficiary consents, a transfer takes effect.