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Frequently Asked Questions about Commercial Paper and ...

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agreement). The other type of letter of credit is a “stand‐by” letter of credit. ... SEC would view a letter of credit issued by a bank as a guarantee, which would be an exempt security under Section 3(a)(2) and would also cause the CP itself to be ... draft, bill of exchange or banker’s acceptance which ...

  Draft, Bank, Commercial, Agreement, Paper, Guarantee, Commercial paper

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