Ann: Mt Cattlin Shipping Update, page-17

for international business LC is normally "letter of credit". I won't provide what Mr Google can provide you with but its a commercial arrangement via the banking system that requires goods and services to be presented, documents transferred before payment is received. There are a number of conditions that can be included in the documents but I won't go into it here.

Given that we are being told its one shipment a month, its only normal that the LC for July has been already opened and in place.