Terms Used In Utah Code 70A-5-119

• Letter of credit: means a definite undertaking that satisfies the requirements of Section 70A-5-104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value. See Utah Code 70A-5-102
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.