Active and Passive Voice – Present Perfect Tense

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Active and Passive Voice – Present Perfect Tense

Active sentences in the present perfect tense have the following structure:
Subject + has/have + past participle form of the verb + object
Passive sentences in the present perfect tense have the following structure:
Object of the active sentence + has/have + been + past participle form of the verb + by + subject of the active sentence

Changing an assertive sentence into the passive

Active: I have written a story.

Passive: A story has been written by me.
Active: They have built a house.
Passive: A house has been built by them.
Active: He has broken my window.
Passive: My window has been broken by him.
Active: I have placed an order for a digital camera.
Passive: An order for a digital camera has been placed by me.
Active: She has done her work.
Passive: Her work has been done by her.

Changing a negative sentence into the passive

Active: I have not received a telegram.

Passive: A telegram has not been received by me.
Active: She has not written a story.
Passive: A story has not been written by her.
Active: She has not cheated anybody.
Passive: Nobody has been cheated by her.

Changing an interrogative sentence into the passive

Passive forms of these sentences will begin with has or have. When the active sentence begins with a question word (e.g. when, where, which, why etc.), the passive sentence will also begin with a question word. When the active sentence begins with who or whose the passive sentence will begin with by whom or by whose. When the active sentence begins with whom, the passive sentence will begin with who.

Active: Have you kept the secret?
Passive: Has the secret been kept by you?
Active: Who has done this?
Passive: By whom has this been done?
Active: Why have you told a lie?
Passive: Why has a lie been told by you?
Active: Who has torn my book?
Passive: By whom has my book been torn?
Active: Have you written the letter?
Passive: Has the letter been written by you?
Active: Has the policeman caught the thief?
Passive: Has the thief been caught by the policeman?
Active: Has the postal department released a new stamp?
Passive: Has a new stamp been released by the postal department?


Cover Letter Writing Tips

When you send your CV or resume for a job interview, you should always include a cover letter. The cover letter is a letter of application that serves the purpose of introducing you for an interview. Here are some tips for writing a good cover letter.

Cover Letter Outline

A cover letter should have the following outline.

Your address
The address of the company you are applying to
Opening paragraph
Middle Paragraph or paragraphs
Closing paragraph

Opening paragraph

The opening paragraph of the cover letter should clearly state what job you are applying for. It should catch the attention of the interviewer and make him/her interested in you.

Middle paragraph(s)

In the middle paragraphs you should give a comprehensive account of your education and work experience. You may also state other personal or technical skills that will be useful in the job you are applying for. The purpose of these paragraphs is to give the interviewer plenty of reasons to invite you to an interview.

Closing paragraph

In the last paragraph you can ask for an interview appointment time. Make it clear that you will be happy to come to the employer’s office when it is convenient to them. Provide your telephone number and email address so that the interviewer can easily follow up.


Begin your cover letter by placing your address first. It should be followed by the address of the company you are applying to.

Use complete names / titles and address; don’t abbreviate.

Write directly to the person in charge of hiring.

Always sign your letter before sending it.


How to Write an Acceptance Letter

You may have verbally accepted a job offer or an invitation. But writing an acceptance letter is still a smart way of formally accepting an offer and expressing your appreciation.

When should I write an acceptance letter?

Acceptance letters are written in the following situations:

  • To accept a formal or informal invitation to a social or private event

  • To accept a job offer

  • To accept a resignation

  • To accept or decline a gift

  • To accept an assignment or something similar

  • To accept an honor or award

How to write an acceptance letter:

You are accepting a job, a promotion or a gift. So be gracious. The acceptance letter should convey your gratitude. Thank the person or the organization in the beginning of the letter itself. State how happy or grateful you are about accepting the offer. You may also want to thank those people who have helped you.

If you are accepting a job offer or some other assignment, formally restate the terms as you understand them. For example, you can write about your joining date, your expectations regarding the job and the rate of compensation. By restating these terms you are giving the other person a chance to review them and this will help prevent several misunderstandings from arising in future.

In your letter be enthusiastic about the job or assignment if you are accepting one. While accepting a resignation, try to keep the tone of the letter positive. Don’t make remarks that would prompt the other person to take legal action against you. Also don’t rule out the possibility of working with him or her again.

If you are accepting an invitation to an event thank the person for the invitation. You may also want to clarify details about the event – date or time, location and dress code.

At the end of the letter restate your appreciation for being offered the job, gift etc.

What if you must decline to accept an offer?

You will not be able to accept every job or invitation. Sometimes you may want to decline an offer. In your letter thank the person for the invitation or offer. State clearly that you are not able to accept the offer. You may also want to express why you are unable to accept the offer. Close the letter by restating your appreciation for the person’s consideration.

Once you have finished writing, read the letter and carefully check for errors. Make sure that your acceptance letter is well-worded and free of grammatical or spelling errors.


Business Letter Writing Tips

Business letters should be brief and to the point. As we all know, business people are always busy. They will not have enough time to read long, winding letters. Unlike personal letters, business letters are written in a more formal style. Certain polite expressions such as those given below are commonly used in business letters:

‘I shall be obliged if you will send me …’
‘Please dispatch the —– at your earliest convenience’

There are also certain phrases of business jargon that should be avoided.

Examples are: ‘Dispatch the same at once’.

Expressions of this kind are commonly used in business letters, but note that they are not good English. In many cases it is also possible to convey the meaning in simple, everyday English.

Avoid abbreviations as far as possible.
For instance, write advertisement, and not advt. Write examination, and not exam.

Also avoid the tendency to omit the subjects I and we.

Write ‘We have received’ instead of ‘Have received’

Directions for shipping (by rail, air, post etc.) should be given. Also clearly state the manner in which the payment will be made.

While ordering goods, give clear and exact descriptions of the articles in the letter. It is also a good idea to provide an itemized list of the articles wanted with the quality and quantity clearly specified.

In replying to business letters always quote the number of reference if there is any and the date of the letter you are answering. For example, ‘In reply to your letter no. 304/p, dated January 5th, 1010, I would like to say’


How to make a commercial letter

commercial letter has the job to past information between to companies, or a from a company to a individual, in any of those cases a commercial letter need to follow a formal format.

Example, Sample, Model and Template of commercial letter.

(This image belongs to their respective owners)

When we write a commercial letter we need to put attention to every word we write, we need to focus on the important information only, we may need to explain on detail the information, so we need to know exactly what we are going to inform on the letter.

Well to start making a commercial letter we will follow a few steps, those are:

1.- Collect Information; like we explain before, we may need to explain on detail the purpose of the letter, so we need to know the subject.

2.- We need to know exactly what we want to accomplish with the letter

3.- We need to know who is going to read the letter, so we can shape the letter to that person, this may help us get what we want, on other words this simple information may accomplish the letter intention.

After we get all the previous information we can start to make the letter.

Like all formal letter, this too needs to have a formal format, we will start with our address, after that the current date, then the address of the recipient.

The next thing is the body of the letter, this is divide in 3 parts.

Introduction; we will thank the recipient for having time to read the letter, follow by a brief explanation of the intention of the letter.

Main body; in this part we will explain on detail the purpose of the letter, we will make sure the recipient gets all the information he needs so he can accomplish the letter intention.

Closure; here we will make a brief summary of the intention of the letter, also we will say a farewell, we will add our name and the job position we hold.

Commercial Letter of Credit

The commercial letter of credit (LOC) is commonly used as a means of financing the sale of goods

between a buyer and seller. Generally, a seller will contract with a buyer on an open-account basis,

whereby the seller ships the goods to the buyer and submits an invoice. To avoid the risk of

nonpayment, the seller may require the buyer to provide a commercial letter of credit. To satisfy the

requirement, the buyer applies to an issuing institution, requesting the institution to issue a letter of

credit containing specified terms and conditions in favor of the seller (beneficiary). If approved, the


􀀔 Program

􀀔 Questionnaire

􀀔 Appendix A

214.2 Examination Handbook January 1994 Office of Thrift Supervision

buyer (account party) agrees to reimburse the institution for payments drawn against the letter. The

commercial letter of credit can be used to finance one shipment or multiple shipments of goods. Once

documents are submitted providing evidence that the goods have been shipped in accordance with the

terms of the letter of credit, the seller can draw against the issued letter of credit through a documentary

draft or a documentary demand for payment. The buyer reimburses the institution (either through

deposits to a deposit account or through drawing down on a line of credit previously approved by the

institution). Thus, letters of credit can be secured by cash deposits, a lien on goods shipped or other

inventory, accounts receivable, or other forms of collateral. Commercial letters of credit “sold for cash”

(that is, secured by cash deposits) pose very little risk to an institution as long as the bank ensures that

the beneficiary provides the proper documents prior to making payment on the draft. If credit is

extended to pay for the goods, the subsequent loan presents the same credit risks associated with any

other similar loan.

Standby Letter of Credit

The standby letter of credit (SBLOC) is an irrevocable commitment on the part of the issuing

institution to make payment to a designated beneficiary if the institution’s customer, the account party,

defaults on an obligation. The SBLOC differs from the commercial letter of credit in that it is not

dependent upon the movement of goods. Where the commercial letter of credit reduces the

beneficiary’s risk of nonpayment under contract for the sale of goods, the SBLOC reduces the risks of

default or nonperformance under a contract. SBLOCs may be financially oriented, whereby an account

party agrees to make payment to the beneficiary, or it may be service oriented, whereby a service is to

be performed by the account party. SBLOCs are subject to loans-to-one-borrower limits of § 563.93 of

the regulations and 12 CFR 32. Commercial letters of credit are not.

Unlike a commercial letter of credit, a demand for payment against an SBLOC is generally an indication

that something is wrong. The nonperformance or default that triggers payment under the standby letter

of credit often signals the financial weakness of the customer, whereas payment under a commercial

letter of credit suggests that the account party is conducting its business as usual. Standby letters of

credit are usually unsecured, but may be secured by a deposit or other form of collateral.

The uses of SBLOCs are practically unlimited. The more common areas of use include:

Real Estate Development: A mortgagee will condition its loan commitment upon a cash contribution to a

project by the developers. Although the lender insists that the developers have some equity in the

project, the developer may have funds tied up in other construction. The parties often use the letter of

credit to satisfy the equity requirement without the need for a cash deposit.

Fulfilling Municipal Regulations: Most municipalities will require a standby letter of credit as security for a

developer who is seeking the approval of bids on various improvement projects, such as buildings,

roads, and utility services.

Securing Notes: A lender will often ask its obligor to secure the balance of a promissory note with a


Office of Thrift Supervision January 1994 Examination Handbook 215.3

Performance: The standby letter of credit serves in the nature of a performance bond. Often the seller of

goods will have the borrower obtain a commercial letter of credit to ensure payment; simultaneously,

the buyer will have the seller obtain a standby letter of credit to ensure that the goods are delivered

when agreed and in acceptable condition.

Securities: The standby letter of credit serves to guarantee obligations involving the private placement of

securities, such as revenue and development bonds. Industry ratings of such paper will be higher and a

lower interest rate will generally be given if a SBLOC secures against default.

More recently, standby letters of credit have been used to provide credit support for credit card and

auto loan securities.


The primary reason that an institution may issue a letter of credit is to provide a financial service for a

creditworthy customer. Through the use of a letter of credit, a customer can often obtain a less

expensive source of funds than would be possible through direct financing from the institution. For

example, the customer may be able to take advantage of a seller’s credit terms with the backing of a

letter of credit to substantiate creditworthiness. The institution receives a fee for providing the service.

The institution also hopes to build a better working relationship with its customers who may bring in

other profitable banking business.

Uniform Commercial Code

Both the issuer and the beneficiary of letter of credit contracts are obligated to conform to a uniform

set of rules governed by Article 5 of the Uniform Commercial Code (UCC). These rules are addressed

under the Uniform Customs and Practices for Documentary Credits. The UCC is a set of articles

adopted by the domestic states, whereas the Uniform Customs and Practices involves all international

guidelines for trading goods and services. Local laws and customs vary and must be followed under

advice of counsel.

Elements of a Letter of Credit

When issuing a letter of credit, federal thrifts are subject to the following requirements of § 545.48 of

the regulations:

• Each letter of credit must conspicuously state that it is a letter of credit;

• The issuer’s undertaking must contain a specified expiration date or be for a definite term and

must be limited in amount;

• The issuer’s obligation to pay must be solely dependent upon the presentation of conforming

documents as specified in the letter of credit and not upon the factual performance or

nonperformance by the parties to the underlying transaction; and

214.4 Examination Handbook January 1994 Office of Thrift Supervision

• The account party must have an unqualified obligation to reimburse the issuer for payments

made under the letter of credit.

To the extent that funds are advanced under a letter of credit without compensation from the account

party, the account shall be treated as an extension of credit subject to percentage-of-asset limitations

applicable to the institution.

The letter of credit involves at least three parties and is three separate and distinct contracts:

• A contract between the account party and the beneficiary under which the account party has an

obligation of payment or performance;

• A contract between the account party and the issuer of the letter of credit. The issuer is the

party obligated to pay when the terms of the letter of credit are satisfied. The account party

agrees to reimburse the issuer for any payments made; and

• A contract between the issuer and the beneficiary, whereby the issuer agrees to pay the

beneficiary in compliance with the terms and conditions of the letter.

Revocable or Irrevocable

Letters of credit can be issued in either revocable or irrevocable form. The revocable letter of credit is

rarely used, because it may be amended or canceled by either party without the consent of the other.

Most letters of credit are issued as irrevocable, which stipulate that no changes may be made to the

original terms of the letter of credit without the full consent of all parties.

Risks in Issuing LOCs

An institution must be aware of the credit risks that are associated with letters of credit and issue them

only when its resources are adequate to cover any resultant losses. Although letters of credit are not

originally made as loans, they may lead to loans if payment is made and account parties cannot meet

their obligation to reimburse the institution. Therefore, the institution must implement the same

underwriting guidelines for letters of credit as is prudent for other extensions of commercial credit that

are recorded on the balance sheet. (Refer to Examination Handbook, Section 214, Other Commercial


The importance of adequate documentation cannot be overemphasized. Commercial letters of credit

are part of a continuous flow of transactions evolving from letters of credit to sight drafts to

acceptances. Repayment may depend upon the eventual sale of the goods involved, yet the goods may

not provide adequate collateral protection. Thus, the proper handling and accuracy of the required

documents is of primary concern. Letters of credit are frequently issued via tested telex, which verifies

the authenticity of the sender (usually another bank). No institution should honor a letter of credit

presented by a beneficiary without first confirming its authenticity.

Office of Thrift Supervision January 1994 Examination Handbook 215.5

Commercial letters of credits involving imports must be considered unsecured (by the goods being

shipped from abroad) until the goods have passed customs, the security documents specified in the

letter of credit have been presented, and the goods have been verified and controlled.

Letters of credit are subject to fraud risks from both customers and insiders. Standby letters of credit

can be used by officers or directors as a vehicle for obtaining credit at another institution to avoid the

scrutiny associated with obtaining insider loans from their institution. Consequently, the issuance of

letters of credit should be subject to the same strict internal controls as the extension of credit. Such

controls include: segregation of duties, the requirement of dual or multi-level authorizations and

segregation of duties between the issuing, recordkeeping, acceptance, and payment functions.

Risks in Honoring LOCs

Honoring another institution’s LOC or acceptance requires strict verification procedures as well as dual

authorization by the honoring thrift. Reasons for strict procedures and authorizations are numerous.

The issuer may be unable or unwilling to honor an LOC or SBLOC, claiming the document to be

fraudulent, or a forgery, or the signer to have been unauthorized. Before honoring any other

institution’s LOC, a thrift should confirm in writing that the LOC is valid and will be honored under

specified conditions. Agreements with issuers for accepting LOCs issued by tested telex should provide

specific conditions under which they will be honored. To minimize risks of loss, compliance with the

conditions must be strict-not merely substantial. Testing LOCs should involve two or more persons

through dual authorization or segregation of duties to prevent fraud by employees in this process.

SBLOCs Issued As Surety For Revenue Bonds

Standby letters of credit may be issued in conjunction with the development of a property financed

with tax-free revenue bonds. In these transactions, a government agency, typically a local housing

authority or regional development authority, sells bonds to investors to finance the development of a

specific project. Once the bonds are issued, the proceeds are placed with a trustee and then loaned at

less-than-market rates to the developer of the project. The government agency has no liability; the bond

investors have recourse against only the specific project. The bonds are exempt from federal taxation

and generally carry below-market interest rates since they are issued by the agency. The below-marketrate

loan that is granted to the developer enables the government agency to encourage development

without expending tax dollars.

Because the bonds are secured by only the project, typically an SBLOC is obtained from a thrift or a

commercial bank to provide additional security to the bond holders. The SBLOC is usually for an

amount above the face amount of the bonds, so that the bondholders’ accrued interest between interest

payment dates is also secured. Moreover, the thrift generally secures its SBLOC with a lien against the

property that is junior to the authority or trustees’ lien.

The trustee receives periodic payments from the developer and then pays the bondholders their

periodic interest payments and the thrift its letter of credit fee. In the event of a default by the

developer, the trustee will draw upon the SBLOC to repay the bondholders. If such a default occurs,

the thrift is then in the position of the lender for the project.

214.6 Examination Handbook January 1994 Office of Thrift Supervision

The structure of the transaction requires the thrift issuing the SBLOC to assume virtually all of the risk.

In the event any problems occur, the bondholders will be repaid by calling the SBLOC, leaving the

government agency with no liability. Because of these concerns, the primary underwriting consideration

is the ability of the collateral property to service the debt. Appraisals should be obtained and debt

service coverage requirement calculations should include both the favorable rate obtained through the

revenue bonds and market interest rates. The operations of the collateral property should also be

monitored on an ongoing basis. If new construction is involved, the progress should be monitored and

any cost overruns should be identified and addressed.

In reviewing these transactions, the regulator must be aware of the risk that the thrift has assumed.

Pricing should be a key consideration since the thrift is vulnerable to any losses that may occur. Because

the purpose of these bonds is to encourage development, marginal projects that would not be feasible

under conventional financing are often financed in this manner. The collateral should be valued using

market value unaffected by the specialized financing because the specialized financing may be

unavailable to a purchaser.

Without the benefit of a substantial guarantor or equity in the collateral, these SBLOCs present morethan-

normal risk of loss and are likely to be substandard or worse. Protection against loss may be

provided by a long-term lease from a major tenant of an industrial property, or a housing authority

lease with a government funding commitment or guaranty.

Although most of the SBLOCs contain periodic renewal features, the examiner must be aware that the

thrift cannot relieve itself from liability simply by choosing not to renew the SBLOC. Virtually all of the

bond issues require a notice of nonrenewal prior to the expiration of the SBLOC. If such notice is

received by the trustee, it is normally considered an event of default and the existing SBLOC is

generally drawn upon by the trustee. As a result, the thrift should be continuously monitoring both the

project and the status of the bonds. Evidence should be contained in the file regarding the property’s

occupancy, its cash flow position, and the status of the bonds. In addition to the current status of

interest payments, any sinking fund requirements contained in the bond indenture should also be

verified and compliance monitored. Instances have been reported where financial institutions found it

expedient to buy the revenue bonds at a discount rather than honor an SBLOC.

Policies and Procedures

Maintaining adequate written policies and procedures and monitoring letter of credit activities are part

of the fiduciary and oversight responsibilities of the board of directors. Generally, policies and

procedures governing the institution’s issuance of letters of credit are contained in a section of the loan

policy manual.

The letter of credit policy should thoroughly explain the institution’s procedures in issuing both

commercial letters of credit and standby letters of credit. It should outline desirable and undesirable

issuances, designate persons authorized to issue letters of credit, and define the recordkeeping and

documentation requirements, including the need to establish separate files for each issuance.

If several lending departments issue letters of credit, the policy should be explicit in charging

responsibility for file maintenance and recordkeeping. A separate file containing an exact copy of each

Office of Thrift Supervision January 1994 Examination Handbook 215.7

outstanding letter of credit and all the supporting documentation that the underwriter used in making

the decision to issue the letter should be included in the file. This documentation should be the same as

the financial documentation used for originating any other form of credit, which includes current

financial statements, current income statements, purpose, collateral security documentation, proof of

lien position, borrowing authorization, all correspondence, and officers’ memoranda.

In addition, the file must contain the documentation associated with any disbursements or payments

made. For a commercial letter of credit, these documents may include:

• The draft (sometimes called the bill of exchange), which is the demand for payment;

• The commercial invoice, a document describing the goods being shipped (prepared by the seller

and signed by the account party);

• The bill of lading, which documents that shipment of the goods has taken place and gives the

issuer an interest in the goods in the event the account party defaults;

• The insurance certificate that provides evidence that the seller has procured insurance;

• The consular documents, stating that the shipment of goods satisfies the import/export

regulations; and

• The certificates of origin and inspection, which state that the goods originated in a specified

country, to guard against the substitution of second-quality merchandise.

The documents associated with standby letters of credit are far less complicated than the commercial

letter of credit. Often no document is necessary to support the beneficiary’s draw upon it. This is what

is referred to as a clean standby letter of credit and should be discouraged due to the possible legal

expense of defending any action taken in honoring or dishonoring a draw without specific documentary

requirements. At a minimum, standby letters of credit should require a copy of the contract between

the account party and beneficiary, and a beneficiary’s certificate asserting that the account party has not

performed according to the contract or has defaulted on the obligation.

Banker’s Acceptance

When the beneficiary presents a draft to the issuer in compliance with the terms of a commercial letter

of credit, the method of honoring the draft is acceptance. The issuer will stamp the word “accepted”

across the face of the draft, which makes the instrument negotiable. Thus, the institution upon which

the draft is drawn converts what was originally an order to pay into an unconditional promise to pay.

Payment terms on a letter of credit vary from sight for a sight draft (which must be paid on acceptance)

to 180 days for time drafts. There is a ready market for these instruments, because they are backed by

the full faith and credit of the institution. Payment must be made at maturity by the accepting

institution, whether or not it is reimbursed by its customer. Because of this, acceptances are readily

negotiable, and a beneficiary may “sell” accepted time drafts to other financial institutions for a

discount, based on the number of days remaining until payment is to be made by the issuing institution.

214.8 Examination Handbook January 1994 Office of Thrift Supervision

Acceptances are governed by Article 3 of the UCC and any rights the parties have under acceptance are

subject to the rules of that article.

Accounting Issues

Statement of Financial Accounting Standards (SFAS) No. 91 stipulates that:

If the institution’s experience with letters of credit indicates that the likelihood that the

commitment will be exercised is remote, the commitment fee shall be recognized over the

commitment period on a straight line basis as service fee income. If the commitment is

subsequently exercised during the commitment period, the remaining unamortized fee should

be recognized over the life of the loan as an adjustment of yield.1

Since letters of credit represent a contingent liability to the issuing institution, they must be disclosed in

the financial statements in accordance with generally accepted accounting principles (GAAP). In

accordance with Financial Accounting Standards Board (FASB) Statement of Financial Accounting

Standard (SFAS) No. 5, the nature and the amount of a standby letter of credit must be disclosed in the

institution’s financial statement.

In addition, SFAS No. 5 requires that if a loss contingency is probable and can be reasonably estimated,

a charge to income must be accrued.

Classification of SBLOCs

It may be appropriate to adversely classify an SBLOC if draws under the SBLOC are probable and a

credit weakness exists. For example, deterioration of the financial standing of the account party could

jeopardize performance under the letter of credit and result in the requirement of payment to the

beneficiary. Such a payment would result in a loan to the account party and could result in a collection

problem, especially if the SBLOC were unsecured. Thus, if payment is probable, and the account party

does not have the ability to repay the institution, adverse classification is warranted. (Please refer to

Handbook Section 260, Classification of Assets, for detailed procedures on asset classification.)


Code of Federal Regulations (12 CFR)

Chapter I: Office of the Comptroller of the Currency

§ 32.2(d) Contractual Commitment to Advance Funds

§ 32.2(e) Standby Letter of Credit

1 Financial Account Standards Board, Statement of Financial Accounting Standards, SFAS No. 91, “Accounting for Nonrefundable Loan Fees

and costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases.”

Office of Thrift Supervision January 1994 Examination Handbook 215.9

Chapter V: Office of Thrift Supervision

Subchapter C: Regulations for Federal Savings Associations

§ 545.48 Letters of Credit

Subchapter D: Regulations Applicable to All Savings Associations

§ 563.93 Loans-to-One-Borrower Limitations

FDIC Regulations

Part 337 Unsafe and Unsound Banking Practices

§ 337.2 Standby Letters of Credit


FHLBB Resolution 83-241 as amended

Letters of Credit ¶ 37,362.034*

Financial Accounting Standards Board, Statement of Financial

Accounting Standards

SFAS No. 5 Accounting for Losses and Contingencies

SFAS No. 91 Accounting for Nonrefundable Loan Fees and Costs Associated with

Originating or Acquiring Loans and Initial Direct Costs of Leases


  • The reference is to a paragraph number in the Supervisory Service, Savings and Community Bankers

An abbreviation (from Latin brevis, meaning short) is a shortened form of a word or phrase. Usually, but not always, it consists of a letteror group of letters taken from the word or phrase. For example, the word abbreviation can itself be represented by the abbreviation abbr.,abbrv. or abbrev.

In strict analysis, abbreviations should not be confused with contractions or acronyms (including initialisms), with which they share some semantic and phonetic functions, though all three are connoted by the term "abbreviation" in loose parlance.[1]:p167An abbreviation is a shortening by any method; a contraction is a reduction of size by the drawing together of the parts. A contraction of a word is made by omitting certain letters or syllables and bringing together the first and last letters or elements; an abbreviation may be made by omitting certain portions from the interior or by cutting off a part. A contraction is an abbreviation, but an abbreviation is not necessarily a contraction. However, normally, acronyms are regarded as a subgroup of abbreviations (e.g. by the Council of Science Editors). Abbreviations can also be used to give a different context to the word itself, such as "PIN Number" (wherein if the abbreviation were removed the context would be invalid).

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