An irrevocable L/C obligates the issuing bank to honor all drawings presented in conformity with the terms of the L/C.

Name: An irrevocable L/C obligates the issuing bank to honor all drawings presented in conformity with the terms of the L/C.
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This is correct. An irrevocable letter of credit (L/C) cannot be cancelled or amended without the agreement of all parties involved. Therefore, the issuing bank is obligated to honor all drawings that conform to the terms of the L/C.

An Irrevocable L/C Obligates the Issuing Bank to Honor All