Okla. Stat. tit. 12A, § 12A-2-325: "Letter of Credit" Term; "Confirmed Credit"

(1) Failure of the buyer seasonably to furnish an agreed letter

of credit is a breach of the contract for sale.

(2) The delivery to seller of a proper letter of credit suspends

the buyer's obligation to pay. If the letter of credit is

dishonored, the seller may on seasonable notification to the buyer

require payment directly from him.

(3) Unless otherwise agreed the term "letter of credit" or

"banker's credit" in a contract for sale means an irrevocable credit

issued by a financing agency of good repute and, where the shipment

is overseas, of good international repute. The term "confirmed

credit" means that the credit must also carry the direct obligation

of such an agency which does business in the seller's financial

market.