What does assignment of proceeds mean?

assignment of proceeds meaning in Law Dictionary

When some of advantages is directed at a third party by a beneficiary on a letter of credit. It is a deed of assignment.

assignment of proceeds meaning in Business Dictionary

Irrevocable assignment, because of the beneficiary of a letter of credit, of a portion of their proceeds to a 3rd party (usually the producer associated with exported products). This project typically takes the form of a deed of assignment.