Presidential hopeful John McCain has resorted to letter of credit (L/C) funding for his campaign to become the Republican's candidate for the White House.

The funding strategy is showing signs of success, but how the credit will be repaid apparently depends on McCain's political fortunes.

Budget campaign

Unlike his main Republican rival, Mitt Romney, who has spent millions of dollars of his own money on advertising, McCain's campaign has spent very little on the television advertising generally considered necessary for a successful race to the White House.

McCain was the long-ago front-runner but six months ago his campaign crashed, his fundraising dried up and his support collapsed.

Television advertisements

The McCain campaign reportedly used the L/C funds to purchase substantial television advertising time in the run up to the New Hampshire primary, which appears to have paid off.

McCain rode a wave of support from independent voters to defeat former governor Romney in New Hampshire, even though Romney came back to win amuch neededvictory in the subsequent Michigan primary

Future funding

The L/C is also funding the upcoming South Carolina primary, although McCain has taken steps to qualify for the use of federal funds.

Campaign officials have said the L/C is secured with hard assets from the campaign, not any potential federal matching funds. The officials declined to say what assets were used to secure the credit.

Political fortunes

McCain confirmed the use of the L/C and said continued success on the campaign trail should ease the need to use it further.

"If we continue to succeed and contributions increase, we will be able to pay off the loan. It depends on our political fortunes," McCain said.

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