A banker's acceptance can be used by an importer to finance his purchases or can be created through a letter of credit transaction. UNCLASSIFIED UNCLASSIFIED 3 (whether owed directly by those Irish Banks or by an agency which has assumed such liabilities). Irish Bank means any bank or credit institution incorporated in Ireland. Factoring facilities are suitable for companies whom sell with credit terms to bigger enterprises such as MNCs or government related entities such as statutory boards. Interest Payment Date means 15 June and 15 December in any year. A letter of credit facility is a line of credit taken by a business entity, which can come in a variety of types with a variety of terms and used for a variety of purposes. IMF means the International Monetary Fund. Initial Utilisation Period has the meaning given to it in Clause 5.2 (Disbursement). Revolving credit is a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time. Increase the efficiency of your working capital and defer payment on purchases by issuing a Bank Acceptance Draft (BAD). It provides a bridge between an importer and an exporter when they do not have an established relationship. This page will provide a clear explanation of all passport book and card fees for all passport types (child, adult, replacement, renewal, etc). A letter of credit facility specifically refers to a line of credit taken by a business entity primarily for the purpose of financing international trade. The seller (exporter) after shipment of goods prepares necessary set of documents related to goods like Bill of lading/Airway bills, LR, RR, dock warrant, dock receipt, warehouse receipt, etc. ... bank as a party of letter of credit confirms and guarantees to undertake the responsibility of payment or negotiation acceptance under the credit. those accepted by an unknown or doubtful buyer. With revolving credit, the amount of available credit, the balance, and the minimum payment can go up and down depending on the purchases and payments made to the account. e) Acceptance credit facility This is a facility offered by banks for large companies with a good reputation. It comes with an established maximum amount, and the A documentary credit which requires, amongst the documents stipulated, provision of a term bill of exchange. The bill is then generally accepted by the bank on which it is drawn or discounted. To learn more about credit and business financing, see the following free CFI resources: Revolving Credit Facility Revolving Credit Facility A revolving credit facility is a line of credit that is arranged between a bank and a business. It is widely accepted in China where you can assure your suppliers of payment and improve relationships by issuing a BAD to cover the cost of the goods you receive. Passport fees are based on which type of passport you need, as well as the processing time that you need the passport. Bank Guarantee & Letter of Credit Non Fund Based Credit Facility in Bank. along with the invoice of the goods dispatched and order for the delivery of title to goods. A banker's acceptance is a financial instrument that most commonly occurs in international trade transactions. The company draws bills of exchange on the banks, generally for 60, 90 or 180 days, denominated in whichever currency most matches the needs of the company.   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