I. Introduction
After you submitting all the documents against Time L/C and a commitment of payment has been received from the Issuing Bank, ICBC grants your company financing facility without recourse before receipt of payment of goods from Issuing Bank.

II. Features
Benefits:
1. Rule out all the risks (political, commercial, interest rate, exchange rate) to receive forward F/X.
2. Improve cash flow, settle FX and tax rebate in advance.
3. Expand the trade with countries which considered being risky in the past.
4. Financing facility without recourse makes your Balance Sheet look better, because cash income is used instead of account receivables.

III. Target Client
After your company receives the message from Issuing Bank on the confirmation of payment the under time L/C on due date, you may apply for it.

IV. Operation Guide
1. First time: Sign Forfaiting Service Agreement one time with ICBC.

2. Submit the following for subsequent applications:
(1) Forfaiting Service Application Form.
(2) Full set of documents: L/C and amendment (if any) and commercial invoice, bill of lading and draft.
(3) Assignment Letter on L/C Amount.
(4) Other documentations stipulated by ICBC.

3.ICBC gives you the quote after checking the above. Once you agree, ICBC proceeds the loan.

V. Application Conditions
1. Interest rate of the forfeiting facility depends on the credibility of Issuing Bank or Confirming Bank.

VI. FAQS
1. You can get the quote from ICBC before you submit the documents. For the quotation, you are required to report the full name of Issuing Bank in English, financing term, bill currency, type of L/C, Country of Issuing Bank and shipment date.
2. Forfating facility does not need your company to be assessed by ICBC.

VII. Responsibility Statement
The contents on this page are for reference only. The ultimate power of interpretation is under the Industrial and Commercial Bank of China Limited. For part of the contents, notice and specific regulations of local branches shall prevail.