acceptance credit

A.check

B.time draft

C.trade acceptance

D.demand draft

edit which is to expire on or before 30 June, 200× and is available with the issuing bank, Dresdner Bank, Hamburg by acceptance of draft (s) at 90 days sight.

______________________________________________________

In Irrevocable Documentary Credit Form (Advice for the beneficiary)

Expiry date and place for presentation of documents

expiry date: ______

place for presentation: ______

credit available with ______

①( ) by payment at sight

②( ) by deferred payment at

③( ) by acceptance of draft (s) at

④( ) by negotiation against the documents detailed herein

⑤( ) and beneficiary's draft (s) drawn on

dit was "30 days after sight" available with the confirming bank by acceptance. On presentation of the documents to the confirming bank on 01-11-2008, the confirming bank communicated its acceptance to the beneficiary on the same day and forwardered the documents to the issuing bank. The issuing bank communicated its acceptance on 05-11-2008.

Which one is the correct maturity date under the presentation？

(1)( ) 31st October 2008.

(2)( ) 1st December 2008.

(3)( ) 5th December 2008.

(4)( ) None.

A.destination contract

B.letter of credit

C.document of title

D.acceptance draft

不带质押的融通汇票

(1)开立循环的承兑信用额度证

Revolving acceptance credit covering purchase of cocoa beans opened in favour of The Manufacturing Co., by an accepting house, William Caxton & Co., Unsecured.

William Caxton & Company

To: The Manufacturing Co., London, 11 Jan., 200×

Liverpool

Dear Sirs,

Revolving Acceptance Credit No. U-429

In response to your application, we have pleasure in establishing our Revolving Acceptance Credit No. U-429 to the extent of GBP100,000.00 (say one hundred thousand pounds) available by your drafts on ourselves at three months after date for the purpose of financing your purchase of cocoa beans from Kingston to Liverpool and each draft must be marked "Drawn under Credit No. U-429 against purchase of cocoa beans".

All drafts are to be covered by you in cash with us at or before their respective maturity dates, but the credit being revolving, when and to the extent that drafts are so covered the facility automatically becomes available again.

Our acceptance commission payable at time of acceptance will be 1.75% per annum. This credit will expire on 11 Jan., next year, and all drafts must be drawn and accepted not later than that date.

The credit being unsecured is a condition hereof that you will not create any new mortgage of charge on your property or assets without our consent.

We enclose our usual form of undertaking in respect of this credit which kindly sign and return to us.

Yours faithfully

William Caxton & Co., London

signature

(2)开立融通汇票

Please draw an accommodating bill which was dated 1 April, 200× drawn by The Manufacturing Co., Liverpool, on William Caxton & Co., London payable to drawer's order duly endorsed in blank by them at three months after date for the sum of GBP10,000.00 marked: "Drawn under Acceptance Credit No. U-429 against purchase of cocoa beans". The bill was accepted by the drawee and payable at Barclays Bank Ltd., London. Please accept the bill and specify its due date.

(3)要求承兑融通汇票，提示贴现公司，请其贴现

You will send a letter to William Caxton & Co., with five bills, each for GBP10,000.00 taking the form as follows:

To: William Caxton & Co., Liverpool, 1 April, 200×

London

Dear Sirs,

Revolving Acceptance Credit No. U-429

With reference to the above credit dated ______ we would like to avail our- selves of GBP50,000.00 of the facility, and enclose here with five bills, each for ______, drawn at ______ which we have endorsed in blank.

After acceptance kindly hand these bills to Gillett Brother's Discount Co. Ltd., for ______.

We will be glad if you would debit our account with your acceptance commission.

Yours faithfully

The Manufacturing Company, Liverpool

signature

You will send another letter to Gillett Brother's Discount Co. Ltd., as follows:

To: Gillett Brother's Discount Co. Ltd.,

London Liverpool, 1 April, 200×

Dear Sirs ,

We enclose a copy of a letter we wrote to William Caxton & Co. today, and from which you will see that we have asked them to hand to you ______ bills total-ling ______ for ______. We should be glad if you would pay the net proceeds of these bills to Barclays Bank Ltd., London for the credit of our account.

Yours faithfully

The Manufacturing Co., Liverpool

signature

(4)计算贴现金额，制作贴现说明书

Please calculate the discount using the following formula.

______

Suppose V=CBP50,000.00

t=90

d=9

What is the amount of discount？ ______

What is the net proceeds？ ______

When the discount company has discounted the five bills, they will send a discount statement. Please make out this statement filling particulars in the form as follows:

Gillett Brother's Discount Co. Ltd.,

To: The Manufacturing Company, London, 2 April, 200×

Liverpool

We have pleasure in confirming the PURCHASE of the bills listed below. In accordance with your instructions, the net proceeds have been paid to Barclays Bank Ltd. London for the credit of your account.

Amounts	Discount & net proceeds	Due date	Tenor in days
GBP 10,000.00		______	______
10,000.00
10,000.00
10,000.00	Total face value GBP ______
10,000.00	Less discount at
	9% per annum ______
	Net proceeds GBP ______

Per Pro

Gillett Brother's Discount Co. Ltd.,

London

signature

(5)开立新的融通汇票，用其贴现净款归还旧的融通汇票到期应付之款

In accordance with the revolving acceptance credit, you must pay cash to the accepting house, William Caxton & Co., on or before the due date, 1 July, 200×. The credit being revolving, allows for the drawing of a new bill to replace those which are maturing.

Let us assume when the GBP50,000.00 bills fall due on 1 July, 200×, you have cash in hand for GBP20,000.00 to pay the bills, and the balance will be covered by issue of a new bill for the face amount to be calculaced by using following formula:

v=30,000 d=9 t=90

______

Please issue a new bill similar to the old bills except amount as calculated above and dated on 1 July, 200×.

Having drawn a new bill for the face amount as calculated above, The Manufacturing Company send it together with a letter addressed to William Caxton & Co., as follows:

To: William Caxton & Co.,

London 30 June, 200×

Dear Sirs,

Revolving Acceptance Credit No. U-429

With reference to the five bills of GBP10,000.00 each drawn under above credit and maturing on ______, we enclose our cheque for GBP20, 000. 00 and a new bills for ______ dated 1 July, 200× at three months after date. We should be glad if you will kindly ______ and hand to Gillett Brother's Discount Co. Ltd., for ______, the net proceeds ______ will be refunded three old bills.

Yours faithfully,

The Manufacturing Company, Liverpool

signatur

e de Paris, Paris to issue an irrevocable credit which is to expire on or before 30 June, 200× and is available with the advising bank, Bank of Communications, Shanghai by negotiation against draft (s) at sight and documents.

In Irrevocable Documentary Credit Form (Advice for the beneficiary)

Expiry date and place for presentation of documents

expiry date: ______

place for presentation: ______

credit available with ______

①( ) by payment at sight

②( ) by deferred payment at

③( ) by acceptance of draft (s) at

④( ) by negotiation against the documents detailed herein

⑤( ) and beneficiary's draft (s) ______ drawn on ______

urance document, which covers:

A. 110% of the gross amount of the invoice.

B. 100% of the gross amount of the invoice.

C. 110% of the documentary credit amount.

D. 110% of the amount for which payment, acceptance or negotiation is requested under the credit.

(1)( ) A and C only.

(2)( ) B and D only.

(3)( ) A, B and D only.

(4)( ) A, C and D only.

带有质押的融通汇票

A Revolving Acceptance Credit covering exports from the UK to Australia opened in favour of The Exporting Company by an accepting house, William Caxton & Company-Secured.

(1)开立循环的承兑信用额度证

William Caxton & Company

To: The Exporting Company London, 15 Feb., 200×

London, E. C. 2.

Dear Sirs,

Revolving Acceptance Credit No. 3254

In response to your application, we have pleasure in opening a Revolving Acceptance Credit facilities at your disposal to the extent of GBP100,000.00 (say one hundred thousand pounds) to assist in the financing of your export to Australia, subject to the following terms and conditions:

This credit is available by your drafts on ourselves at ninety days after sight, which are to be marked "Drawn under Acceptance Credit No. 3254 against shipment of goods to Australia".

At or before time of drawing on us, you are to deposit with us as security, and for collection under our existing arrangements with you, your draft at a determinable future time not exceeding 90 days on your buyer in the importing country, accompanied by full shipping documents, the total amount of such draft is to exceed the respective drawing on us by not less than 10%.

As and when proceeds of collection become available, they will be applied by us in cover of our outstanding acceptances.

All drafts are to be covered by you in cash with us at or before their respective maturity dates but the credit being revolving, when and to the extent that drafts are so covered, the facility automatically becomes available again.

Our commission for accepting your draft will be at the rate of 1.5% per annum, i.e. 3/8% on draft at 90 days after sight. In addition, collection commission and incidental expenses will be payable by you.

This credit will expire on 15 Feb., next year, and all drafts on us must be drawn and accepted not later than that date.

For and on behalf of

William Caxton & Co., London

signatureDirector

(2)开立托收汇票

The Seller, The Exporting Co., London who has sold agricultural tractors to the buyer, The Overseas Importing Co., Brisbane issued a collection bill on 20 March, 200× to be drawn on the buyer at 60 days after sight for GBP7,700.00 payable to the order of William Caxton & Company marked the words " Drawn under sales contract No. 27358 against shipment of agricultural tractors from London to Brisbane for collection ".

Please draw a collection bill to meet the above requirements in the form as follows:

Exchange for ______ ______

__________________ pay to the order of

________________________________________________ the sum of

____________________________________________________________

Drawn ______________________________________________________

____________________________________________________________

To __________________ For __________________

__________________ __________________

(3)开立融通汇票

The Seller wishes to make use of Acceptance Credit No. 3254, since he has issued a collection bill which would entitle him to draw on William Caxton & Co. a bill dated on 22 March, 200× for the sum of GBP7,000.00 payable at 90 days after sight to drawers' order marked "Drawn under Acceptance Credit No. 3254".

Please draw an accommodating bill on William Caxton & Co., London duly endorsed in blank by the payee. Suppose the bill was accepted by the drawee on 23 March, 200× payable at Barclays Bank Ltd., London. Please accept the bill and specify its due date.

(4)要求代收托收票款和承兑融通汇票，提示贴现公司要求贴现

You will send these two bills together with the shipping documents to William Caxton & Co. with a letter which will be written by you in the form as follows:

To: William Caxton & Co.,

London 20 March, 200×

Dear Sirs,

Revolving Acceptance Credit No. 3254

We enclose here with the full shipping documents covering a shipment of ______ to The Overseas Importing Co., Brisbane. We also enclose our ______ days sight bill drawn on the importer for ______. Would you kindly forward these to your agents at ______, and arrange for the presentation of the bill to the importer for ______, and later for collection at maturity, and remit the proceeds to ______.

Under the terms of the above credit, we also enclose our ______ days sight bill drawn on you for ______. After acceptance, we should be grateful if you would kindly hand this bill to Gillett Brother's Discount Co. Ltd. for

We should be glad if you would debit our account with your acceptance commission.

Yours faithfully

The Exporting Company

signature

You will send a copy of this letter to Gillett Brother's Discount Co. Ltd. with a covering note as follows:

To: Gillett Brother's Discount Co. Ltd.,

20 March, 200×

Dear Sirs ,

We enclose a copy of the letter which we have sent to William Caxton & Co. today. Will you please pay the net proceeds to Barclays Bank Ltd., London for credit of our account.

Yours faithfully

The Exporting Company, London

signature

(5)计算贴现金额，制作贴现说明书

Please calculate the discount using the formula as follows:

V=face value of the bill=GBP7,000.00

t=tenor in days=90

N=discount number

d=discount rate in ×% per annum=9

D=amount discounted

v=present value of bill (after deduction of amount discounted from the face value)

______

v=V-D=______

Use the given numbers in formula D and v to calculate amount discounted and net proceeds.

When Gillett Brother's Discount Co. Ltd., have discounted the bill, they will send a discount statement to The Exporting Company. Please make out a discount statement filling particulars in the form as follows:

[

Gillett Brother's Discount Co. Ltd.,＜/strong＞]

To: The Exporting Company, London, 21 March, 200×

London

We have pleasure in confirming the purchase of the bills listed below. In accordance with your instructions, the net proceeds. have been paid to Barclays Bank Ltd. London for the credit of your account.

Discount and net proceeds	Due date	Tenor in days
Face value GBP ______	______	______
Less discount at 9% per annum ______
Net proceeds GBP ______

Per Pro

Gillett Brother's Discount Co. Ltd.,

signatureManager

Claim reimbursement by means of a Time draft

A Credit available by acceptance

1.Name of Issuing Bank Place and date of issue

Dresdner Bank Hamburg, 15 April, 200 x

To: China National Light Indus- This Credit is advised through

trial Products Imp. & Exp. ICBC, Tianjin

Corp., Tianjin Branch,

Tianjin

Dear Sirs,

By order and for account of the applicant, we hereby issue an Irrevocable Documentary Credit No. H169087 for USD25,730.00 to expire on 31 May, 200× at Tianjin available with The Industrial and Commercial Bank of China, Tianjin by acceptance against beneficiary's draft at 90 days sight drawn on ICBC, Tianjin (advising bank) and the documents detailed herewith:

______________________________________________________________________________

Partial shipments not allowed. Transhipment allowed.

All charges outside Issuing Bank's country including acceptance commission are for account of beneficiary.

______________________________________________________________________________

If this Credit shall be duly accepted on presentation to drawee bank and duly honoured at maturity.

______________________________________________________________________________

Bank-to-Bank Instructions:

Accepting bank is to draw their time draft on Bank of America, New York payable at a fixed future time i. e. maturity of accepted beneficiary's drafts.

Reimbursements under this Credit are subject to the Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credit, ICC Publication No. 725.

2.

From: Dresdner Bank, Hamburg

To: Bank of A.merica, New York

Reimbursement Authorisation

We hereby issue a Reimbursement Authorisation to you to accept and pay a time draft drawn on you subject to Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits, ICC Publication No. 725 upon receipt of such draft presented by the Claiming Bank——The Industrial and Commercial Bank of China, Tianjin in accordance with the following:

(1)Credit number: H169087

(2)Currency and amount: USD25, 730. 00

(3)Additional amounts payable: no

(4)Claiming Bank: ICBC, Tianjin

(5)Parties responsible for charges: beneficiary

(6)Tenor of draft: maturity of accepted beneficiary's draft

(7)Drawer: ICBC, Tianjin

(8)Party responsible for acceptance commission: beneficiary

3.

beneficiary's draft

Due 3 August, 200×

Exchange for USD25, 730. 00 Tianjin, 4 May, 200×

At 90 days sight pay to the order of

Ourselves the sum of

US dollars twenty five thousand seven hundred and thirty only

Drawn under Dresdner Bank, Hamburg L/C No. H169087 dated 15 April, 200×.

To The Industrial and Commercial

Bank of China, Tianjin For China National Light

Industrial Products Imp.

& Exp. Corp., Tianjin

Branch, Tianjin

signature

ACCEPTED

5 May, 200×

to mature

3 Aug., 200×

For

The Industrial and

Commercial Bank of

China, Tianjin

signature

4.Please fill the following particulars in two blank forms to write a Letter of Reimburse Claim and to issue a Time Draft:

(1)Addressee or drawee: Bank of America, New York

(2)Sender or drawer: The Industrial and Commercial Bank of China, Tianjin

(3)Amount: USD25,730.00

(4)Date of Letter of Reimbursement Claim and Draft: 24 July, 200×

(5)Predetermined reimbursement date: 3 Aug., 200×

(6)Payee: ICBC, Tianjin

(7)Accounting procedure: crediting our Head Office account with you under your telex advice to us quoting our Ref. No. BP87654321.

(8)Drawn clause: Drawn under Dresdner Bank, Hamburg L/C No. H169087 dated 15 April, 200×