11.5.9 Forfaiting I
定义：
This technique is described in the standard definitions as follows:
福费廷是应收款购买的一种形式，包括无追索权购买以金融票据或付款义务（通常为可转让或可转让形式）所代表的未来付款义务，以折扣价或面值换取融资费用。
“Forfaiting is a form of receivables purchase, consisting of the without recourse purchase of future payment obligations represented by financial instruments or payment obligations (normally in negotiable or transferable form), at a discount or at face value in return for a financing charge.”
(GSCFF, 2016, p34)
福费廷历来被用来为主要资本货物的出口提供资金，期限为五到七年。通常，付款条件将规定在最初的宽限期之后开始，每半年一次分期付款。这些定期付款义务将由一系列期票(本票)证明，其到期日与付款时间表相匹配。最近，福费廷已被用于解决短期营运资金需求，期限短至六个月。
Forfaiting was historically used to finance the export of primarily capital goods with tenors of five to seven years. Often, the payment terms would specify stage payments on, perhaps, a semi‑annual basis starting after an initial grace period. These regular payment obligations would be evidenced by a ‘bundle’ of promissory notes bearing maturity dates that matched the payment schedule. More recently, forfaiting has been used to address short‑term working capital requirements with tenors as short as six months.
福费廷交易不同于其他形式的应收款购买，因为融资提供人是根据可接受的工具和付款义务提供资金的，其中可能包括
Forfaiting transactions differ from other forms of receivables purchase as the finance provider is providing funding against an acceptable instrument and payment obligation, which may include a:
1.汇票bill of exchange;
2.期票promissory note;
3.信用证项下的延期付款承诺
deferred payment undertaking under a letter of credit;
4.应收账款（前提是有可接受的票据和付款义务证明）。
receivable (provided it is evidenced by an acceptable instrument and payment obligation).
金融工具或付款义务可能由第三方担保，也可能不由第三方担保。对于汇票或本票，银行可以通过在票据本身中增加其担保（保函）来分别担保接受人或发行人的承诺。或者，银行可签发单独的担保或备用信用证，承诺在票据到期时被拒付时向票据持有人付款。
The financial instrument or payment obligation may or may not be guaranteed by a third party. With a bill of exchange or promissory note, a bank may guarantee the undertaking of the acceptor or issuer respectively by adding its aval (guarantee) to the instrument itself. Alternatively, the bank may issue a separate guarantee or standby letter of credit by which it commits to pay the holder of the instrument should it be dishonoured at maturity.
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