forfaiting

British  

/ ˈfɔːˌfeɪtɪŋ /

noun

1. the financial service of discounting, without recourse, a promissory note, bill of exchange, letter of credit, etc, received from an overseas buyer by an exporter; a form of debt discounting

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Etymology

Origin of forfaiting

C20: from French forfaire to forfeit or surrender

Example Sentences

Another avenue to service Iran deals is "forfaiting," in which a third party buys a letter of credit from an exporter and takes responsibility for recovering payment from the importer.

From The Wall Street Journal

Secondly, because sloth is a kind of disease in a well-ordered Common-wealth wee further charge and command by the vertue of our absolute authority, that no man bee found winking, or pincking, or nodding, much lesse snorting, upon paine of forfaiting twelve pence, as for infirmity.

From Project Gutenberg

This gentleman neuer toucheth the ground with his foote without forfaiting of his office, he neuer goeth abroad out of his house, nor is at all times to be seene.

From Project Gutenberg