Forfeiting is a trade financing service which XIB purchases without the right of recourse the outstanding claims under a time letter of credit accepted by the issuing or confirming bank, at the request of the beneficiary under the letter of credit. XIB’s forfeiting services include direct purchase and resale. Direct purchase means a purchase by XIB, which takes up the interbank trade financing line offered by XIB to other banks instead of the credit line of customers. In principle, financing tenor is no more than 180 days, while specific financing tenor may be determined case by case. Resale means a purchase by any other bank, which does not take up the interbank trade financing line offered by XIB to other banks or the credit line of customers. Financing tenor can be extended to more than 180 days while specific financing term may be determined case by case.