Unformatted text preview: When payment (#5) is due from Furniture Brands International, Inc. (“FBI”), according to the terms of the Letter of Credit, to the Beneficiary/Exporter, the Issuing Bank advances the payment under FBI’s $550,000,000 Revolving Line of Credit and then wires the money to the Advising/Confirming Bank. Once this payment is received by the Advising/Confirming Bank, this bank deposits the payment to the Beneficiary/Exporter’s deposit account. The sale is now complete....
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- Spring '08
- International Trade, Cheque, Fractional-reserve banking, Deposit account, Money market deposit account, Issuing Bank