Time Letter of Credit

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Time Letter of Credit

Time Letter of Credit

Letter of credit requiring payment a certain number of days after the appropriate documents are presented. It is also called a usance letter of credit.
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usance letters of credit 10,262 31,514 Notes Payable 89,156 169,117
under usance letters of credit $40,814 $4,285 Bank borrowings 12,603 25,322
7 million of current maturities under usance letters of credit and due to affiliates, respectively, to non current liabilities as a result of an investment credit facility agreement dated September 1, 1994, entered into between Riau and a syndicate of state banks for a maximum of approximately $450 million.