glossary on trade financing terms a b c

Glossary on Trade Financing Terms - A A Above par: A share or a bond whose market value is higher than its nominal value or face value For example, if long-term interest rates decrease after the issue of the bond, the bond's price will increase above par Opposite: Below par Franỗais: Au dessus du pair Espaủol: Por encima de la par, por encima de su valor nominal, por encima de la paridad Acceptance: A time draft (or bill of Exchange ) on which the drawee has written the word "accepted" over his signature, thereby becoming unconditionally obliged to pay at maturity The draft must first be presented for acceptance, by which the drawee becomes the "acceptor", and then for payment (1) Bank(er's) Acceptance :a draft of which a bank is both drawee and acceptor; i.e the bank gives its guarantee to make the payment should the buyer default (2) Trade acceptance: a draft, usually issued from the sales of merchandise, whose drawee and acceptor is an individual or a business entity Franỗais: Acceptation Espaủol: Aceptaciún Acceptance credit: Short-term loan by which the bank allows the customer to draw bills on it up to a certain amount (line of credit) The bills are then accepted and usually also discounted by the bank Most frequently used in international trade Franỗais: Crộdit dacceptation Espol: Crédito de aceptación Acceptance price: In the underwriting business, the price paid by the banks to the issuers for underwriting a new securities' issue The acceptance price is lower than the issue price to the general public, the difference being the banks' gross profit margin or commission Franỗais: Prix d’acceptation Espol: Precio de aceptación Account party: The party which addresses the bank for the issue of a letter of credit , e.g the account party can be an importer, a buyer, a construction contractor or a supplier bidding on a contract Franỗais: Partie comptable Espaủol: Parte solicitante Accounts payable: Money due to suppliers Also called payables and trade payables Franỗais: Dettes passives Espaủol: Cuentas a pagar Accounts receivable: Money due from customers Also called receivables and trade receivables Franỗais: Dettes actives Español: Cuentas a cobrar, activo corriente, activo exigible, efectos a cobrar, valores exigibles Accrual accounting: An accounting method where revenues are recognized when earned and expenses when incurred, regardless of the actual timing of the cash receipts and expenditures Compare with cash accounting Franỗais: Comptabilitộ cumulative Espaủol: Contabilidad de valores devengados Accrued interest: (1) Interest earned but not collected (2) Interest earned, but still unpaid, since the latest payment date (3) Interest due from the date of issue or the last coupon date on an interest-bearing security, or from the last date of payment on a loan Franỗais: Intérêts courus Español: Interés acumulado, interés devengado, interés vencido Accrued liabilities: Accounting items entered on the liabilities side of the balance sheet which relate to previous operations; such as income received during the past financial year but which relates to the new fiscal year, or expenses incurred during the past year but not payable until the following year Franỗais: Passifs transitoires Español: Pasivo acumulado Acid test / Quick ratio: A liquidity ratios measuring a company's ability to pay immediate liabilities It is expressed as: current assets less inventories, divided by current liabilities Compare with Quick ratio Franỗais: Ratio de liquiditộ Español: Prueba ácida Active income: Income resulting from the active conduct of trade or business Franỗais: Revenu actif Espaủol: Ingreso activo Actual(s): The physical commodity or security underlying a futures contract It may also be designated "cash" or "physicals" Franỗais: Physique(s) Español: Actual(s) ADB: See African Development Bank, Asian Development Bank Franỗais: Banque Africaine de Dộveloppement, Banque asiatique de dộveloppement Español: Banco Africano de Desarrollo, Banco Asiático de Desarrollo Ad Valorem Duty (According to value): Any charge, tax, or duty (tariff) calculated and applied as a percentage of the value (price) of the item The higher the value of an item, the higher the ad valorem duty See duty Franỗais: Droits Ad Valorem (en fonction de la valeur) Español: Derecho ad valorem Addendum: A supplement or appendix attached to a document (such as a bill of exchange ) which can be used for endorsement Franỗais: Addendum Espaủol: Suplemento ADR: Abbreviation for American Depository Receipts Franỗais: Quittances/Certificats de Dộpụts Amộricains Espaủol: Recibo americano de depósito Advance: A loan, usually short-term (i.e one to three years), taking the form of an overdraft to a company or individual Franỗais: Avance Espaủol: Prộstamo, anticipo, adelanto Advance against documents (A/D): A loan secured by the documents covering the shipments, which remain in control of the creditor Franỗais: Avance contre documents Espaủol: Prộstamo contra documentos, adelanto sobre documentos Advance import deposits: A foreign exchange control technique whereby importers are required to deposit a percentage of the value of a product with the designated authorities for a specified period of time Franỗais: Avances relatives aux dộpụts dimportations Espol: Depósitos previos a la importación Advanced Payment Bond/Guarantee: (1) A bond provided by a supplier to a buyer to assure him that advance payments made to the supplier will be returned if the contractual obligations are not fulfilled The bond is issued up to the amount of the advance payments specified in the contract The value of the bond normally decreases as the supplier fulfils the obligations for which the advance payments were made Such bond may be either conditional or unconditional (2) An arrangement whereby a company employing a contractor makes funds available to him to purchase equipment and to cover the organizational expenses involved in getting the construction under way Franỗais: Obligation, Garantie de paiement anticipộ Espol: Bono de pago anticipado, garantía de pago anticipado Advances: See Receivables Franỗais: Avances Espaủol: Advances Advised letter of credit: A commercial letter of credit whose authenticity has been verified by a bank, usually located in the beneficiary's country The bank then advises the beneficiary of the authenticity of the letter of credit, without however undertaking any payment obligation Franỗais: Lettre de crédit notifiée Español: Carta de crédito notificada Advising bank: Also known as the notifying bank This is the bank operating in the exporter's country which handles letter of credit on behalf of the foreign bank, by notifying the exporter that the credit has been opened in his favour and informing him of the terms and conditions of the letter of credit It does not necessarily have responsibility for payment Franỗais: Banque notificatrice Espaủol: Banco notificador Advisory Capacity: A term designating the fact that the powers of a shipper's agent or representative abroad are limited, and that he is not authorized to take decisions or make adjustments without previously referring to his principals Compare withwithout reserve Franỗais: Capacitộ notificatrice Español: Calidad de asesor After date: A phrase indicating that payments on a draft or other negotiable instrument are due on a specific date after the presentation of the draft to the drawee Compare with after sight, at sight Franỗais: Après la date Español: Plazo fecha After sight: This expression is written on a draft or other negotiable instrument, meaning that it becomes payable on a certain date after having been presented for acceptance (e.g 90 days) The period starts the date the bill is signed and accepted by the drawee In order to let the holder of the bill know when the bill becomes payable, the drawee must add the date of his acceptance Franỗais: Aprốs prộsentation Espaủol: Plazo vista After-tax cash flow: The total cash generated by an investment annually This is defined as profit after-tax plus depreciation, or operating income after tax plus the tax rate times depreciation Franỗais: Flux de trộsorerie aprốs impụts Espaủol: Flujo de caja después de impuestos After-tax real rate of return: This is defined as the after-tax rate of return on an investment minus the inflation rate Franỗais: Taux de rentabilitộ réel après impơts Espol: Tasa de rendimiento real desps de impuestos, tasa de rentabilidad real después de impuestos African Development Bank: Established in 1963, with its headquarters in Abidjan, Côte d'Ivoire The ADB provides financing through direct loans to African member states to cover the foreign exchange costs incurred in bankapproved development projects in these countries Fifty-one African countries are members The ADB is financed by member countries of the OECD Franỗais: Banque Africaine de Dộveloppement Espaủol: Banco Africano de Desarrollo African Development Foundation (ADF): An independent, non-profit government corporation established to provide financial assistance to grass-roots organizations in Africa The ADF became operational in 1984 Franỗais: Fondation Africaine de Développement Espol: Fundación africana para el desarrollo, FAD African Development Fund (ADF): A fund managed by the ADB Franỗais: Fonds Africain de Développement Español: Fondo africano para el desarrollo Agency fee (management fee): An annual fee payable by the borrower, usually to cover the costs incurred by the lender in administering the loan Franỗais: Honoraires, commission dagence (honoraires, commission de direction) Espol: Comisión de agente, comisión de administración, comisión de gestión Agency for International Development (AID): Created in 1961 to administer foreign economic assistance programmes of the US government AID has field missions and representatives in approximately 70 developing countries in Africa, Latin America, the Caribbean and the Near East Franỗais: Agence pour le Dộveloppement International Espaủol: Agencia para el Desarrollo Internacional Agent: A legally independent person, authorized by another person (the principal) to act on his behalf as an intermediary or to conclude business transactions The agent usually receives a fee or a commission (often a percentage of the sale price) for the services rendered In a syndicated loan, the agent is the bank which manages the loan on behalf of the participating banks Franỗais: Agent Espaủol: Agente, representante, mandatario Agent distributor service (ADS): A fee-based service providing U.S exporters with a customized overseas search for interested and qualified foreign representatives (such as foreign import agents and distributors) Franỗais: Agent distributeur de services Español: Servicio de agente distribuidor Agio A security sells at agio when its market value is higher than its nominal or par value In foreign exchange operations this is the premium paid to exchange one currency for another Opposite: Disagio Franỗais: Agio, Prime Espaủol: Agio Agreed Minute: This embodies the terms agreed upon in a Paris Club rescheduling meeting It forms the basis for bilateral discussions between individual creditor governments (including export credit agencies) and debtor countries on agreements for implementation of the rescheduling The Minute normally specifies the coverage of debt-service payments to be consolidated, the cut-off date, the consolidation period, the proportion to be rescheduled and the deferred debt Franỗais: Procốs verbal convenu Espaủol: Acta aprobada AIBD: The Association of International Bond Dealers, setting market trading rules for the secondary market of Eurobonds Franỗais: AIBD Español: AIBD Air waybill: A bill of lading used for the transportation of air freight, describing conditions, liability, shipping instructions, nature of the commodity and applicable transportation charges It is a non-negotiable instrument of air transport acting as a receipt for the shipper, and indicating that the carrier has accepted the goods listed therein and is thereby committed to carry the consignment to the airport of destination, according to the specified conditions Compare Inland Bill of Lading, Through bill of lading Franỗais: Lettre de voiture aộrienne Espaủol: Carta de porte aéreo All-in cost: Total costs, whether foreseeable or not Corporation: A legal entity which is separate and distinct from its owners, set up for the conduct of economic activities Franỗais: Sociộtộ Espaủol: Sociedad de capital Correspondent Bank: A bank which, within its own country, handles the business of a foreign bank, i.e receives and makes money payments in addition to rendering other services on behalf of the foreign bank A bank's accounts held with a correspondent bank are known as Nostro account Correspondent banks play an essential role in the smooth conduct of foreign trade and financial transactions Franỗais: Banque correspondante Espaủol: Banco corresponsal Cosmetic interest rates: The term refers to interest rates, below market rates, which are specified in some government contracts, without however entailing a Grant element These rates are sought by some borrowing countries and are "cosmetic" because in reality exporters compensate for the lower interest rate by raising the value of the export contract Franỗais: Taux d'intộrờts cosmộtiques Espaủol: Tipo de interộs cubierto Cost and freight (CFR): A pricing term used in the foreign trade of goods through ocean shipment It indicates that all the expenses for shipment and freight up to the port of destination are included in the quoted price of the goods The cost of insurance however is left to the buyer's account When the export is conducted through modes other than ocean shipment, the term used is Carriage paid to (CPT) Franỗais: Coỷt et fret Espaủol: Costo y flete, C y F Cost and Insurance: A pricing term indicating that these costs are already included in the quoted price, i.e covered by the seller Franỗais: Coỷt et assurance Espaủol: Costo y seguro Cost-Insurance-freight (CIF): Under this term, the price of the goods quoted by the seller includes the cost of insurance, transport and other miscellaneous charges sustained until the point of debarkation from the vessel When the goods are transported through modes other than ocean shipments, the term used is Carriage and insurance paid to (CIP) Franỗais: Coỷt assurance fret (CIF) Español: Costo, seguro y flete (CIF) Cost, Insurance, Freight and Commission: A pricing term indicating that all these costs are included in the quoted price by the seller, i.e covered by him Franỗais: Coỷt, assurance fret et commission Espaủol: Costo, seguro, flete y comisión Cost, Insurance, Freight and Currency Exchange: A pricing term indicating that these costs are included in the quoted price (i.e covered by the seller) Franỗais: Cỏt, assurance, fret et change monétaire Espol: Costo, seguro, flete y cambio Cost of funds: In general this is the interest rate associated with borrowing money It is also used as the basis for the loan pricing, i.e the determination of the interest rate charged on the loan, particularly when the source of funding is uncertain or includes Reserve assets costs In the case of a commercial bank, the cost of funds for a loan is the Offered rate, i.e the interest rate which the bank has to pay another bank to borrow funds See also LIBOR, PIBOR Franỗais: Coỷt des fonds Español: Costo de fondos Cost of Production (COP): This refers to the sum of the cost of raw materials, components and other inputs used in the production of goods, including an appropriate allocation for general administrative and selling expenses COP does not include any mandatory minimum general expense or profit Franỗais: Coỷt de production Espaủol: Costo de producciún Costs of manufacture (COM): Within a Dumping investigation, the costs of manufacture are calculated as the sum of the manufacturing inputs (materials, labour, etc.) plus both the direct and indirect overhead expenses required to produce the merchandise under investigation Franỗais: Cỏt de fabrication Espol: Costo de manufactura Counter Credit: A variation of Back-to-back credit whereby a second bank (usually that of the original beneficiary) issues a separate letter of credit in favour of the second beneficiary Franỗais: Contre-crộdit Espaủol: Contracrộdito Counter-indemnity: An irrevocable commitment by the exporter that he will repay the bank if a Performance bond or a Down-payment bond is called Franỗais: Contre-indemnitộ Espaủol: Contraindemnizaciún Counterpurchase: See Countertrade Franỗais: Contre-achat Espaủol: Compra de contrapartida Countertrade: A means of trading, whereby the exporter is required to accept goods or other instruments of trade in part or whole payment for his sales This allows the buying country to save foreign currency Countertrade is thus used by countries experiencing foreign exchange shortages Countertrade may take different forms, including barter, buy-back or compensation, counterpurchase, offset requirements, swap, switch, evidence or clearing accounts As a means of payment, countertrade is not encouraged by international and multinational financial institutions as the price setting mechanisms underlying such transactions frequently lack transparency (1) Barter is the oldest and simplest method of countertrade by which goods are exchanged against other goods of equivalent value It is the only way of undertaking trade with no or little money involved As it does not involve the use of money, it is often used by countries with Blocked currencies (2) Counterpurchase is one of the most common forms of countertrade Under this arrangement, the exporter undertakes to buy goods from the importer or from a company nominated by the importer, or agrees to arrange for their purchase by a third party, within a specific period (usually one-to-five years) Both parties pay for their purchases in cash (at least in part) but commit themselves, by signing a "protocol" contract, to fulfil the purchase counter obligation The goods being sold in exchange are typically unrelated but may be equivalent in value (3) In offset, the exporter agrees to use goods produced in the importer's country as an input of the products being sold, and up to an agreed percentage of the original sale In a direct offset, the exported goods are an integral part of the final product, and the agreement involves a co-production arrangement based on the transfer of production technology to the importing country In an indirect offset the selling country agrees to purchase unrelated products from the importing country (4) In a compensation or buy-back deal, exporters of equipment, technology, or even entire plants, agree to purchase a certain percentage of the output of the facility as payment (5) Switch is a complex form of barter, involving a chain of buyers and sellers in different markets and countries, based on the multilateral clearance of bilateral trade imbalances A specialized countertrade house will typically buy (at a discount) from country A the value of its bilateral trade surplus with country B, and sell it at full value to company or country C, which has a bilateral trade deficit with party A The trading house will often have to take title to certain goods, which it then has to sell against hard currency Franỗais: Commerce dộchange Espaủol: Comercio de compensaciún Countervailing duty: An additional duty, imposed by a country on imported goods, to counter subsidies granted to the exporters of the goods by their domestic governments Such duty is allowed by the GATT rules, provided that the importing country can prove that the subsidy would directly injure the domestic industry Franỗais: Droit compensateur Espaủol: Derecho compensatorio Country of export destination: The country where the exported goods are to be consumed or further processed, as known to the shipper at the time of export If the shipper is not aware of the country of final destination of the merchandise, the shipment is attributed to the last known country of delivery Franỗais: Pays de destination de l’exportation Espol: Ps de destino de las exportaciones Country risk: The general level of political and economic uncertainty in a country It is the risk of lending to the most creditworthy borrower in that country, namely of investing in securities issued by the national government In general, banks must assess the economic and financial conditions of the country in which a potential borrower resides Shortages of foreign exchange are a typical element of country risk which might prevent repayment of the loans Franỗais: Risque pays Espaủol: Riesgo país Country risk categories: Used by all Export credit agencies to rank borrowing countries according to their perceived creditworthiness, i.e their Country risk Each agency has a different number of risk categories In general, "category one" countries are those considered as presenting the lowest country risk Franỗais: Catộgories de risque pays Espol: Categoría de riesgo ps Coupon: The periodic interest payment made to the holders of a Bond during the life of the bond The coupon may be physically cut off the bond and sent to the authorized paying agent when due for payment Franỗais: Coupon Espaủol: Cupún Coupon Rate: The stated interest rate payable on a Bond, paid at least once a year Franỗais: Taux du coupon Espaủol: Interés nominal Covenant: A loan covenant is an undertaking by the borrower to perform certain acts (affirmative covenant), such as providing timely financial statements to the lender, or to refrain from certain acts (negative covenant), such as incurring further debts beyond the agreed level Franỗais: Convention Espaủol: Compromiso de crédito, contrato de préstamo, garantía de préstamo Cover: A general term for the techniques which may be used by a business to manage and control risks In international trade transactions this may be achieved through the issue of an export credit guarantee/insurance, against the risk of non-payment or of payment delays In this case, cover is usually, though not always, provided both for Commercial risk and Political risk Cover is not usually provided for the full value of the due payments but is typically between 90% and 95% of the contract value Franỗais: Couverture Espaủol: Cobertura Covered option: An option where the option writer owns the underlying stock represented by the option contract A covered option limits the risk the writer takes because the stock does not have to be bought at the market price, if the holder of that option decides to exercise it Franỗais: Option couverte Espaủol: Valor moneda de reembolso opcional CPT: See Carriage Paid To Franỗais: CPT Espaủol: CPT Credit: A general term for money loaned (1) The ability to borrow money on the promise of future repayment (2) In accounting, an entry made on the liabilities’ side of an account (3) In finance, an amount loaned to a borrower Franỗais: Crộdit Espaủol: Crộdito Credit agreement: A contractual document by which the bank or another lender grants a client the loan he has applied for Franỗais: Contrat de crộdit Espaủol: Acuerdo de crộdito, contrato de crédito Credit commission: A fee charged by the bank, in addition to the interest rates, to compensate for special services or as a risk premium for the loans being extended See also Bank commission Franỗais: Commission de crộdit Espaủol: Comisiún de crộdito Credit history: Past repayment performance Franỗais: Historique du crédit Español: Antecedentes crediticios Credit line: See line of credit Franỗais: Ligne de crộdit Espaủol: Lớnea de crộdito Credit memorandum: A written agreement by which the bank grants its client a credit or a line of credit Franỗais: Memorandum de crédit Español: Nota de crédito Credit rating: See Rating Franỗais: Notation de crộdit Espaủol: Credit rating Credit risk insurance: Insurance designed to cover the risks of non-payment of a credit Franỗais: Assurance du risque de crộdit Espaủol: Seguro contra el riesgo de crédito Credit overdrawing: The drawing of funds beyond the agreed limit or Line of credit See also Overdraft Franỗais: Dộpassement de crộdit Espaủol: Giro de crộdito en descubierto Creditor clubs: See Paris club, London club Franỗais: Clubs créanciers Espol: Club de París, Club de Londres Creditworthiness; Credit solvency: The ability to repay loans and debts and, in general terms, the financial strength of a company or a person It is also determines the Rating of a company or a government placing a bond issue Franỗais: Solvabilitộ Solvabilité du crédit Español: Solvencia, capacidad crediticia Cross-border loans: Typically, this refers to a situation when a bank in one country lends to a borrower in another country The term may also refer to a Syndicated loan granted by a group of banks from one or more countries for the financing of a project or a borrower in another country Franỗais: Prờts transfrontaliers Espaủol: Prộstamo internacional Cross-currency loan: A loan extended by a bank in one country to a borrower either in the same country or in a second country, where the currency denomination of the loan is that of a third country Franỗais: Prờt monộtaire croisộ Espaủol: Prộstamo entre dos o más monedas Cross-hedging: The practice of Hedging a risk by buying or selling a futures contract which is similar but different from the underlying contract being hedged Franỗais: Protection croisée Español: Coberturas cruzadas Cross rate: An exchange rate between two currencies, calculated as the ratio of the two foreign exchange rates in relation to a third currency, i.e by pricing the two currencies against a third e.g.: USD = CHF 1.4900 and USD = DM 1.7950 equals DM 100 = CHF 83.00 Franỗais: Taux croisộs Espaủol: Tipo cruzado Cum dividend: "With dividend" The purchaser of "cum div" shares or stocks is entitled to the dividend on the nextpayment day i.e the purchased shares or stocks are sold together with the right to collect the dividend, which has been announced but not yet distributed Shares and stocks are usually sold "cum div" The opposite "ex div" means that the buyer has purchased them too late to have the right to that year's dividends Franỗais: Avec dividende Espaủol: Con dividendo Currency option: The right, though not the obligation, to purchase a specified amount of foreign currency at a predetermined rate and at a specified future date See Option Franỗais: Option monộtaire Espaủol: Opciún de cambio Currency parity: See Parity Franỗais: Paritộ monộtaire Espaủol: Paridad cambiaria Currency risk (post-contract or post-natal): The risk of an unfavourable evolution of the foreign exchange rate, between the time a contractual decision (purchase/sale) has been taken and the time the corresponding foreign currency is bought/sold on the foreign exchange market Franỗais: Risque monộtaire (postérieur au contrat ou post-natal) Español: Riesgo cambiario posterior al contrato Currency risk (pre-contract or ante-natal): The risk of an unfavourable evolution of the foreign exchange rate between the time of the pricing decision of a transaction involving foreign currency, and the time the actual contractual commitment is made Franỗais: Risque monétaire (antérieur au contrat ou ante-natal) Español: Riesgo cambiario previo al contrato Current account (external trade): See Balance of payments Franỗais: Compte courant Espaủol: Cuenta corriente Current assets: Cash, bank deposits and other assets which can readily (within one year) be turned into cash, such as Bills, Accounts receivable, stock, Marketable securities Opposite: Fixed assets Franỗais: Actifs circulants Espaủol: Activo corriente, activo circulante Current account credit: If a bank's client draws funds beyond the amount available in his account, he overdraws his account This overdraft can, in the case of good client, be converted into a current account credit by which the client may draw funds at any time, up to an agreed limit within the contractual period This facility is particularly useful to cover the changing credit needs of corporate clients It may take the form of secured or unsecured loan Franỗais: Crộdit en compte courant Espaủol: Crộdito en cuenta corriente Current liability: Any liability which must be honoured within one year Franỗais: Dette courante Espaủol: Current liability Current liabilities: Liabilities due to be paid within one year from the balance sheet date, for example Dividends, taxes, Trade creditors (UK) / Accounts payable (US) Franỗais: Dettes courantes Espaủol: Pasivo circulante, pasivo corriente, pasivo exigible a corto plazo, obligaciones a corto plazo Current ratio: A Liquidity ratio expressed as the ratio between a business' Current assets and its Current liabilities It is a measure of a company's liquidity which may be used in comparing it with another company or in order to examine its evolution over time A high current ratio indicates a larger liquidity and thus a greater ability to meet unexpected payments It may however mean that the company’s resources are inefficiently tied up in unproductive assets, such as cash or debtors See also Acid test Franỗais: Coefficient de liquidité Español: Coeficiente de solvencia Current yield: This measures the annual income return on a particular security, expressed as an annual percentage: Current yield(%) = Coupon/(Net price*100) Franỗais: Rendement courant Español: Rendimiento corriente Cushion bonds: High-coupon bonds which sell at only a moderate Premium because they are callable at a price below that at which a comparable non-callable bond would sell Franỗais: Obligations taux d'intộrờt ộlevộ Espaủol: Bono amortiguador Customs: The national authorities charged with the collection of the duties levied by a country on imports and exports The term may also indicate the procedures involved in such collection Franỗais: Douane Espaủol: Aduana Customs house broker: An individual or firm licensed to clear goods at the Customs Franỗais: Courtier en douane Espaủol: Agente de aduanas Customs Union (CU): A regional trade agreement whereby member countries agree to remove any tariff and customs barriers on intra-regional trade and to set up a common external tariff on imports from countries outside the Union Franỗais: Union douaniốre Espaủol: Uniún aduanera Cutoff date: This is established at the time of a country's first Paris Club Debt rescheduling "Post-cutoff date debts", i.e loans contracted after the cutoff date, are not eligible for rescheduling and have priority in debt servicing over "pre-cutoff date debts" Franỗais: Date de fermeture, de clụture Espaủol: Fecha límite