an export financing arrangement whereby an exporter is paid from the proceeds of a loan arranged between a bank or banks and the importer. The exporter may be paid either immediately or over time, depending on the conditions of sale.
The term 'buyer credit` shall apply to a loan agreement between one or more financial institutions and one or more borrowers financing a commercial contract providing for an export of goods and/or services originating in a Member State, whereby the lending institution(s) undertake to pay the supplier(s) under the underlying transaction on cash terms on behalf of the buyer(s)/borrower(s), while the buyer(s)/borrower(s) will reimburse the lending institution(s) on credit terms.
