____ refers to medium-term financing in which financial obligations, such as bills of exchange or promissory notes, are purchased from the original holder, usually the exporter; the obligations are sold "without recourse," meaning that if the importer does not pay, the exporter has no responsibility for their payment.

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Forfaiting refers to the purchase of medium-term financial obligations without recourse, typically in international trade transactions. Factoring and accounts receivable financing may also involve the purchase of financial obligations, but typically for shorter terms and with recourse.

____ Refers to Medium-Term Financing in Which Financial Obligations, Such