forfaiting

Another avenue to service Iran deals is "forfaiting," in which a third party buys a letter of credit from an exporter and takes responsibility for recovering payment from the importer.

Secondly, because sloth is a kind of disease in a well-ordered Common-wealth wee further charge and command by the vertue of our absolute authority, that no man bee found winking, or pincking, or nodding, much lesse snorting, upon paine of forfaiting twelve pence, as for infirmity.

This gentleman neuer toucheth the ground with his foote without forfaiting of his office, he neuer goeth abroad out of his house, nor is at all times to be seene.