Packing loan is a pre-shipment financing facility. The exporter can obtain packing loan from a bank when it receives the letter of credit issued in its favour. The money required is to finance the business between the commencement of the manufacturing process and the despatch of goods. This period is identical for the exporter. Usually, the finance available will not exceed 90% of the L/C amount. After shipment, the exporter can present the documents to a bank for negotiation, and repay the packing loan.
　　For the security, the lending bank must keep in touch with the exporter, and urge them to dispatch the goods and present document in time. If the exporter fails to present documents after the expiry of the L/C, the bank will ask them to repay according to the terms of the loan agreement.
　　66. The exporter can get packing loan from a bank when____________.
　　A. the importer issues a L/C.
　　B. the exporter presents the documents to the bank
　　C. it receives the letter of credit issued in the exporter’s favour
　　D. it receives the letter of credit issued in the bank’s favour
　　67. "Commencement" in Line 3 probably means _______________.
　　A. ending
　　B. beginning
　　C. implementation
　　D. finish
　　68. When does the exporter repay the packing loan?
　　A. After shipment.
　　B. Just after finishing the manufacturing process.
　　C. Upon presentation of the documents to a bank for negotiation.
　　D. Both A and C
　　69. Which of the following statements is not true?
　　A. Packing loan is a pre-shipment financing facility.
　　B. The amount of packing loan will not exceed 90% of the L/C amount.
　　C. Packing loan is just granted to the exporter.
　　D. If the exporter fails to present documents after the expiry of the L/C, the bank will ask them to repay according to the terms of the L/C agreement.

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