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Usance interest refers to the interest incurred on deferred payments in international trade transactions, specifically when a Letter of Credit (L/C) with a deferred payment term, known as Usance L/C, is used.

In a Usance L/C, the payment is not made immediately upon presentation of documents but at a specified future date (e.g., 30, 60, or 90 days after shipment). The interest for this deferred period can be borne by either the exporter (Shipper's Usance) or the importer (Banker's Usance).

• Shipper's Usance: The exporter bears the interest cost for the Usance period. The exporter may receive the full L/C amount after the Usance period or, by separate agreement with the bank, receive a discounted amount upfront, with the discount covering the Usance interest.
• Banker's Usance: The importer bears the interest cost. The exporter can receive the full L/C amount immediately, similar to an At Sight L/C, as the importer's bank handles the deferred payment and associated interest.

From the importer's perspective, both Shipper's and Banker's Usance allow for deferred payment. In Shipper's Usance, only the L/C amount needs to be settled. In Banker's Usance, the importer might pay the interest upfront or settle both principal and interest at maturity.