CORPORATE AND INSTITUTIONAL GLOSSARY

Odd Dates

Off-Balance Sheet Lease/Operating Lease

Offer

Open Account

Open Cargo Insurance Policy

Open Position

Option

Option Buyer

Option Contract

Option Seller

Optional Dividend

Originating Depository Financial Institution (ODFI)

Out-Of-The-Money

Outright Forward Exchange

The exporter ships the merchandise to the customer (importer) in the foreign country and bills him directly with no additional guarantee of payment. The importer then makes payment on his account in the manner specified on the commercial invoice: sight, 30, 60, 90 days, and so forth. Usually open account terms are granted to an exporter's best customers only.