The U.S. exporter ships the goods to the French importer on a common carrier. An official of the carrier gives the exporter a bill of lading.
The U.S. exporter presents a 90 day time draft drawn on the Bank of Paris in accordance with its letter of credit and the bill of lading to the Bank to New York. The exporter endorses the bill of lading so title to the goods is transferred to the Bank of New York
The Bank of New York sends the draft and bill of lading to the Bank of Paris. The Bank of Paris accepts the draft, taking possession of the documents and promising to pay the now accepted draft in 90 day