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Principles of Lending Different Types of Borrowers and Types of Credit Facilities
Creditor — Role / In a BG?
Role: The one to whom the obligation is owed; In a BG: Beneficiary (in whose favour BG is issued)
Principal Debtor — Role / In a BG?
Role: The one whose obligation it is; In a BG: Applicant (bank's customer)
Surety — Role / In a BG?
Role: The one who undertakes the obligation conditionally; In a BG: Bank (issuing the BG)
Sight LC?
Payment on presentation of compliant documents
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