Examlex
Which statement is true?
Principal Debtor
The primary individual or entity responsible for repaying a debt or obligation under the terms of a loan agreement or financial contract.
Obligor
An obligor is a person or entity legally obliged to provide a benefit or payment to another in a contractual agreement.
Collateral Contracts
Collateral contracts are supplementary agreements made in addition to a primary contract, which impose additional obligations or conditions related to the primary contract's terms.
Guarantor
An individual or entity that agrees to be responsible for another's debt or contractual obligations if the original party fails to meet their terms.
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