There are many parties involved in an L／C operation．They are the applicant，issuing bank，advising bank，beneficiary，negotiating bank，and so on．An applicant is the party that applies to a bank for opening a letter of credit．An applicant may also be called “opener”0r“accountee”．It is usually the buyer or importer in a contract．An 46 bank refers to the bank that issues a letter of credit at the request of the applicant，and is responsible for payment of the proceeds under an L／C if the terms and conditions of the credit are complied with．An 47 bank is usually a bank in the seller’s country．Of course，it may also be in a third country．Upon instructions and entrustment of the issuing bank，the advising bank
advises the 48 0f an L／C．A beneficiary refers to the party in whose favor an L／C is opened and which should comply with the terms and conditions of the credit in order to receive the proceeds．It usually refers to the 49 ，the exporter．A negotiating bank is the bank that negotiates the beneficiary’s draft(s)．It may be the 50 bank or another bank authorized to negotiate the documents．If there is no specific stipulation in the L／C，the exporter may present the documentary draft to any bank that is able to do the negotiation．
46．
A．advising
B．issuing
C．confirming
D．negotiating
47．
A．advising
B．issuing
C．confirming
D．negotiating
48．
A．applicant
B．beneficiary
C．carrier
D．consignor
49．
A．seller
B．buyer
C．importer
D．consignee
50．
A．advising
B．issuing
C．confirming
D．negotiating

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