The【S1】is the party who requests and instructs the issuing bank to open a letter of credit

in favor of the beneficiary. The【S2】usually is the importer or the buyer of goods and/or services. The【S3】is the party in whose favor a letter of credit is opened by the issuing bank. The【S4】usually is the exporter or the seller of goods and/or services. The issuing bank opens a letter of credit in favor of the beneficiary, at the request and on the instructions of the applicant. The issuing bank usually is located in the applicant' s country. The advising bank advises the beneficiary that a letter of credit opened by the issuing bank is available to him/her and informs the【S5】about the terms and conditions of the L/C.The advising bank is not necessarily responsible for the payment of the credit which it advises.

【S1】

A．beneficiary

B．applicant

C．exporter

D．shipper