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Default of Issuer

Posted: Thu Oct 22, 2020 4:37 pm
by RaoulC
Hello,

Let's say we have an indirect guarantee with a bank A as counter guarantor and a bank B as Issuer.
What would happen if bank B defaults ?
Would the beneficiary be able to claim to counter guarantor ? or should the beneficiary sort out the situation with applicant directly ?

Thank you in advance