- n the person (or bank) who is expected to pay a check or draft when it is presented for payment
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- Straight Credit
A type of letter of credit. A straight credit can only be paid at the counters of the paying bank or a named drawee bank that has been authorized to make payment. Payment can only be made to the beneficiary named in the letter of credit, and not to an intermediary or negotiating bank.
Sept. 28, 2013 - Investopedia