n. The party bearing a legal obligation to another party, the obligee.
the GNU version of the Collaborative International Dictionary of English
n. The person who binds himself, or gives his bond to another.
The Century Dictionary and Cyclopedia
n. In law, the person who binds himself or gives his bond to another.
Word Usage
"Historically, they buy up debt of weak companies and poor governments for pennies on the dollar, then they try get every cent out of the obligor possible."