is the borrower the obligor 
in cases of debt the borrower or the one with the debt is the obligor they have an obligation to pay the lender or bond issuer or the obligee in other cases an obligor may not have a debt to an obligee but they may be responsible for paying them such as in cases of child support who is the obligor in a surety bond with surety bonds or promises to fulfill debts in default there are three parties involved the principal is the obligor the surety is the party that agrees to pay the bond to the obligee if the obligor defaults the obligee is typically a government agency 4