This tool page outlines guidelines for Letters of Interest. These Program Guidelines for Letters of Interest describe general Ex-Im Bank policies applicable to Medium-Term and Long-Term Direct Loans and Guarantees which the U.S. exporter and the foreign buyer should consider in structuring the export transaction. A Direct Loan is an extension of credit by Ex-Im Bank to a foreign borrower. A Guarantee is repayment protection for an extension of credit by a private lender to a foreign borrower (a "Guaranteed Loan"). Ex-Im Bank's support of a Guaranteed Loan may be either a comprehensive guarantee (covering all risks) or a political risk guarantee (covering the risks defined in Ex-Im Bank's Political Risk Guarantee Agreement). Ex-Im Bank's guarantee commits the full faith and credit of the U.S. Government and covers all of the principal and regular interest on the Guaranteed Loan. A Letter of Interest (LI) is an indication of financing terms Ex-Im Bank is prepared to consider based on a limited review of the transaction. A Preliminary Commitment (PC) is a preliminary offer of financing terms based on a credit evaluation and policy review. A Final Commitment (AP) is an authorization of Ex-Im Bank financing.