Why PV in derivative is negative?

CFA Level II Derivatives
#1

In Binomial Option Valuation Model

Writing option in Time 0 uses positive sign because it’s cash inflow from selling option at initiation.

Buy h amount of underlying units uses negative time because it’s cash outflow from buying underlying.

But when borrow PV(–hS + c) at initiation, it’s cash inflow from borrowing money, why it’s negative sign. “–PV(–hS– + c–)”

#2

my understanding is that you are shorting the bond (borrowing), as such there is a negative sign.