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Welcome to the Joint Taskforce on Commercial Finance Terms. Our project is to compile and publish a dictionary of terms used in any aspect of commercial finance law and practice, including asset based lending, syndicated credits, securitization, structured finance, project finance, derivatives, real estate finance, lease finance, etc. We are currently working through Stage 1 of our project, developing our list of terms to be defined. These may be terms that are unique to commercial finance, or simply terms that may arise from time to time in the practice. We are seeking terms from the basic to the esoteric (extra points if they're funny!). The terms may be terms of art, statutory terms, acronyms, commonly-used expressions - if you can add to the list below with terms that are reasonably related (or even ancillary) to commercial finance practice, send us your terms! Please contact Meredith Jackson mjackson@irell.com with suggestions of additional terms, or contact Carl Bjerre cbjerre@law.uoregon.edu with any information you may have regarding other dictionaries or sources of definitions for commercial finance terms. Scroll down to see our existing list.
Commercial Finance Terms ? Alphabetical Listing
34 Act
40 Act
45-day priority rule
AAA (American Arbitration Association)
ABC (assignment for the benefit of creditors)
ABL (asset based lending)
ABR (alternate base rate)
ABS (asset backed securities)
Absolute priority rule
Accelerated cost recovery system (ACRS)
Acceleration
Acceleration forbearance period
Acceptance credit
Acceptance draft
Acceptance of collateral in full or partial satisfaction
Access easement
Accession
Accommodation party
Accord and satisfaction
Accordion
Account
Account debtor
Account party
Accounting charge
Accounting controls
Accounting Principles Board (APB)
Accounting research bulletins (ARB)
Accounts agreement
Accounts payable
Accounts receivable
ACH (automated clearing house)
Acid test ratio
Acquired debt
Acquisition finance
Acquisition of security
Action
Accredited investor (AI)
Accreted value
ACRS (accelerated cost recovery system)
Actual knowledge
Actual notice
Ad hoc committee
Add-on acquisition
Additional insured
Additional market disruption event (AMDE)
Additional termination event
Adequate protection
Adequately capitalized
Adhesion contract
Adjusted EBITDA
Administrative agent
Administrative fee
Advance
Advance rate
Adverse claim
Advising bank
Affected party
Affected transaction
Affiliate
Affiliate transaction
Affirmative covenant
AFR (applicable federal rate)
After-acquired collateral
After-tax basis
Agency agreement
Agent bank
Aggrieved party
Agricultural lien
AHYDO (applicable high yield discount obligation)
AI (accredited investor)
Air permit
Airbag swap
Airball
A/k/a (also known as)
Allocation of risk
Allonge
Also known as (a/k/a)
Alt-A
Alternate base rate (ABR)
Alternative medium
AMDE (additional market disruption event)
American Arbitration Association (AAA)
American style option
Amortization
Annual credit sales
Anti-assignment override
Anti-layering
Anti-money-laundering laws
Anti-terrorism laws
APB (Accounting Principles Board)
Applicable federal rate (AFR)
Applicable high yield discount obligation (AHYDO)
Applicable law
Applicable margin
Applicable nonbankruptcy law
Applicable rate
Applicable procedures
Applicant
Appraised value
Appraisal
Appropriate person
ARB (Accounting research bulletins)
Arbitrage
Arranger
Articles of incorporation
Artisan?s lien
As-extracted collateral
Asset backed commercial paper (ABCP)
Asset backed securities (ABS)
Asset based lending (ABL)
Asset disposition
Asset sale
Assigned rights
Assignee
Assignment
Assignment and acceptance
Assignment for benefit of creditors (ABC)
Assignment for collection
Assignment in blank
Assignment of partnership interests
Assignment separate from certificate
Assignor
Assumed obligations
ATOP (automated tender offer procedures)
Attachment
Attorney-in-fact
Attributable indebtedness
Attribution rules
Auction rate securities
Audited financials
Authenticate
Authenticated record
Authentication order
Authoritative copy
Authorized account
Authorizing entry point
Automated clearing house (ACH)
Automated tender offer procedures (ATOP)
Automatic acceleration
Automatic early termination
Automatic stay
Auxiliary load
Availability
Availability period
Average collection period
Average inventory
Average life
Average total assets
Avoidance
Backstop
Back-to-back L/Cs
Back-up servicer
Backup withholding
BACT (best available control technology)
Bad boy guarantee
Bad faith
Bailee
Bailee acknowledgment
Bailment
Bailor
Balance sheet date
Balance sheet test
Balloon payment
Bank
Bank holding company
Banker's acceptance
Bankruptcy (BK)
Bankruptcy remote
Bar date
Bargain purchase option
Base case projections
Base rate
Base term
Baseload
Baseload capacity
Baseload plant
Basel
Basel II
Basic rent
Basis point
Basket
Bearer form
Beneficial interest
Beneficiary
Best case projections
Best available control technology (BACT)
Best efforts commitment
BFP (bona fide purchaser)
Bid rate
Big boy letter
Bill and hold
Bill of exchange
Bill of lading
Binding arbitration
BIOCOB (buyer in the ordinary course of business)
Biofuels
BK (bankruptcy)
Black-Scholes formula
Blanket lien
Blackout period
Blocked account
Blockage notice
Blockage period
Blue sky
Bogus filing
Boiler
Bomb thrower
Bona fide purchaser (BFP)
Bond option
Bonded warehouse
Book entry
Book value
Bookrunner
Borrowed money
Borrower agent
Borrowing base
Branch
Breakage costs
Breakfunding
Break-up fee
Bridge bank
Bridge loan
Bring down
British thermal unit (BTU)
Broker
Broker-dealer
BTU (British thermal unit)
Budget
Bulk sale
Bullet payment
Bundled lease
Burden of establishing
Burdened party
Business day
Business day convention
Business judgment rule
Business profits
Business trust
Buyer
Buyer in the ordinary course of business (BIOCOB)
Buyout option
C corp
Call
Call protection
Cancellation amount
Cancellation cost schedule
Cancellation costs
Cancellation notice
Cancellation of debt (COD)
Cap
Cap/floor transaction
Capability
Capacity
Capacity charge
Capacity payment
Cape Town
Capex
Capex carryover
Capital call
Capital expenditure
Capital gain
Capital lease
Capital stock
Capitalization
Capitalization rate
Capitalization ratio
Capitalized lease obligations
Carve-out
Carryover
Cash
Cash available for debt service
Cash collateral
Cash conversion cycle
Cash equivalents
Cash flow
Cash flow coverage ratio
Cash flow loan
Cash flow recapture
Cash management account
Cash proceeds
Cash sweep
Casualty event
Casualty loss
Casualty value
Cautiously optimistic letter
CDO (collateralized debt obligation)
CDO cubed
CDO of CDOs
CDO squared
CDS (credit default swap)
Cede & Co
Certificate of acceptance
Certificate of incorporation
Certificate of payment
Certificate of title
Certificated security
Certified copy
CFC (controlled foreign corporation)
Chain of title
Change in law
Change in tax law
Change of control
Change of control put
Change order
Chapter
Chapter 7
Chapter 11
Chapter 13
Chapter 18
Chapter 22
Chapter 747
Charge-back
Charter documents
Chattel mortgage
Chattel paper
Check
Choate lien
CIM (confidential information memorandum)
Claim
Class of sercurities
Clawback
Clean draft
Clean opinion
Clean-up period
Clearing agency
Clearstream
CLN (credit-linked notes)
CLO (collateralized loan obligation)
Close-out amount
Closely held corporation
Closing agenda
Closing checklist
Closing date
Club deal
CMBS (collateralized mortgage-backed securities)
CMO (collateralized mortgage obligation)
COD (cancellation of debt)
COD income
Cogen
Cogeneration
Cogenerator
Cold comfort letter
Collapsible transaction
Collar
Collateral access agreement
Collateral agent
Collateral assignment
Collateralized debt obligation (CDO)
Collateralized loan obligation (CLO)
Collateralized mortgage-backed securities (CMBS)
Collateralized mortgage obligation (CMO)
Collecting bank
Collection account
Collection guaranty
Collection of items
Combined cycle
Combined cycle unit
Comfort letter
Commencement of commercial operations
Commercial bank
Commercial invoice
Commercial letter of credit
Commercial operations
Commercial paper conduit (CP conduit)
Commercial tort claim
Commercially reasonable
Commingle
Commingled goods
Commissioning tests
Commitment
Commitment fee
Commitment letter
Commitment percentage
Committed line
Committee on Uniform Security Identification Procedures (CUSIP)
Commodity account
Commodity broker
Commodity contract
Commodity customer
Commodity index agreement
Commodity intermediary
Commodity option
Commodity swap
Common agent
Common agreement
Common stock
Communicate
Compensating balances
Completion
Completion agreement
Completion date
Compound interest
Comptroller of the Currency
Conduit financing
Confidential information memorandum (CIM)
Concentration
Concentration account
Concentration limit
Condition precedent (CP)
Condition subsequent
Conditional sale contract
Conduit
Confi
Confidentiality agreement
Confirmation
Confirmation number
Conforming
Conforming owner?s direction
Consensual lien
Consent and agreement
Consignee
Consignment
Consignment agreement
Consignor
Consolidated
Consolidated return
Conspicuous
Constant currency payer
Constant maturity swap
Controlled foreign corporation (CFC)
Construction budget
Construction contract
Construction contract guarantee
Construction contractor
Construction contractor?s letter of credit
Construction draw schedule
Construction loan
Construction progress report
Construction schedule
Constructive exchange
Constructive knowledge
Constructive notice
Constructive ownership rules
Constructive receipt
Consumer goods
Consumer obligor
Consumer transaction
Consumer-goods transaction
Contingency amount
Contingency costs
Contingent obligations
Contingent sweep
Continuation statement
Continuing directors
Contra account
Contract
Contract of sale
Contract party
Contract rate
Contractual currency
Control
Control agreement
Control premium
Controlling party
Conversion
Conversion agent
Conversion date
Conversion price
Convertible
Copyright assignment
Correspondent bank
Corporate acquisition indebtedness
Corporate veil
Cost of goods sold
Cost overrun agreement
Cost overrun amount
Costs
Counterparty
Country risk
Coupon
Course of dealing
Course of performance
Covenant
Covenant defeasance
Covenant light
Covenant strip
Cover
Coverage ratio
CP conduit (commercial paper conduit)
CPs (conditions precedent)
Cramdown
Cramup
Credit agreement
Credit crunch
Credit default swap (CDS)
Credit enhancement/credit enhancer
Credit event upon merger
Credit facility
Credit rating
Credit support document
Credit support provider
Creditor
Creditor process
Creditors? committee
Creeping tender offer
Cross acceleration
Cross aging
Cross collateralization
Cross currency rate swap
Cross default
Cross over collateral
Cross rate
Cross-stream guarantee
Currency option
Currency swap
Current assets
Current liabilities
Current ratio
Cushion
CUSIP (Committee on Uniform Security Identification Procedures)
Custodian
Customer
Customs house broker
Cutoff date
D&O (directors and officers)
D&O insurance
DACA (deposit account control agreement)
Date draft
Daylight overdraft
Days sales outstanding
DBA (doing business as)
DBRS (Dominion Bond Rating Service)
Dealer
Death-spiral preferred
Debenture
Debt
Debt for money borrowed
Debt for tax
Debt index agreement
Debt option agreement
Debt rate
Debt ratio
Debt service
Debt service coverage ratio
Debt to cash flow ratio
Debt to EBITDA ratio
Debt to equity ratio
Debtor
Debtor in possession (DIP)
Debtor out of possession (DOPE)
Debtor?s correct name
Deductible basket
Deed
Deed in lieu
Deemed dividend
Deems itself insecure
Deeping insolvency
Default
Default rate
Defaulting party
Defeasance
Defect
Deferral
Deferral threshold
Deficiency
Deficiency guaranty
Definitive note
Delay compensation
Delay liquidated damages
Delay period
Delayed publication or announcement
Delayed settlement date
Deliverables
Delivery
Delivery date
Delivery order
Demand deposit
Demand draft
Demand note
Demand loan agreement
Demurrage
Deposit account
Deposit account control agreement (DACA)
Deposit/withdrawal at custodian (DWAC)
Depositary bank
Depository
Depository Trust Company, The (DTC)
Depreciation
Dequity
Derivatives
Design documentation
Designated senior debt
Destination bill
Determination date
Developer
Development fee
Dilution
Dilution reserve
DIP (debtor in possession)
DIP loan/financing/facility
Direct agreement
Directors and officers (D&O)
Directly related assets
Dirt for debt
Dirty lease
Disappearance of commodity reference price
Disbursement
Disbursement account
Disbursement certificate
Disbursement schedule
Disgorge
Dishonor
Dispatch
Dispute
Dispute resolution
Disqualified capital stock
Disqualified interest
Disregarded entity
Disruption fallback
Distressed debt
Distribution
Dividend
Dividend payout ratio
Dividend received deduction
Dividend stopper
Dividend yield
Dividends per share
Dock receipt
Document
Document of title
Documentary credit
Documentary draft
Documentation schedule
Documents against acceptance
Documents against payment
Documentation agent
Dollar of debt test
Dollar-one basket
Domestic subsidiary
Dominion and control
Dominion Bond Rating Service (DBRS)
DOPE (debtor out of possession)
Down round
Downstream guaranty
Draft
Dragnet clause
Draw certificate
Draw down
Draw schedule
Drawee
Drawer
Drop dead date
Dry closing
Dry lease
DTC (The Depository Trust Company)
DTC participant
Due diligence
Due diligence request
Dutch auction
Due-on-sale clause
DWAC (deposit/withdrawal at custodian)
Early completion bonus period
Earn out
Earnings before interest and taxes (EBIT)
Earnings before interest, taxes, depreciation and amortization (EBITDA)
Earnings before interest, taxes, depreciation, amortization and management fees (EBITDAM)
Earnings before interest, taxes, depreciation, amortization and rents (EBITDAR)
Earnings per share (EPS)
Easement
EBIT (earnings before interest and taxes)
EBITDA (earnings before interest, taxes, depreciation and amortization)
EBITDA multiple
EBITDAM (earnings before interest, taxes, depreciation, amortization and management fees)
EBITDAR (earnings before interest, taxes, depreciation, amortization and rents)
ECA (export credit agency)
ECA finance agreement
ECA funding agreement
ECA guarantee
ECA notes
ECA reimbursement agreement
ECL (equity credit line)
Economic life
Economic interest
Effective date
Effective indorsement
Effective lease rate
Effective subordination
Effective tax rate
EFT (electronic funds transfer)
EIS (environmental impact statement)
Electric utility
Electronic chattel paper
Electronic document
Electronic funds transfer (EFT)
Electronic signature
Eligible assignee
Eligible inventory
Eligible receivable
ELN (equity-linked notes)
Embedded software
Employee Retirement Income Security Act (ERISA)
Encumbrance
End of term options
Endorsement
Endorsement in blank
Energy
Energy charge
Energy payment
Engineering, procurement and construction contract (EPC)
Enterprise value/EBITDA (EV/EBITDA)
Entitlement
Entitlement holder
Entitlement order
Environmental assessment
Environmental audit
Environmental claims
Environmental consultant
Environmental impact
Environmental impact statement (EIS)
Environmental indemnity agreement
Environmental law
Environmental liability
Environmental report
Environmental statement
EPC (engineering, procurement and construction) contract
EPC contractor
EPS (earnings per share)
Equal and ratable
Equipment
Equipment lease
Equipment schedule
Equitable subordination
Equity
Equity contribution
Equity contribution agreement
Equity contribution guarantee
Equity credit line (ECL)
Equity cure right
Equity cushion
Equity documents
Equity forward
Equity index agreement
Equity interest
Equity kicker
Equity letters of credit
Equity-linked
Equity-linked notes (ELN)
Equity participant
Equity security
Equity sponsor
Equity subscription agreement
Equity subscription guarantee
Equity swap agreement
Equivalent amount
ERISA (Employee Retirement Income Security Act)
ERISA affiliate
ERISA event
ERISA reportable event
Escrow
Escrow account
Escrow agent
Escrow agreement
Estoppel certificate
Euroclear
Eurocurrency liability
Eurocurrency reserve
Eurodollar
European style option
EV/EBITDA (enterprise value/EBITDA)
EV/EBITDA purchase price multiple
Event of default
Event of loss
Evergreen
EWG (exempt wholesale generator)
Excess cash flow
Exchange Act
Exchange controls
Exchange offer
Exchange period
Exchange rate
Exchange risk
Exchangeable
Excluded assets
Excluded taxes
Exculpatory agreement
Exercise price
Executory contract
Exempt wholesale generator (EWG)
Exim Bank
Exim Bank Environmental Guidelines
Exit financing
Exit strategy
Exit tender
Expiration date
Export credit agency (ECA)
FAA (Federal Aviation Administration)
Face amount
Facility
Factor
Factoring
Factoring agreement
Fair market value
Fair market value purchase option
Fairness opinion
Fallback reference dealer
Fallback reference price
Fallen angel
Farm products
Farming operation
FASB (Financial Accounting Standards Board)
Fast automated securities transfer (FAST) program
FAST program (fast automated securities transfer)
FAT (fixed asset turnover)
Fault
FCC (Federal Communications Commission)
FCC license
FCPA (Federal Corrupt Practices Act)
FDAPI (fixed or determinable annual periodic income)
FDIC (Federal Deposit Insurance Corporation)
Fed funds rate
Federal Aviation Administration (FAA)
Federal Communications Commission (FCC)
Federal Corrupt Practices Act (FCPA)
Federal Deposit Insurance Corporation (FDIC)
Federal Energy Regulatory Commission (FERC)
Federal Reserve Bank
Federal Reserve Board
Federal Reserve System
Federal Trade Commission (FTC)
Fee
Fee letter
Fee simple
FERC (Federal Energy Regulatory Commission)
FF&E (furniture, fixtures & equipment)
FIFO (first in, first out)
File number
Filing
Filing date
Filing office
Filing-office rule
Final certificate
Final completion
Final maturity date
Final payment
Final retention
Finance lease
Financeable
Financial Accounting Standards Board (FASB)
Financial asset
Financial buyer
Financial close
Financial covenant
Financial guaranty
Financial institution
Financial milestones
Financial officer
Financial owner
Financial plan
Financing agreement/documents
Financing parties
Financing statement
Fire sale price
Firm commitment
Firm gas
Firm power
Firm transmission service
First call
First in, first out (FIFO)
First in, last out (FOLO)
First in time
First loss
Fixed asset turnover (FAT)
Fixed charge coverage ratio
Fixed charges
Fixed or determinable annual periodic income (FDAPI)
Fixed rate
Fixed rate day count
Fixed rate option
Fixed rate payer
Fixed rate payment date
Fixture filing
Fixtures
F/k/a (formerly known as)
Flash money
Flex pricing
Float
Floater
Floating lien
Floating rate
Floating rate day count
Floating rate option
Floating rate payer
Floating rate payment date
Floor
Flooring agreement
Flooring line
Flue gas desulphurization unit
F.O.B. (free on board)
FOLO (first in, last out)
For collection
For surrender
Forbearance agreement
Forbearance period
Forbearance termination date
Force majeure
Force majeure event
Foreclosure
Foreign Corrupt Practices Act (FCPA)
Foreign exchange (FX)
Foreign sales corporation (FSC)
Foreign subsidiary
Foreign utility company (FUCO)
Form W-8 BEN
Form W-8 ECI
Form W-8 IMY
Form W-9
Formerly known as (f/k/a)
Forward calendar
Forward contract
Forward rate
Forward transaction
Franchise agreement
Fraudulent conveyance
Fraudulent transfer
Free cash flow
Free cash flow/operating cash ratio
Free on board (F.O.B.)
Friendly foreclosure
Fronting fee
FSC (foreign sales corporation)
FTC (Federal Trade Commission)
FUCO (foreign utility company)
Fuel consultant
Fuel management agreement
Fuel manager
Fuel study
Fuel supply agreement
Fuel transportation agreement
Fully diluted basis
Functional specification
Fund of funds
Funded debt
Funding ratio
Funds flow statement
Funds transfer
Funds-transfer business day
Funds-transfer system
Fungible goods
Furniture, fixtures & equipment (FF&E)
Futures contract
FX (foreign exchange)
FX swap
FX trading office
GAAP (generally accepted accounting principles)
Gap creditor
Gate
Gatekeeper
General intangibles
General partner (GP)
General partnership
Generally accepted accounting principles (GAAP)
Generating unit
Genuine
Global note
Global note legend
GmbH
Go shop provision
Going concern qualification
Golden rule
Good faith
Good utility practice
Goods
Goodwill
Government securities
Governmental authority
Governmental unit
GP (general partner)
Grantor trust
Greenfield project
Greenshoe
Grid
Grid pricing
Gross generation
Gross profit margin
Gross-up provision
Ground lease
GT (gas turbine)
Guarantee
Guaranteed completion date
Guaranteed pension plan
Guaranteed performance levels
Guaranteed obligations
Guarantor
Guarantor security agreement
Guidance line
Haircut
Hair trigger
Half-turn
Hard circle
Hazardous materials
Health care insurance receivable
Heat rate
Heat recovery steam generator (HRSG)
Heat recovery steam generator
Hedge
Hedge fund
Hedging obligations
Hell or high water clause
Held in custody (HIC repo)
HIC repo (held in custody)
Hidden liens
High dividend common stock
High yield bond
Highly leveraged transaction (HLT)
Historical volatility
HLT (highly leveraged transaction)
Holdback
Holder
Holder in due course
Holder of record
Holding company
Hold-up value
Holiday
Hot goods
HRSG (heat recovery steam generator)
HSR filing
Hypothetical lien creditor
IAI (institutional accredited investor)
ICA (International Court of Arbitration)
ICC (International Chamber of Commerce)
IDERA (Irrevocable deregistration and export request authorization)
IE (independent engineer)
Identification period
Illegality
Impairment
Impairment charge
Implementation contract
Implied yield
Implied volatility
Improvements
In the money
In-transit inventory
Inc.
Inchoate lien
Income trust security
Incumbency certificate
Incur
Incurrence test
Indebtedness
Indefeasible
Indemnifiable taxes
Indemnity
Indemnity agreement
Indenture
Indenture trustee
Independence principle
Independent accountants
Independent auditors
Independent director
Independent engineer (IE)
Independent financial advisor
Independent power producer (IPP)
Independent system operator (ISO)
Index
Index option
Indirect holding system
Indirect participant
Indorsement
Industrial and commercial profits
Industrial revenue bond (IRB)
Information reporting
Initial deposit
Initial disbursement
Initial financing statement
Initial public offering (IPO)
Initial purchaser
Insider preference period
Insolvency proceeding
Insolvent
Inspection certificate
Installment lease contract
Installment sales contract
Institutional accredited investor (IAI)
Instruction
Instrument
Insufficient funds (NSF)
Insurance broker
Insurance certificate
Insurance consultant
Insurance proceeds
Insured loss
Insurers
Intangible assets
Integration clause
Intellectual property
Intercompany loan
Interconnection
Interconnection study
Interconnection works
Intercreditor agreement
Interest
Interest charges
Interest coverage ratio
Interest expense
Interest payment date
Interest rate cap
Interest rate collar
Interest rate protection agreement
Interest rate swap
Interest re-set date
Interim certificate
Interim holding company
Intermediary bank
Internal financial statements
Internal rate of return (IRR)
International arbitration
International Chamber of Commerce (ICC)
International interest
International registry
International Securities Identification Number (ISIN)
International Swap Dealers Association (ISDA)
Interruptible gas
In-transit inventory
Interest only (IO)
Inventory
Inventory period
Inventory turnover
Investment
Investment bank
Investment company
Investment company security
Investment grade debt
Investment property
Investment unit
Investors rights agreement
Involuntary bankruptcy
Involuntary petition
IO (interest only)
IPO (initial public offering)
IPP (independent power producer)
Ipso facto clause
IRB (industrial revenue bond)
IRR (internal rate of return)
Irrevocable deregistration and export request authorization (IDERA)
Irrevocable power of attorney
ISDA (International Swap Dealers Association)
ISDA Master, confirmation, schedule, credit support annex
ISIN (International Securities Identification Number)
ISO (independent system operator)
Issue date
Issuer
Issuer?s jurisdiction
Issuing bank
Item
Joinder agreement
Joint and several
Joint development agreement
Joint venture
Judgment default
Judgment lien
Judicial foreclosure
Judicial lien
Junior creditor
Junior debt
Junior subordinated
Junk bond
Jurisdiction of organization
Keepwell
Key employees
Key man life insurance
Know your customer
Landing certificate
Landlord waiver
Landlord?s lien
Lapse
Last in, first out (LIFO)
Last in, still there (LIST)
Last quarter annualized (LQA)
LBO (leveraged buy-out)
LC or L/C (letter of credit)
Lead arranger
Leaking underground storage tank(LUST)
Lease agreement
Lease line of credit
Lease supplement
Leasehold mortgage
Legal defeasance
Lender of last resort
Lessee
Lessee in the ordinary course of business
Lessor
Lessor?s cost
Lessor?s residual interest
Letter of credit (LC or L/C)
Letter of credit application
Letter of credit issuer
Letter-of-credit right
Letter of instruction
Letter of intent (LOI)
Letter of transmittal (L/T)
Leverage ratio
Leveraged buy-out (LBO)
Leveraged finance
Leveraged lease
Leveraged recapitalization
LIBOR (London interbank offered rate)
Licensee
Licensee in the ordinary course of business
Licensor
Lien
Lien creditor
Lien search
Lien subordination
Lien subordination agreement
Lien waiver
LIFO (last in, first out)
Like-kind exchange
Limit order
Limited guaranty
Limited liability company (LLC)
Limited liability partnership (LLP)
Limited partner (LP)
Limited partnership (LP)
Limited recourse
Liquidation analysis
Liquidation preference
Liquidity event
Liquidity facility
Liquidity ratio
Liquified natural gas (LNG)
Liquor license
Limited (Ltd.)
LIST (last in, still there)
LLC (limited liability company)
LLP (limited liability partnership)
LNG (liquified natural gas)
Load (electric)
Loan agreement
Loan and security agreement
Loan documents
Loan information memorandum
Loan participation
Loan Syndications and Trading Association (LSTA)
Loan to own
Loan to value (LTV)
Local business day
Lockbox (hard and soft)
Lockbox agreement
LOI (letter of intent)
London interbank offered rate (LIBOR)
Long position
Long-term debt
Loss payee
Loss payee endorsement
LP (limited partnership or limited partner)
LQA (last quarter annualized)
LSTA (Loan Syndications and Trading Association)
LSTA Code of Conduct
LT or L/T (letter of transmittal)
Ltd. (Limited)
LTV (loan to value)
LUST (leaking underground storage tank)
M&M lien (mechanics & materialmen)
MAC (material adverse change)
MAE (material adverse effect)
Majority holders
Make-whole
Mandate letter
Mandatory prepayment
Mandatory redemption
Mandatory redemption date
Management agreement
Management fees
Management incentive plan (MIP)
Manufactured home
Manufactured home transaction
Margin call
Margin deposit
Margin payment
Margin stock
Mark-to-market
Mark-to-market matrix (MTM)
Market disruption event (MDE)
Market maker
Market capitalization
Market out
Market rent
Market to book ratio
Marketable securities
Marshaling
Master lease agreement
Master netting agreement
Master trust
Material adverse change (MAC)
Material adverse effect (MAE)
Material change in content
Material change in formula
Material non-public information (MNPI)
MDE (market disruption event)
Materialmen?s lien
Maturity date
MBS (mortgage backed securities)
Mechanical completion
Mechanics lien
Mechanics & materialmen (M&M)
Medallion guarantee
Medium term note (MTN)
Meltdown
Melting ice cube
Memorandum of lease
Memorandum of understanding (MOU)
Merchant
Merchant bank
Merger
Mezzanine debt
Mezzanine financing
Mezzanine lender
MFN (most favored nation) clause
Midnight deadline
Midquarter convention
Milestone
Milestone certificate
Milestone payment schedule
Milestone performance criteria
Minimum performance levels
MIP (management incentive plan)
Mirror note
Modification
Modified business day convention
Money
Money center bank
Money market account
Moody?s
Mortgage
Mortgage security
Mortgage backed securities (MBS)
Most favored nation clause (MFN)
MOU (memorandum of understanding)
MNPI (material non-public information)
MTM (mark-to-market) matrix
MTN (medium term note)
Multibranch party
Multilateral lender
Muni bond
Mutual fund
Naked contract
Naked sale procedure
Nameplate capacity
NASD (National Association of Securities Dealers)
NASDaq (National Association of Securities Dealers automated quotation system)
National Association of Securities Dealers (NASD)
National Association of Securities Dealers automated quotation system (NASDaq)
Natural gas
NDA (non-disclosure agreement)
Negative arbitrage
Negative covenant
Negative negative pledge
Negative pledge
Negotiable document
Negotiable instrument
Negotiating bank
Negotiation and transfer
NERC (North American Electric Reliability Council)
Net [#] days
Net cash proceeds
Net economic return
Net generation
Net income
Net operating income
Net operating loss (NOL)
Net proceeds
Net profit margin
Net tangible assets
Net working capital
Net worth
Net worth ratio
New debtor
New value
New York closing
New York Stock Exchange (NYSE)
NewCo
NIMBY (not in my back yard)
Nitrogen oxide (NOx)
No-action letter
No fault termination
No-shop provision
NOL (net operating loss)
NOLV (net orderly liquidation value)
Nominal purchase option
Nominated person
Noncash proceeds
Non-appealable
Non-cash charge
Non-compete agreement
Non-defaulting party
Non-deliverable forwards
Non-disclosure agreement (NDA)
Non-firm power
Non-firm transmission service
Non-interference agreement
Non-recognition
Non-recourse debt
Non-recourse guaranty
Non-severable modification
Nonutility power producer
Non-warranty deed
NOPR (notice of proposed rulemaking)
North American Electric Reliability Council (NERC)
Note
Note purchase agreement
Note register
Note registrar
Notation of guarantee
Notice of adverse claim
Notice of assignment
Notice of borrowing
Notice of conversion/continuation
Notice of proposed rulemaking (NOPR)
Notification date
Notice to proceed (NTP)
Not in my back yard (NIMBY)
Notional amount
NOx (nitrogen oxide)
NSF (insufficient funds)
NTP (notice to proceed)
NYSE (New York Stock Exchange)
O&M agreement (operations & maintenance)
Obligations
Obligee
Obligor
Obligor on the securities
OCC (official creditors? committee)
OCF (operating cash flow)
Off balance sheet
Offering circular
Officers certificate
Official creditors? committee (OCC)
Official filing
Offshore lending office
OID (original issue discount)
Oklahoma City
Old and cold creditors
One-stop shop
On-lend
Open account
Open position
Open-ended indenture
Operator
Operating account
Operating and efficiency standards
Operating and maintenance costs
Operating and maintenance guarantee
Operating cash flow (OCF)
Operating cash flow/sales ratio
Operating cycle
Operating lease
Operating profit margin
Operations and maintenance (O&M) agreement
Operative documents
Opinion documents
Opinion of counsel
Opt-in
Option
Option contract
Option line
Optional modification
Optional redemption
Order
Ordinary care
Ordinary course of business
Ordinary income
Organization
Organizational documents
Original debtor
Original issue discount (OID)
OTC (over the counter)
Outage
Out-of-court restructuring
Out of the money
Over-allotment option
Over the counter (OTC)
Overdraft
Overissue
Overnight overdraft
Owner?s representative
Owner participant
Ownership letters
Owner trust
Par
Par value
Parasitic loan
Pari passu
Participant
Participation
Partnership
Party
Pass-through entity
Patent assignment
Payable
Payable to order
Payee
Paying agent
Payment blockage notice
Payment blockage period
Payment date
Payment default
Payment in kind (PIK)
Payment intangible
Payment order
Payment subordination
Payoff letter
Payor
Payor bank
PBGC (Pension Benefit Guaranty Corporation)
PE ratio (price/earnings)
PE to growth ratio
Peaking
Pension Benefit Guaranty Corporation (PBGC)
Pension plan
Per diem
Per pop
Perfection
Performance guaranty
Performance liquidated damages
Performance pricing
Performance tests
Performance tests protocol
Permit
Permitted indebtedness
Permitted investments
Permitted junior securities
Permitted liens
Permitted refinancing indebtedness
Permitted transfer
Permitted transferee
Person
Person entitled under document
Person related to
Petition
Petition date
Pickle lease
Pier
PIK (payment in kind)
Pink sheets
PIPES (private investment in public equity)
Placement agent
Plan
Plant and equipment
Platform acquisition
Pledge
Pledge agreement
PO (principal only)
Portfolio interest
Portfolio sale
PORTAL (private offerings, resale and trading through automated linkages)
Position listing
Possession
Possessory lien
Postponement
Potential event of default
Power
Power coupled with interest
Power marketers
Power of attorney
Power of sale
Power purchase agreement (PPA)
Power station
PPA (power purchase agreement)
PPM (private placement memorandum)
PPS (price per share)
Preference
Preference period
Preferred ship mortgage
Preferred stock
Preliminary acceptance date
Premium
Pre-negotiated bankruptcy
Pre-pack or pre-packaged bankruptcy
Prepaid forward
Prepayment penalty/premium
Present value
Presentation time
Presenting bank
Presumption
Price/earnings (PE ratio)
Price per share (PPS)
Price talk
Pricing grid
Prime
Prime broker
Prime rate
Priming lien
Principal
Principal amount at maturity
Principal only (PO)
Principal place of business
Priority
Priority search certificate
Private company
Private equity
Private investment in public equity (PIPES)
Private offerings, resale and trading through automated linkages (PORTAL)
Private placement memorandum (PPM)
Pro forma
Pro forma schedule
Proceeds
Proceeds of a letter of credit
Process agent
Productive assets
Prohibited transaction
Prohibited transaction class exemption (PTE)
Project
Project agreements
Project budget
Project company
Project completion
Project completion agreement
Project completion date
Project costs
Project documents
Project site
Projections
Promissory note
Proof of assignment
Proof of claim
Property of the estate
Proposal
Proration
Prospectus
Prospectus summary
Protected purchaser
Protest
Protocol
Prove
Provisional settlement
PSA (purchase and sale agreement)
PTE (prohibited transaction class exemption)
Public company
Public filing
Public finance transaction
Public Utilities Regulatory Policies Act (PURPA)
Punch list
Purchase
Purchase and sale agreement (PSA)
Purchase contract
Purchase money collateral
Purchase money obligation
Purchase option
Purchase order
Purchase money security interest
Purchaser
Purchaser for value
PURPA (Public Utilities Regulatory Policies Act)
Purpose credit
Pursuant to commitment
Put
Put option
QF (qualifying facility)
QIB (qualified institutional buyer)
QIU (qualified independent underwriter)
Qualified independent underwriter (QIU)
Qualified institutional buyer (QIB)
Qualified intermediary
Qualified IPO
Qualified opinion
Qualifying facility (QF)
Quick assets
Quick ratio
Quitclaim deed
Ranking
Ratchet
Rating
Rating agency
Ratio debt
Reach-back
Real estate investment trust (REIT)
Real estate mortgage investment conduit (REMIC)
Reasonable and prudent operator
Reasonably equivalent value
Reasoned opinion
Recapitalization
Receivables
Receivables turnover ratio
Receiver
Recharacterization
Reclamation
Reclassification
Reclassification as current
Reconsignment
Record
Record date
Record holder
Recourse
Red herring
Redacted document
Redeemable
Redemption
Redemption date
Redemption notice
Reference bank
Reference market-maker
Refinancing
Registered form
Registered organization
Registered owner
Registration rights agreement
Registration statement
Regulation 14E
Regulation AB
Regulation D
Regulation FD
Regulation S
Regulation T
Regulation U
Regulation X
Reimbursement obligations
Reinstatement
REIT (real estate investment trust)
Related party
Relation back
Release and reconveyance
Release price
Relevant jurisdiction
Reliability test
Remedy
REMIC (real estate mortgage investment conduit)
Remitter
Renewal notice
Renewal rent
Renewal term
Rent period
Reorganization
Replacement property
Repledge
Repo
Repo participant
Reporting requirements
Representative
Repudiation
Repurchase
Repurchase agreement
Repurchase date
Repurchase price
Required lenders
Required modification
Resale exemption
Rescission
Reserve accounts
Reserve percentage
Reserve requirements
Residual value
Resolution Trust Company (RTC)
Responsible officer
Restricted cash
Restricted investment
Restricted payment (RP)
Restricted payment formula
Restricted subsidiary
Restriction on transfer
Restrictive covenant
Restrictive legend
Restructuring
Retail sales
Retained interest
Retention
Retention account
Retention of title
Return on assets (ROA)
Return on common equity (ROCE)
Return on equity (ROE)
Returned item
Reuters screen
Reverse exchange
Reverse repo/reverse repurchase agreement
Reverse triangular merger
Reviewed financials
Revocation
Revolver
Revolving basket
Revolving credit agreement
Revolving credit and term loan agreement
Rights offering
Risk of loss
ROA (return on assets)
ROCE (return on common equity)
ROE (return on equity)
Roadshow
Rollover
RP (restricted payment)
RTC (Resolution Trust Company)
Rule 14e-1
Rule 144
Rule 144A
Rule 903
Rule 904
SACA (securities account control agreement)
S corp
S&P (Standard & Poor?s Ratings Group, a division of McGraw-Hill, Inc.)
Sale
Sale and servicing agreement (SSA)
Sale lease-back
Sale on approval
Sale or return
Sales for resale
Same-day funds
Sarbanes-Oxley Act (SOX)
SARE (single-asset real estate entity)
Seasonably
Seasoning facility
Scheduled maturity
Scheduled outage
Scheduled payment date
Scope of work
SCR (selective catalytic reduction)
SEC (Securities and Exchange Commission)
Second lien
Secondary obligor
Secret lien
Secretary?s certificate
Section 3(a)(9)
Section 4(2)
Section 314
Section 363 sale
Section 552
Section 1111(b) election
Secured party
Secured party in possession
Securities account
Securities account control agreement (SACA)
Securities Act
Securities and Exchange Commission (SEC)
Securities intermediary
Securities intermediary?s jurisdiction
Securities Investor Protection Corporation (SIPC)
Securities purchase agreement (SPA)
Security
Security agreement
Security certificate
Security entitlement
Security interest
Security procedure
Securitization
Selective catalytic reduction (SCR)
Send
Seller note
Seller?s stoppage of delivery
Senior credit facility
Senior debt
Senior lenders
Senior loan documents
Senior obligations
Senior second lien debt
Senior subordinated
Servicer
Servicing fees
Series
Setoff
Settlement
Settlement amount
Settlement date
Settlement payment
Settles without accrued interest
Severable modification
Several and not joint
Severability
SFAC (statements of financial accounting concepts)
Shared services agreement
Shareholders
Shareholders agreement
Shareholders equity
Shelf registration statement
Shipper?s weight, load and count
Short position
Sidestream guarantee
Signature guarantee
Signed
Sight draft
Silent second
Simple/single cycle
Single-asset real estate entity (SARE)
Single investor tax lease
SIPC (Securities Investor Protection Corporation)
Site lease
SIV (structured investment vehicle)
Society for Worldwide Interbank Telecommunication (SWIFT)
Soft circle
Software
Solvency certificate
Solvency opinion
Source code escrow
Sovereign immunity
SOx (sulfur oxide)
SOX (Sarbanes-Oxley Act)
SPA (securities purchase agreement)
Spare parts agreement
SPE (special purpose entity)
Specifications
Specified entity
Specified indebtedness
Specified treaty
Special endorsement
Special purpose entity (SPE)
Spinning reserve
Sponsor
Spot contracts
Spot exchange
Spot purchase
Spot rate
Spread
Spread account
Springing guaranty
Springing lien
SPV (special purpose vehicle)
SSA (sale and servicing agreement)
Stale check
Stale dated
Stalking horse
Stamp tax
Standard & Poor?s Ratings Group, a division of McGraw-Hill, Inc. (S&P)
Standback
Standby letter of credit
Standstill
Staple financing
Start-up
State
Stated maturity
Statements of financial accounting concepts (SFAC)
Station load
Statute of frauds
Statute of limitations
Statutory insider
Statutory lien
Steam turbine generator (STG)
STG (steam turbine generator)
Stipulated loss
Stock-on-stock dividend
Stockbroker
Stop payment order
Strategic buyer
Stream of benefits
Street name
Stretch the trade
Strict foreclosure
Strike price
Strong arm powers
Structural subordination
Structured finance
Structured investment vehicle (SIV)
Sub debt
SubCo
Subcontract
Subcontractor
Sub-division
Sublease
Sublimit
Subline
Subordinated debt
Subordinating creditor
Subordination agreement
Subprime
Subrogation
Subscription agreement
Subsidiary
Substantial completion
Substantial compliance
Substantive consolidation/non-consolidation opinion
Success fee
Successor
Successor guarantor
Sulfur oxide (SOx)
Sun Gard provisions
Sunset
Super holding company
Superpriority
Supplemental indenture
Supplemental rent
Supplier
Supply contract
Supporting obligation
Surety
Surety bond
Suretyship defenses
Surplus
Survey
Survival period
Suspends payment
Swap
Swap agreement
Swaption straddle
Sweat equity
Sweep
Sweetheart deal
SWIFT (Society for Worldwide Interbank Telecommunication)
Swing line
Syndicated loan
Syndication agent
Synthetic lease
Synthetic revolver
T+3 (trade date + 3 business days)
T&C (terms and conditions)
T&R (timetable & responsibilities)
Take-or-pay
Take-out financing
Take-over date
Taking-over
Tangible chattel paper
Tangible net worth
Target
Tax assumption
Tax disruption
Tax event
Tax event upon merger
Tax-free reorganization
Tax gross-up
Tax lease
Tax lien
Tax sharing agreement
Tender offer
Tenor
Term
Term loan
Term securitization
Terms and conditions (T&C)
Term sheet
Terminal rental adjustment clause lease (TRAC)
Terminated transactions
Termination currency
Termination currency equivalent
Termination event
Termination rate
Termination statement
Termination value
Testing
The Depository Trust Company (DTC)
Thermal
Threshold amount
TIA (Trust Indenture Act)
TIBOR (Tokyo interbank offered rate)
Time draft
Time table & responsibilities (T&R)
Title
Title insurance
Title insurance endorsements
Title report
Title search
Toggle PIK
Tokyo interbank offered rate (TIBOR)
Tolling
TOPrS (trust originated preferred securities)
Top-up provision
Total asset turnover
Total assets
Total debt
Total funded debt
Total funded debt to cash flow ratio
Total liabilities
Total liabilities to cash flow ratio
Total return swap (TRS)
Toxic preferred
TRAC (terminal rental adjustment clause) lease
Trade confirmation
Trade creditor
Trade date
Trade date + 3 business days (T+3)
Trade name
Trade payables
Trade ticket
Trades flat
Trademark assignment
Trading disruption
Trailing twelve month
Train leaving the station
Tranche
TRS (total return swap)
Transaction documents
Transfer
Transfer agent
Transfer point
Transfer statement
Transfer warranties
Transferee
Transferor
Transmission
Transmitting utility
Treasuries
Treasury benchmark
Treasury rate
Treaty rate
Trigger event
Triple-net lease
True sale
Truncated social security number
Trust agreement
Trust and retention agreement
Trust assets
Trust estate
Trustee
Trust Indenture Act (TIA)
Trust-originated preferred securities (TOPrS)
Trust receipt
Turbine
Turnkey contractor
Turnover
UBTI (unrelated business income tax)
UCC (Uniform Commercial Code)
UCP (Uniform Customs and Practice)
UFCA (Uniform Fraudulent Conveyance Act)
UFTA (Uniform Fraudulent Transfer Act)
Unauthorized signature
Uncertificated security
Uncommitted line
Underground storage tank (UST)
Under trust deed dated (u/t/d)
Underwriter
Unfunded liability
Uniform Commercial Code (UCC)
Uniform Customs and Practice (UCP)
Uniform Fraudulent Conveyance Act (UFCA)
Uniform Fraudulent Transfer Act (UFTA)
Unilateral change
Unitranche
Units offering
Unlimited guaranty
Unpaid amounts
Unrelated debt financed income
Unrelated business income tax (UBTI)
Unrestricted subsidiary
Unsubordinated debt
Upfront fee
Upstream guaranty
Usage of trade
Use it and lose it basket
Useful thermal output
UST (underground storage tank)
U/T/D (under trust deed dated)
Utility
Validity guaranty
Value
Variable currency payer
Variable delivery date contract
Variable rate
Vendor leasing
Void ab ignitio
Voidable
Volatility
Voluntary bankruptcy
Voluntary petition
Voluntary prepayment
Voting stock
Vulture fund
WAC (weighted average coupon)
Waiting period
Waiver
Waiver of jury trial
Warehouse facility
Warehouse lender
Warehouse receipt
Warehouseman?s lien
WARN (Worker Adjustment and Retraining Notification) Act
Warrant
Warrant coverage
Warranty
Warranty deed
Warranty period
Waterfall
Weighted average
Weighted average coupon (WAC)
Weighted average default rate
Weighted average life to maturity
Wheeling service
White knight
Whole business securitization
Whole loan mortgage
Wholesale sales
Wholly owned subsidiary
Willful default
Window dressing facility
Window forward
WIP (work in progress)
Work
Worker Adjustment and Retraining Notification Act (WARN)
Work in progress (WIP)
Working capital
Working capital ratio
World Bank, The
World Bank Environmental Guidelines
Worst case projections
Wrap insurance
Writing
Wrongful dishonor
Yank a bank
Yield to maturity
Zero balance account
Zero coupon bond
Zone of insolvency
Zoning ordinance
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