Glossary

A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets.

A Fee Based Appraisal is the most common type of structure on appraisals performed. The "fee" indicates the structure under which the appraisal firm would liquidate the assets. 

Fee letter sets out the amounts and terms of various fees due to the agents and initial lenders for underwriting and arranging the financing (including fees to be paid if the deal is not consummated or the borrower does an alternate transaction with other lenders), and administrative agent fees.

The field examiner through field work testing and analysis, prepares and issues a field exam report that provides an analysis of Accounts Receivable and Inventory which collateralizes secured lending facilities.

A field examiner conducts field examinations of current and prospective clients in accordance with standard examination procedures to determine the quality, quantity and validity of collateral such as Accounts Receivable and Inventory, as well as the financial condition that supports the collateral.

A standardized form that is filed in the public records to provide notice of a security interest in certain assets of a debtor. Under the Uniform Commercial Code, the filing of a UCC-1 financing statement is sufficient to perfect a security interest in most (but not all) personal property

A standardized form that is filed in the public records to terminate, assign or amend an existing Financing Statement (UCC-1).

A type of inventory consisting of goods that are ready for sale by a borrower to its customers. These goods can range from components ready for assembly into other products (hard drives, brake pads), to complete products ready for sale to end customers (laptops, construction equipment).