Glossary
Welcome to SFNet's Secured Finance Glossary of industry terms. Currently the SFNet Glossary has over 400 industry terms and definitions. You can search specific terms in the search tool above, or use the alpha tool below and progress on the paginations.
Appraisal/Appraisal Report 
A third party valuation of collateral, including inventory, equipment, or property, often which determines the collateral value in a Borrowing Base (prior to applying an advance rate).
Arranger
The institution responsible for putting together the syndicate of lenders for a Borrower under the loan documentation.
Article 9 Sale
Article 9 of the Uniform Commercial Code sets forth a statutory scheme for both creating and enforcing security interests in personal property.
As-is, Where-is
As-is, Where-is refers to the condition, state, and location of a particular asset at the time of sale.
Asset Quality Rating
A borrower's Asset Quality Rating, or "AQR" is a BASEL risk rating used to estimated the expected loss, or potential losses associated with a particular loan extended to a borrower, and is a common measurement of credit risk.
Asset-Based Lending
Asset-based lending is a term that is often broadly applied to loans that are secured by receivables and inventory and other assets.
Asset-Based Loan
An asset-based loan is a credit facility that is supported and governed by an underlying pool of assets, otherwise known as a borrowing base.
Assignment of Claims Act
The Assignment of Claims Act is a federal law that enables a company, or borrower, to assign to a beneficiary cash or another asset that is due or is expected to come due provided certain qualifying conditions are met.