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Total assets minus total liabilities equals equity or net worth. Raising equity capital implies ownership. Escrow Placing money in a special and separate account under the control of another party, usually a financial institution, to be held until the completion of conditions set forth in an agreement. Evergreen Lease This is a lease that automatically renews itself each year unless the lessee gives notice of its termination within a specified period of time. bad credit credit creditres

Factor

Financial institution that buys accounts receivables from a firm and bills customers directly, in contrast to a bank that only lends on accounts receivable. Factoring (1) the selling of accounts receivable; (2) selling invoices at a discount. FASB 13 Statement issued by the Financial Accounting Standards Board establishing financial accounting standards for reporting leases for both lessees and lessors. bad consolidation credit debt

Fair Market Value Purchase Option

An option to purchase leased property at the end of the lease term at its then fair market value. The lessor does not have the ability to retain title to the equipment if the lessee chooses to exercise the purchase option. Finance Lease (Lease/purchase) A rental agreement backed by the full faith and credit of the lessee ("borrower"). Typically, a finance lease is a full-payout, non-cancelable agreement, and the lessee is responsible for maintenance, taxes, and insurance. Finance leases are easily recognized by their "bargain purchase options" (typically $1.00) which may be exercised by the lessee at the end of the lease term. bad company credit repair

Financial Accounting Standards Board (FASB)

A seven-member organization which was established by the accounting profession to establish accounting principles which represent generally accepted reporting practices. Financial Advisor Generally an investment-banking company, independent consulting firm or bank that advises the issuer on all financial matters pertaining to a proposed issue and is not part of the underwriting syndicate. bad card credit credit

Financial Statements

Periodic accounting reports of a company's activities. Usually includes balance sheet, income statement, accountant's cover letter, changes in cash flow and notes. Fixed Asset Property with relatively long life, such as land, buildings and equipment. Full Payout Lease A lease in which the lessor recovers, through the lease payments, all costs incurred in the lease, plus an acceptable rate of return, without any reliance on the leased equipment's future residual value. (see Capital Lease) bad car credit loan

Government Accounting Standards Board (GASB)

GASB was organized in 1984 by the Financial Accounting Foundation (FAF) to establish standards of financial accounting and reporting for state and local governmental entities. GASB standards guide the preparation of external financial reports of those entities. General Obligation Bonds A bond secured by a pledge of the issuer's taxing powers (limited or unlimited). More commonly the general obligation bonds of local governments are paid from ad valorem property taxes and other general revenues. Considered the most secure of all municipal debt. bad credit loan mortgage

Goodwill

The difference between the market value of a firm and the market value of its net tangible assets. Guaranteed Savings Agreement This agreement combines the lower rates usually found with conventional financing agreements backed by the full faith and credit of the borrower (i.e., a lease or loan) with equipment performance guarantees. The guarantees may be provided by either the installing company and/or an insurance policy may be issued by an insurance company. This may be a cost effective alternative to true Shared Savings Agreements, and is available for larger transactions. auto bad credit loan

Hard Assets

Assets with liquidating value, such as equipment and machinery. "Hell or High Water" Clause Phrase common within the lending industry used to underscore the unconditional repayments of any financing agreement by the borrower, regardless of outside influences, acts of God, performance of equipment, etc. Holding Company A corporation that owns either a controlling interest in another company or all of its shares. The accounts of a wholly-owned subsidiary may be consolidated with those of the parent company. Normally a company whose main assets are securities in other companies. bad credit mortgage refinance

Income Statement

A financial statement that shows the amount of income earned by a business over a specific accounting period. All costs (expenses) are subtracted from the gross revenues (sales) to determine net income, which outlines the profit-and-loss financial statement (P & L). Incremental Borrowing Rate Is the interest rate that, at the inception of the lease, the lessee would have incurred to borrow the funds necessary to purchase the leased asset over a similar term. Used when determining whether a lease qualifies as an operating or capital lease. bad credit refinance

Internal Rate of Return

The discount rate that equates the net present value of cash inflows and outflows to zero. Initial Public Offering (IPO) A company's first registration and sale of stock to the public. The reasons for an IPO are: 1) to provide an opportunity for existing investors to turn a profit, since for the first time their shares will be given a market value reflecting the expectations for the company's future growth, and, 2)to potentially raise significant amounts of capital to fuel the planned and/or continued growth of the privately held company. bad credit mortgage second

Interest

Is the cost of using money expressed as a rate over a period of time. Care should be taken when comparing rates, as there are many different types of interest including simple, compounded, discounted, implicit, stream (running rate), etc. The average annual yield earned by investment during the period held. It is the rate that adjusts the value of future energy savings generated by the equipment ( cash inflow is equal to the original installed equipment cost ( cash outflow . This is commonly used as a decision making tool when prioritizing competing investments. bad credit loan student

Investment Banker

Serves as a middleman between the supplies of capital and the users of capital; also known as an underwriter. Issuer A state or local unit of government that borrows money through the sale of bonds and/or notes. Investment Grade Bond issues that the three major bond rating agencies, Moody's, Standard & Poor's, and Fitch rate BBB or Baa or better. Many fiduciaries, trustees, some mutual fund managers can only invest in securities with an investment grade rating. See "Ratings." bad card credit

Junk Bonds

Bonds of a speculative grade which represent a higher risk to investors but offer the opportunity for higher interest. Looked upon as undervalued assets and used as money source in takeover attempts. Leveraged Buyout also known as LBO The purchase of a company financed by borrowing on its assets. Lease A contract in which one party conveys the use of an asset to another party for a specific period of time at a predetermined rate. bad credit financing

Leasehold Improvement

An improvement to leased property, considered an intangible asset to the lessee, that becomes the property of the lessor at the end of the lease. Lease Financing Financing the acquisition of plant or equipment by leasing it rather than buying it. Lease-Rental Bond Bonds whose principal and interest are payable exclusively from rental payments from a lessee. Rental payments are often derived from earnings of an enterprise that may be operated by the lessee or the lessor. Rental payments may also be derived from taxes levied by the lessee. Also see Certificates of Participation. bad credit home loan mortgage

Lease Rate Factor

The percentage of the equipment cost that will be paid every period (monthly, quarterly, etc.) during the base term of the lease. Letter of Credit A bank's written guarantee of funds available of drafts written on it. Leverage An activity that borrows funds at a specified interest rate with the expectation of using these funds to earn a higher rate of return for the benefit of the enterprise. bad credit loan people

LIBOR

LIBOR is an abbreviation for "London Interbank Offered Rate, " and is the interest rate offered by a specific group of London banks for U.S. dollar deposits of a stated maturity. LIBOR is used as a base index for setting rates of some adjustable rate financial instruments. Line of Credit Short-term financing usually granted by a bank up to a predetermined limit; debtor borrows as needed up to the limit of credit without need to renegotiate the loan. bad card credit credit people

Legal Opinion

A written opinion from counsel that an issue of bonds and/or leases was duly authorized and issued. The opinion usually includes the statement, "interest received thereon is exempt from federal taxes and, in certain circumstances, from state and local taxes." Leveraged Lease A lease agreement that involves at lest three parties: a lessor, a lessee and a funding source. The lessor (owner) purchases the equipment by making an equity investment and then finances the remaining balance by issuing non-recourse note(s) to the lender(s). bad credit guaranteed loan

Limited Partnership

Form of partnership composed of both a general partner(s) and a limited partner(s); the limited partners have no control in the management of the company and are usually financially liable only to the extent of their investment in the partnership. Master Lease A contract where the lessee leases currently needed assets and is able to acquire other assets under the same basic terms and conditions without negotiating a new contract. Master Leases can include operating, capital, true or tax exempt municipal leases. bad credit refinancing

Merchant Wholesaler

Wholesaler who takes title to goods he/she buys for resale to institutions that intend to either resell the goods as they are or process them in some way for resale. Mortgage A loan secured by a conveyance of an interest in real property as security for the repayment of money borrowed. A second mortgage holder is more at risk than a first mortgage holder because, should the borrower default on the loan, the second mortgage holder must buy out the first mortgage holder or forfeit their secured position. bad credit equity home loan

Municipal Bonds

Debt obligations of states, cities, counties or statutory authorities. Often called "tax exempts" because they are free from federal income tax and usually free from state income taxes in the state where issued. Municipal Lease A conditional sales contract in the form of a lease and available only to municipalities, states, counties and certain special authorities. Because the interest earnings are tax exempt to the lessor, rates on Municipal Leases are lower than conventional commercial lease rates. This lease structure can direct operating funds into capital purchases and is an excellent financing alternative to floating a bond issue to pay for a particular project. Unlike a conventional lease (which is non-cancelable for the lease term), a Municipal Lease typically allows the Municipality to return the leased asset to the lessor without penalty prior to the end of the lease term should funding become unavailable (non-appropriations clause). bad credit loan payday

Municipal Futures

A municipal index futures contract that has been traded at the Chicago Board of Trade since June 11, 1985. The futures contract is based on an index, known as The Bond Buyer Municipal Bond Index, composed of 40 bonds which are priced at the close of trading each day. This is no market for amateur speculators; it is used primarily by professional money managers to hedge their municipal portfolios. bad credit repair

Net Present Value

The value in current (today s) dollars of future cash flows. In order to make this calculation, an interest rate must be identified. Usually, this interest rate is the organization s opportunity cost; in other words, the expected return if these funds could be invested in an alternative project or investment. Net Lease A lease in which all costs in connection with the use of the equipment, such as maintenance, insurance and property taxes, are paid for separately by the lessee and not included in the lease rental paid to the lessor. bad credit home loan uk

Open-End Lease

(See also Closed-End Lease.) A lease which provides the provision for extending the lease on predetermined terms after a set period of time. Operating Lease Any lease which is not a capital lease. From a financial reporting perspective, it is a lease that has the characteristics of a rental agreement and also meets certain criteria established by the FASB. Such a lease is not required to be shown on the balance sheet of the lessee. The term is also used to refer to leases in which the lessor has taken a significant residual position in the lease pricing and, therefore, must salvage the equipment for a certain value at the end of the lease term in order to earn its rate of return. 2nd bad credit mortgage

Operating Foundation

A 501(c)(3) organization classified by the IRS as a private foundation whose primary purpose is to conduct research, social welfare, or other programs as determined by its charter or governing body. Most of the foundation funds are used for the foundation's own programs. Operating foundations may award grants, however the amount of the grants is generally small. bad credit loan unsecured

Original Issue Discount

Some maturities of a new bond issue that have an offering price substantially below par; the appreciation from the original price to par over the life of the bonds is treated as tax-exempt income and is not subject to capital gains tax. Partnership Business association of two or more people. There are two types of partnerships, the general and the limited partnership. bad consolidation credit loan

Par Value

The face value or principal amount of a bond, usually $5, 000 due the holder at maturity. It has no relation to the market value. For pricing purposes it is considered 100. Payments in Arrears A payment stream in which each payment is due at the end of each period during a lease or loan period. Performance Contracts (See shared savings agreements). bad credit home loan new

Personal Financial Statements

Individual's balance sheet and tax returns for three years. (Sometimes required by prospective investors/lenders of the founders/managers of the start-up or closely held businesses.) Positive Cash Flow Cash flow is the total money received and paid out by a company during a specific period of time. A company's cash flow is positive when the money received (deposited or saved) exceeds the money paid out or expensed. bad business credit loan

Preferred Stock

A corporate security that has preference over common stock in receiving dividends and as to assets. Its dividend is usually stated as a fixed percentage of par value or as a stipulated sum each year, but the company has no legal liability to pay it if the company has not earned the money to pay it. Cumulative: if the dividend is not paid when due, it accumulates as a backlog that must be paid before common stockholders receive dividends. Noncumulative: if the dividend is missed, it is not required to be paid at a later time. Participating: can enjoy additional dividends after the common stockholders are paid a stated amount. Nonparticipating: cannot receive any dividends other than the fixed amount offered. Voting: has voting privileges. bad credit lender mortgage

Prime Rate

The interest rate that banks lend to their best customers. This rate is determined by the banks themselves and is published in financial periodicals. Private Deals These are deals or loans made outside the normal processes, usually by individuals to small businesses or other individuals, even family members. See http:// .com Private Foundation bad credit home loan mobile

These are nongovernmental, nonprofit organizations with funds usually provided by a single source (such as an individual, family, or corporation). Their programs are managed by its own trustees or directors. Private foundations maintain or aid social, educational, religious, or other charitable activities serving the common welfare, primarily through the making of grants. bad cash credit loan

Privately Held

Describes a corporation which does not offer shares to the public. It does not have to publish an annual report or comply with SEC regulations. (There are some exceptions.) Private Loans These are loans usually made by individuals instead of public companies. See http:// .com Public Charity These are nonprofit organizations that qualifies for tax-exempt status under section 501(c)(3) of the IRS code and are the recipients of most foundation and corporate grants. Some public charities also make grants. bad credit loan private

Purchase Option

A provision by which a lessee has the right to purchase the equipment at the end of the lease. The purchase option may be stated as a specific dollar amount or at fair market value. Ratings Various alphabetical and numerical designations used by institutional investors, Wall Street underwriters, and commercial rating companies to give relative indications of bond and note creditworthiness. Standard & Poor's and Fitch Investors Service Inc. use the same system, starting with their highest rating of AAA, AA, A, BBB, BB, B, CCC, CC, C, and D for default. Moody's Investors Services uses Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C, and D . Each of the services use + or - or +1 to indicate half steps in between. The top four grades are considered Investment Grade Ratings. bad card credit debt

Residual Value

The value of an asset at the conclusion of a lease. Return on Investment also known as ROI The return per dollar of investment used to measure the efficiency with which capital resources are employed. Revenue Bonds Revenue bonds are issued to finance a specific revenue generating project. Revenue bonds may be backed by an insurer but are typically secured solely by the revenue generated through the project for which they are issued. For instance, a bond could be issued to retrofit an old building with new energy saving technologies such as windows, lights, or heating systems. Energy cost savings would then be used to pay back the bond issue. However, if the bond was not insured and energy savings were not realized the bond would default. bad business credit loan small

Revolving Line of Credit also known as Revolvers

a loan in which the amount of the money borrowed is constantly changing due to the repayment and re-borrowing of the monies. A working capital credit line or credit card are examples of a revolving loans. While "revolvers" are normally open for one year, they are demand loans and may be "called" at any time during the loan period by giving the borrower notice. bad bankruptcy car credit loan

RFP

An acronym for Request for Proposal. RFPs is part of a common bidding process in the public sector and for large projects. They normally list the project specifications and procedures, and are issued to agencies or organizations that might be qualified to participate. Sale and Leaseback An arrangement where equipment is purchased by a lessor from the company owning and using it. The lessor then becomes the owner and leases it back to the original owner, who continues to use the equipment. bad credit instant loan

Share of Stock

A unit of ownership in a corporation, which can be held privately or publicly. Short-term Debt Loans that are to be repaid within one year. Shared Savings Agreement The installing company/finance source installs the equipment and receives payments from the end-user/host company based on the energy savings produced by the equipment. There are two types of agreements, "fixed" and ."true" shared savings contracts. "Fixed" shared savings contracts define the savings based on engineering studies or one-time verifications of savings at the time of project completion and the savings-based payment is not subject to change following project acceptance by the customer. "True" shared savings contracts require the savings be verified periodically and the saving-based payment is subject to change. Shared Savings Agreements are considered by many to be "off balance sheet financing". bad credit equity loan

Simple Payback

The time required to recover the capital investment out of the savings of the installed energy efficiency equipment. It does not take into consideration any savings beyond the payback period; therefore it tends to penalize long life projects and favor projects that offer high savings over a short time. It is commonly used when funds are limited. Sinking Fund bad credit georgia home loan

Money set aside on a periodic basis to retire term bonds at or prior to maturity. Sole Proprietorship A business firm owned by only one person and operated for his/her profit. Stipulated Savings Energy savings values which are stipulated based on engineering calculations using typical equipment characteristics and operating schedules developed for particular applications, without on-site testing or metering. This may be a cost effective approach for lighting efficiency and controls projects. Also know as "deemed savings." application bad card credit

Stream Rate (Interest)

A stream rate, also known as the running rate of interest, may be quoted on leasing transactions. It reflects only the payment stream and excludes the cost of the purchase option at term-end, so it will usually be lower than the APR. This is not an incorrect rate, but it may be misleading when comparing it with an APR. Subordinated Debt Debt whose claims on assets are somehow inferior to the claims of another class of debt. The superior debt has first claim to the assets used as collateral for the debt, e.g., a second mortgage on a home gets nothing until the first mortgage has been fully satisfied in case of default. bad credit home loan va

Super ESPC

To streamline the procurement process, the U. S. Department of Energy's Federal Energy Management Program (FEMP) awarded indefinite-delivery, indefinite-quantity (IDIQ) contracts the Super ESPCs to a number of energy service companies (ESCOs). These competitive awards were made in compliance with all applicable Federal Acquisition Regulations (FAR) requirements. There are two types of Super ESPCs: Regional, "all-purpose" Super ESPCs and Technology-Specific Super ESPCs. Regional Super ESPCs are intended for implementing a wide range of technologies. And the Technology-Specific ESPCs give Federal agencies access to new or emerging technologies that are not yet fully established in the marketplace but have outstanding potential for saving energy and money at Federal sites." bad credit home loa

Synthetic Operating Lease

A lease agreement that qualifies as a leasing transaction for purposes of financial reporting and as a secured financing for purposes of income tax reporting. These leases are structured to pass FASB 13 tests for operating leases and are sometimes used for equipment which might not normally hold a high residual value necessary for traditional FASB 13 operating leases (e.g., lighting, HVAC, etc.). bad car credit loan new

Tax Exempt Energy Service Agreement

Similar to the Energy Service Agreement above (see Performance Contracts section), this fixed payment shared savings agreement can combine the rate benefits of a tax exempt financing vehicle with the marketing advantages of a shared savings agreement, and may be popular with schools. Tax Lease / True Lease A lease where the lessor can claim tax incentives of ownership and the lessee can claim rental payments as tax deductions. Because the final decision to purchase the leased equipment is deferred until the end of the lease contract (at its then "fair market value"), monthly rental payments are usually expensed for tax purposes. bad credit home loan really

Term Loan

A loan which is repaid over a predetermined period of time longer than one year. Rates may be floating or fixed. Time Value of Money All money commands interest, either imputed or explicit. Interest costs are a function of the interest rate and the time for which the money is being "rented" (used). Thus, time costs money. TRAC Lease This is a tax-oriented lease of titled motor vehicles or trailers that contains a terminal rental adjustment clause (fixed purchase amount) and otherwise complies with the requirements of a true lease. bad credit fix

Undercapitalization

Starting a new enterprise with too little money to carry it through the beginning stages of development. Trustee A bank designated as the custodian of funds and official representative of bondholders or lessor. Trustees are appointed to insure compliance with the trust indenture and represents bondholders or lessors to enforce their contract with the issuer. bad credit down home loan

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