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GLOSSARY: ALPHABETICAL ORDER
the seller extends his or her own notes to the buyer in lieu of all cash at closing or other debt financing, such as bank loans.
the most secure bank debt and the first in line with primary collateral. Often senior debt is a short-term revolving loan that is paid down completely within a year.
abbreviation for standard industry code, which is numerical categorization for specific industries. Most business directories are organized by geography and SIC.
the business owner is personally taking money off the top of the company revenue stream.
in most asset transactions, the basis of the assets of the target corporation is stepped up in value to the purchaser’s cost.
refers to non-bank debt, which is less secure than bank (or senior) debt. To attract lenders, borrowers often give subordinated lenders rights to convert their debt to equity.
a publicized bid to buy shares of a publicly owned company at a price substantially above the current market price.
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