LONG TERM DEBT is all senior debt, including bonds, debentures, bank debt, mortgages, deferred portions of long term debt, and capital lease obligations. If a firm shows little to no long term debt over the years and/or their earning power could allow them to pay off their long term debt within 3-4 years, it is a good indicator of a sustainable competitive advantage.
UNSECURED is obligation backed not by collateral but only by the integrity of the borrower. Opposite of secured.
BROKER-DEALER is any person or institution, other than a bank, engaged in the business of buying or selling securities on its own behalf or for others.
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