• Certificates of Amortized Revolving Debt. Pass-through securities backed by credit card receivables.
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| ||Referenced Terms|
| ||Asset backed securities: Is a security backed by notes or receivables against assets other than real estate. Some examples are autos, credit Cards, and royalties.|
| ||Deck: Refers to the orders held by a floor broker. Often, separate orders are written on individual Cards or tickets and the collective amount is a deck.|
| ||Revolving loans: These refer to a type of loan where the maximum amount is initially specified. The borrower can at any time borrow and repay any amounts as long as they stay below the maximum amount of the revolver credit. Credit Cards are an example of revolver loans.|
| ||Wrap or wrap accounts: Refer to accounts domiciled at brokerage firms for which the client or beneficial owner of the account pays a fee. This fee is often in lieu of paying commissions at least for a certain level of activity. The amount of the fee structure typically ranges between 1-2 percent of the assets. Sometimes, the brokerage firm offers debit/credit Cards collateralized by the underlying securities in the account. There may also be check/draft writing privileges. If transactions are relatively few this may be an expensive way to maintain an account because the client is charged whether there is activity or not.|