NOTES AND ACCOUNTS RECEIVABLE 
A secured or unsecured receivable evidenced by a note or open account arising from activities involving liquidation and disposal of loan collateral.  

OBLIGATIONS  
Technically defined as "amount of orders placed, contracts awarded, services received, and similar transactions during a given period which will require payments during the same or a future period." 

 

ORDINARY INTEREST 
Simple interest based on a year of 360 days, contrasting with exact interest having a base year of 365 days. 

 

OUTLAYS 
Net disbursements (cash payments in excess of cash receipts) for administrative expenses and for loans and related costs and expenses (e.g., gross disbursements for loans and expenses minus loan repayments, interest and fee income collected, and reimbursements received for services performed for other agencies).  

PARTNERSHIP 
A legal relationship existing between two or more persons contractually associated as joint principals in a business. 
PATENT 
A patent for an invention is the grant of a property right to the inventor, issued by the Patent and Trademark Office. The term of a new patent is 20 years from the date on which the application for the patent was filed in the United States or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees. US patent grants are effective only within the US, US territories, and US possessions.  

PRIME RATE 
Interest rate which is charged to business borrowers having the highest credit ratings for short term borrowing.  

PRO-Net 
An Internet-based database of information of small, disadvantaged, 8(a), and women-owned businesses seeking procurement contracts.