# MediaHedge Film-Finance Glossary Use this glossary to translate recurring film-finance, credit and servicing terms into the meaning used throughout the MediaHedge knowledgebase. ## A-C **Account control agreement** - A qualifying arrangement with the depositary bank that may give the secured party control over a deposit account for perfection purposes. It does not itself define the economic waterfall. See [[wiki/concepts/cash-control-and-waterfalls|Cash Control and Waterfalls]]. **Advance rate** - The permitted loan exposure as a percentage of verified eligible value for a collateral category. It is a sizing control, not a statement of expected recovery. See [[wiki/concepts/loan-sizing|Loan Sizing]]. **Borrowing base** - The aggregate permitted exposure derived from eligible collateral after applicable haircuts, exclusions and concentration rules. See [[wiki/concepts/loan-sizing|Loan Sizing]]. **CAMA** - Collection account management agreement. It appoints an independent collection account manager and governs receipt allocation and distribution mechanics; it is distinct from deposit-account control. See [[wiki/concepts/cash-control-and-waterfalls|Cash Control and Waterfalls]]. **Cash multiple / MOIC** - Total cash receipts divided by invested capital. It measures magnitude but ignores timing. See [[wiki/concepts/financier-return-economics|Return Economics]]. **Collateral eligibility** - The threshold determination that an asset is owned, documented, enforceable, non-duplicative and capable of supporting exposure under policy. **Completion guaranty** - A contractual instrument addressing specified completion and delivery risks, often including takeover rights. It does not ordinarily cover distributor solvency, tax-credit shortfalls or commercial performance. See [[wiki/concepts/completion-protection|Completion Protection]]. **Cost to complete** - The current estimate of remaining cash required to finish and deliver the production. ## D-L **Delivery** - Contractually conforming completion and tender of required materials. Delivery is a shared dependency for many receivable and rights-based repayment paths. **Eligible net value** - Headline value after removing unsupported amounts, deductions, conditions, overlap, timing mismatches and other ineligible components. **Expected loss** - A forward-looking credit cost reflecting default probability, loss severity, recovery timing and related expense. **Forward flow** - A relationship in which an originator supplies eligible assets under agreed purchase or funding mechanics while a financing partner provides capital and holds defined ownership, governance and economic rights. See [[wiki/concepts/forward-flow-governance|Financing-Partner Governance]]. **Full financing** - A condition in which verified, timely financing sources and committed equity cover all production and delivery uses, financing costs, required reserves and contingency. See [[wiki/concepts/full-financing|Full Financing]]. **Gap / unsold-rights value** - Collateral value associated with rights not yet contracted for sale. It is more market-dependent than a verified contracted receivable and receives deeper policy haircuts and concentration limits. See [[wiki/concepts/gap-collateral|Gap Collateral]]. **Gross loan-to-budget** - Gross loan exposure divided by the production budget under the applicable policy definition. **Interparty agreement** - The document allocating authority, economics, expenses, enforcement and recovery rights among financing stakeholders. **Institutional private credit** - Debt or structured capital commonly underwritten against companies, libraries, catalogues, contractual revenues, enterprise value or diversified portfolios. It can overlap with media lending while differing from a short-term single-production receivables loan. See [[wiki/syntheses/media-finance-lending-landscape|Media Finance Lending Landscape]]. **Lloyd's market** - A specialist insurance and reinsurance marketplace in which syndicates underwrite risk. Lloyd's is not one insurance company; the policy and schedule should identify the subscribing risk bearers and their shares. See [[wiki/concepts/production-insurance|Production Insurance]]. **LTV** - Loan-to-value. In this corpus, aggregate exposure relative to eligible collateral value, subject to definition and policy limits. ## M-R **MG** - Minimum guarantee, commonly a contracted distributor commitment that may become payable after conforming delivery and satisfaction of other conditions. See [[wiki/concepts/pre-sales-collateral|Pre-Sales Collateral]]. **MGU** - Managing general underwriter. A business with delegated underwriting or related authority for an insurer. The MGU or service brand may not be the legal entity that issues the policy, guaranty or bond. See [[wiki/syntheses/media-finance-lending-landscape|Media Finance Lending Landscape]]. **Notice of assignment / payment direction** - Notice instructing an obligor where to pay and establishing specified notice or cure mechanics. It does not automatically eliminate defenses, setoff or amendment rights. **Nonaccrual** - Accounting treatment separating interest that is contractually due from income whose collectibility is no longer sufficiently probable. **Perfection** - The legal step making a security interest effective against relevant third parties, which may require filing, possession, control, recordation or local-law action depending on the asset. See [[wiki/concepts/security-package|Security Package]]. **Penal sum** - The stated maximum liability under a surety bond. It may be an aggregate ceiling and may not include interest, fees or other losses unless the instrument says so. **Pre-sale** - An executed distribution or license agreement entered before completion that grants defined rights in exchange for a minimum guarantee or other payment obligation. See [[wiki/concepts/pre-sales-collateral|Pre-Sales Collateral]]. **Protective advance** - Additional capital advanced during stress to preserve collateral or completion value. It should be governed by an explicit net-value test and approval authority. See [[wiki/concepts/defaults-workouts-and-recoveries|Defaults, Workouts and Recoveries]]. **Recovery accounting** - Tracking gross collections, enforcement and servicing expenses, interest treatment, charge-offs, timing and net recovery by source. See [[wiki/concepts/defaults-workouts-and-recoveries|Defaults, Workouts and Recoveries]]. **Reserved matter** - A decision that exceeds ordinary delegated servicing authority and requires the specified investor approval. See [[wiki/concepts/forward-flow-governance|Financing-Partner Governance]]. **Risk carrier** - The legal entity or subscribed market participant that bears the covered loss under the executed policy, guaranty or bond, as distinct from a broker, MGU, risk manager, reinsurer or service brand. ## S-X **Sales estimate** - A forecast of what unsold rights may generate by territory, medium or window. It is not an executed receivable or a guaranteed sale. See [[wiki/concepts/gap-collateral|Gap Collateral]]. **Source-to-account matrix** - A mapping of each obligor, contract, territory, currency and expected payment date to the approved collection destination. See [[wiki/concepts/cash-control-and-waterfalls|Cash Control and Waterfalls]]. **Specialty project lender** - A lender whose products are organized around project-level collateral such as tax incentives, pre-sales, minimum guarantees, bridge takeouts, gap or finishing needs. Product scope, lien position and legal lending vehicle remain transaction-specific. See [[wiki/syntheses/media-finance-lending-landscape|Media Finance Lending Landscape]]. **Surety bond** - A three-party instrument under which a surety conditionally backs a principal's specifically described duty for an obligee, up to the stated terms and limit. See [[wiki/concepts/surety-credit-protection|Surety and Credit Protection]]. **Tax-credit receivable** - Expected value arising from a production incentive program. It remains conditional on program, claimant, spend, filing, audit and realization requirements until paid or monetized. See [[wiki/concepts/tax-credit-collateral|Tax-Credit Collateral]]. **True sale** - A legal characterization of an asset transfer that can affect ownership and insolvency treatment; it is distinct from a participation or secured financing. **Waterfall** - Contractual priority for applying collections among taxes or approved costs, senior principal, interest, fees and subordinate distributions. See [[wiki/concepts/cash-control-and-waterfalls|Cash Control and Waterfalls]]. **XIRR** - Annualized return calculated from actual dated cash flows. It is sensitive to draw, repayment, fee, extension and recovery timing. See [[wiki/concepts/financier-return-economics|Return Economics]]. ## Usage Note Definitions here summarize the MediaHedge framework. Transaction documents and applicable law control their meaning in any specific financing. See [[wiki/evidence-and-limitations|Evidence and Limitations]] for additional context. ## Continue Exploring [[MediaHedge Knowledgebase|Home]] · [[wiki/syntheses/financier-diligence-route|Financier’s Guide]] · [[wiki/overview|How the Model Works]] · [[wiki/syntheses/media-finance-lending-landscape|Market Landscape]]