GLOSSARY OF ALTERNATIVE FINANCING TERMS

These terms are commonly used by funding sources, financing consultants, cash flow brokers, vendors, suppliers, etc. Definitions provided without warranty. Should you not find the term you are looking for, please check this site: One Look Dictionaries

 

	Abstract of title  A condensed but full summary of all materials such as conveyances, deeds, liens, easements, encumbrances, marriages, divorces, deaths, wills, etc. that affect title to a specific parcel of real estate in any manner.
	" A" credit customers  Consumers with impeccable credit, who can obtain a loan from traditional lenders.
	Acceleration clause (lease)  Language in the lease that allows the Lessor to declare all amounts due during the entire term of the lease to be due upon default.
	Accounts Payable  The amount of money a company owes for goods and services it has received; any outstanding debt a company has.
	Accounts Receivable  Amounts owed by others for goods furnished or services rendered ( invoices which have not been paid by the company's customers).
	Accounts Receivable Aging Report  A report showing how long invoices from each customer have been outstanding.
	Advance Rate  The percentage of the face amount of an income stream that a funding source will advance to a client.
	AIA payment bond  Standard form of bond.
	Amortization  The gradual, systematic payment of debt, such as mortgage and note, by installment payments of the principal and accrued interest at stated periods for a definite time, which, at the expiration of time, the debt will be fully liquidated.
	Articles of Incorporation  A document filed with a U. S. state by the founders of a corporation. After approving the articles, the state issues a Certificate of Incorporation; the two documents together become the Charter of Incorporation.
	Asset  Anything having commercial or exchange value that is owned by a business, institution or individual. A business' assets might include its real estate, equipment, inventory, intellectual assets such as copyrights or trademarks, and accounts receivable.
	Assignability  The ability to assign (or sell) an income stream to another individual or business.
	Assignee  The person or business entity who is given, obtains, or buys the right to an asset.
	Assignment  The transfer of the rights, title or interest of any debt instrument that is properly owned by another party.
	Assignor  The person giving or selling an asset, and subsequently, forfeiting rights to that asset.
	Assumption of mortgage  The taking of title to property wherein the grantee expressly assumes personal liability for the payment of an existing mortgage against the property and also becomes a co-guarantor for payment of the mortgage note.
	"B" through "D" credit customers  These consumers have less than perfect to bad credit and usually cannot qualify for traditional financing. Also called "sub-prime" credit customers.
	Bad Debt  Any debt that is delinquent and has been written off as uncollectible.
	Balance Sheet  A financial statement that shows a business' current financial condition, with assets on one side, and liabilities and net worth on the other side.
	Balloon  The balance of principal that is due and owing in its entirety at a specified point in time, but in any event, less than time required to fully amortize the debt. A balloon payment terminates the note obligation, distinguished from a principal payment, which only reduces the balance even if it is in excess of regular monthly payments.
	Bankruptcy  A state of insolvency of an individual or organization. The inability to pay debts.
	Base rent (lease)  The monthly rent payment, usually calculated on a per-square-foot basis, before adding any other charges the lease requires the lessee to pay (i.e. taxes and insurance).
	Beneficiary  The person or party entitled to receive the benefits, or proceeds, of the life insurance policy upon the debt of the insured person.
	Beneficiary (letters of credit)  The party that sells the goods and will be paid by the issuer of the letter of credit.
	Bill of exchange  A universally accepted statement of a debt. A bill of exchange recognizes a debt regardless of a country's specific laws.
	Bill of lading  A shipping document that gives instructions to the company transporting the goods.
	Bill of sale  A document used to transfer the title of certain goods from seller to buyer.
	Bond  Insurance policy that guarantees performance or payment. Required on all government and large commercial projects.
	Bridge Loan Short term financing that enables a borrower to close on a project in a timely manner, until permanent funding is in place.
	Business-based income streams  Cash flow instruments that are paid to a business by another business or government.
	Buyer (international factoring)  The overseas customer. Also called the "customer".
	Buyer's credit (international factoring)  An alternative tool offered by the seller to its buyer. It allows buyer the choice of paying at the maturity date or enjoying a payment extension (maximum of 60 days) granted by the factor. If the buyer chooses the extension, the factor will effect payments to the seller at the original maturity date against commitment by the buyer to pay after 60 days or against a deed of assignment of the debt to the factor.
	Cash Flow  The flow of cash through a business or household. In business terms, cash flow involves the flow of cash into a company in the form of revenues, and out of the company in the form of expenses.
	Cash flow broker  Professional whose primary purpose is to unite income stream sellers with funding sources. They may operate as referral sources or as the primary liaison for cash flow transactions.
	Cash flow industry  The buying, selling, and brokering of privately held debt in the secondary marketplace; the marketplace where businesses and individuals get help managing their cash flow.
	Cash flow instrument  Future payment or series of payments. Also called a "debt instrument" or "income stream".
	Cash flow specialist  A cash flow professional who brokers cash flow transactions or buys cash flow transactions.
	Cash flow transaction  Occurs whenever a funding source pays cash to an individual or business in exchange for an income stream.
	Certificate of origin  A document showing the origination site of a shipment of goods.
	Chattel mortgage  A mortgage on personal property, given to secure a debt. Typically used in the sale of a business. Also called a "security agreement".
	Client (international factoring)  The exporting company.
	Closing statement  When real estate is bought and sold, there are usually a number of expenses involved. The closing statement is an accounting of all monies involved in the transaction and to whom and by whom it was paid.
	Collateral  Something of value (land, a home, a car, etc.) that is pledged as security to ensure the payment of a debt. Collateral is promised to a lender until a loan is repaid. If the borrower defaults, the lender has the right , by law, to seize the collateral and sell it to pay off the loan.
	Collateral-based income streams  Cash flow instruments that are secured by collateral.
	Collectibility  Refers to the funding source's ability to collect future income streams payments once they are purchased.
	Commercial credit insurance  Insurance against extraordinary losses from the ultimate uncollectibility of accounts receivable.
	Commission  Fee paid to a broker for executing or referring a cash flow transaction.
	Concentration  The portion of a client's total accounts receivable due from a single customer. A customer's account that comprises 50 percent of a client's total receivables is highly "concentrated".
	Consumer-based income streams  Cash flow in which the party that owes payments is a consumer, a private individual.
	Contingency-based income streams  Cash flows in which the recipient is not necessary legally entitled to receive payments, or in which the amount of the payment is uncertain or contingent upon outside factors.
	Conversion  The process of converting a qualified prospect into an active client.
	Co-payment (construction)  Two or more names on a check to ensure that all providers of material or labor are paid in full.
	Corporate resolution  An action taken by vote of the directors of a corporation.
	Corporation  A legal entity, chartered by a U. S. state or the federal government, and separate and distinct from the persons who own it. It is regarded by the courts as an artificial person; it may own property, incur debts, sue or be sued.
	Cost of goods sold  The cost of all the materials needed to make the client's product.
	Credit analysis  A review of the record and financial affairs of an individual or corporation to ascertain creditworthiness.
	Creditor  One who is owed payments on a debt by a debtor.
	Customer (international factoring)  The overseas buyer. Also called the "buyer".
	D/B/A  Abbreviation for "Doing Business As".
	Debt instrument  Future payment or series of payments, or a debt that one party owes to another party. Also known as "income streams" or "cash flow instruments".
	Debtor  One who owes something and makes payments to a creditor.
	Deed in lieu of foreclosure  A deed in lieu of foreclosure is a conveyance of title to real estate. As can be gleaned from the title, the conveyance is executed in lieu of having the mortgage foreclose on the property. The sole consideration on the mortgagee's part is the agreement not to foreclose on the property. This allows the mortgagor to maintain a clean credit record.
	Default  The omission or failure to perform or fulfill a legal duty, obligation, or promise (i.e. to pay a debt).
	Deficiency judgment  A personal judgment against any person liable for the debt secured by a mortgage or deed of trust and being the amount remaining due to the mortgagee or beneficiary after foreclosure.
	Discount (or discount rate)  The percentage of the face amount of an invoice that a factor keeps or charges as its fee for factoring and other services. Also called the factor's "fee".
	Documentary letter of credit   A letter of credit that shows other documents that will be required before payment can be made.
	Due diligence  Exhaustive research on a transaction, income stream, client, and/or payor. Due diligence may involve credit checks, appraisals, UCC searches, lien searches, or on-site visits with clients.
	Easement  The legal right a person has in the limited use or enjoyment of real property of another. It is considered an interest in real property.
	Encumbrance  Any claim, lien, charge, liability, encroachment, easement, etc. attaching to real property which may cause the title to be clouded and may affect the value of the property.
	Equity  The value or interest an owner has in property over and above any indebtedness owed on the property.
	Escalator clause  The clause in a mortgage allowing the lender to adjust the interest rate based upon the occurrence of a certain event.
	Escrow  The system by which money documents, personal property, or real property is held in trust for another party by a disinterested third party until the terms and conditions of the escrow instructions are completed or terminated.
	Estoppel letter  An estoppel is a bar or impediment which precludes allegation or denial of a certain face or group of facts. An estoppel letter is a notarized document upon which facts are sworn to by a party. The purpose of the letter is to prevent , or estop, the same party from later claiming facts contrary to those sworn on the estoppel letter.
	EXIM Bank  The Export Import Bank of the United States. The EXIM Bank offers insurance to protect US businesses against fraud and trade disputes. It provides guarantees from the US government for up to 95 percent of losses due to political risk and 100 percent of losses due to trade disputes.
	Export factor  The US factor.
	Face value  The current principal balance on an income stream.
	Factor  A funding source that specializes in funding accounts receivable.
	Factoring  The purchase of a business' accounts receivable at a discount.
	Fictitious name  A legal statement filed when a person uses a name other than his or her own to operate a business.
	Fiduciary  A person, company, or association holding assets in trust for a beneficiary. Or, a person or entity holding a special relationship of trust, confidence, or responsibility in obligations to others (i.e., a broker may have a fiduciary responsibility to a funding source).
	Foreclosure  A legal proceeding in court to seize property given as security for a debt that is in default.
	Funding source  An individual investor or an investment company that buys income streams.
	Government-based income streams  Cash flows paid by a government entity, either directly or through an insurance company.
	Grant deed  A warranty deed in Trust Deed states. See "warranty deed".
	Gross lease  Specifies one rental price, inclusive of rent, taxes, utilities, and maintenance for the property.
	Hypothecation  Borrowing funds from a lender, investing those funds in a debt instrument, and giving the lender a security interest in the debt instrument as the collateral for the loan.
	Income stream  A future payment or series of payments, or a debt that one party owes to another party. Also known as a "debt instrument" or "cash flow instrument".
	Inspection certificate  A document showing that the goods shipped have been received and inspected by the buyer and have been found satisfactory.
	Institutional lenders  Savings and loan associations, local and regional banks, mortgage companies, finance companies, and commercial lenders.
	Insurance-based income streams  Cash flows stemming from insurance companies and paid to individuals or businesses.
	Intangible personal property  Something that has value but is not a tangible asset, for example, a trademark, copyright, patent, or trade secret.
	Investment-to-value ratio  A measure of how secure a creditor's position is and how likely the creditor is to recoup all of his or her money in the event of a foreclosure. The ratio is found by adding the amount of money the mortgage holder/investor has invested in the mortgage (not balance on the mortgage) to any senior liens existing on the property and then dividing that sum by the current value of the property. A higher ratio indicates a riskier investment.
	Joint venture  A business entity established for a specific task, operation, or goal.
	Land contract  A form of real estate purchase in which the buyer makes installment payments toward the purchase over time and has the use of the property but does not receive title to the property until it is paid for in full.
	Lead  A piece of information of possible use in the search for a prospective client.
	Lessor estoppel certificate  A statement by the lessor/landlord concerning the status of the lease and the lessee/tenant's performance of obligations under the agreement. A lender uses this statement to determine whether or not to make a loan on the property. A funding source may use it to evaluate a lease purchase transaction.
	Leverage  The ratio of debt to total assets.
	Lien  A claim against property that makes it security for the payment of a debt, judgment, mortgage, or taxes.
	Lien law (construction)  System that protects the legal rights and economic interests of the owner, general contractor, subcontracts, material suppliers, and laborers.
	Limited liability company  A form of business structure designed to combine the best of corporate and partnership attributes into one entity.
	Loan-to-value ratio  A measure of how heavily mortgaged a property is and how likely the owner is to default on his or her debts. The ratio is found by dividing the total balance of all existing liens on the property by the current value of the property. A higher ratio indicates a riskier investment.
	Marginal credit customers  Marginal credit is not the same as bad credit. Consumers with marginal credit may have had some slow payments, but generally pay their bills. They may have accumulated little or no credit because of a discharged bankruptcy, short employment history, short time of residence, etc.
	Market value  The price at which a ready, willing, and informed person would buy something; the price property would command in the current market.
	Marketing  The process of identifying and communicating with qualified prospects.
	Master broker  Individual who has been certified and designated by the American Cash Flow Association to work with Diversified Cash Flow Specialists.
	Mechanics lien  A claim created by statutory law in most states, existing in favor of mechanics or other persons who have performed work or furnished materials in and for the erection or repair of a building. A mechanic's lien attaches to the land as well as the building.
	Mortgage  A written instrument that creates a lien by pledging real property as security for a debt.
	Mortgage note  A negotiable promissory note secured by a mortgage on specific real estate. The legal and negotiable evidence of the debt created by the sale of a property on credit as a written promise to repay. It states the rate of interest, repayment schedule and other terms associated with the debt and its repayment.
	Mortgagee  The lending party under the terms of a mortgage. The lender of money or the creditor and the owner (holder) of the mortgage. Referred to as the "seller" of the private mortgage note.
	Mortgagor  The borrowing party who pledges property as collateral. The owner of the real estate and the borrower or debtor. Referred to as the "payor" on the private mortgage note.
	Net lease  Provides a base rental amount for a property that the lessor will net, and requires the lessee to pay taxes, utilities, and maintenance, and other additional costs, associated with the leased premises. Also called a "triple net lease" or "absolute net lease".
	Notice of Pre-lien  A document notifying the owner of real property that materials or services are being furnished to his real property, putting him on notice that the one sending it will look to have a lien against the real property if those materials or services are not paid for. Also called "Notice to Owner".
	Notification  A characteristic of factoring, whereby the factor takes assignment of the accounts receivable and notifies the customers of the client to pay the factor directly.
	Owner financing  A type of financing in which the seller of a tangible item accepts a promissory note as a portion of the purchase price. Also called "seller financing".
	Partial  Any part of the payment stream that is less than the full amount due under the terms of the mortgage note. A partial purchase is the purchase of this portion of the payment streams.
	Partnership  A common form of joint ownership of a business.
	Payee  Person or business that has the right to receive a payment or a series of payments and is interested in selling that income stream for cash. Also called the "seller" or "client".
	Payor  The person, company, or government responsible for making payments on an income stream.
	Payout (consumer contracts)  The cash paid to the client upon purchase of the contract.
	Percentage rent  Rent that is paid as a percentage of retail sales, often in addition to the base rent.
	Performance bond  An insurer/surety, paid for by the Contractor, to guarantee the completion of a construction project. If the project is not completed in accordance with the construction contract, the surety must complete the job, or pay the expenses of completing the job.
	Performance level  Refers to the length of time debt is delinquent. The three performance levels for debt are:   Performing debt  This debt is no more than 30 days overdue. This type of debt is incurred in the normal course of business and generally does not impose a burden on the creditor. Sub-performing debt  This debt is from 30 to 120 days delinquent. These accounts are labor-intensive and expensive for companies to maintain. Non-performing debt  This debt is more than 120 days delinquent. Companies generally write these debts off after 180 days. The higher the classification of the debt with regard to performance, the higher the offer will be from the funding source.
	Personal guaranty  A contractual agreement between a funding source and a seller, whereby the seller assumes personal responsibility and liability for the obligations of the income stream.
	Placement level  Refers to the number of times, if any, debt has been placed with an outside agency for collection. The following terms are used to describe the placement level:

   Classification   Collection has been attempted by:

              Zero:                                No outside agencies

              Primary:                         One outside agency

              Secondary:                  Two outside agencies

              Tertiary:                     Three outside agencies

              Quad:                           Four outside agencies

 

	Portfolio  A group or package of income streams of the same type.
	Prepayment penalty  A penalty for the payment of a debt before it becomes due.
	Privately held  Owed to a private individual or business rather than to a bank or other financial institution.
	Profit and Loss Statement  A financial statement that shows a historical record of a business' income and expenses.
	Progress billings (construction)  Billings for completed work at specified intervals.
	Progress payments (construction)  Payments received from the payor in response to billings.
	Promissory note  A written promise to pay a specified amount at a certain interest rate to a specified party over a certain period of time.
	Purchase money mortgage  A mortgage given to the seller to secure in whole or in part the purchase price of real property.
	Purchase money note  The note created at the sale of a property and secured by a Purchase Money Mortgage.
	Quit claim deed  A no-warranty deed in Mortgage Deed states.
	Real estate contract  A contract for the purchase or sale of real property, which may or may not include personal property. The Statute of Frauds dictates that, to be enforceable, any contract for the purchase or sale of real estate must be in writing.
	Real property  Real estate.
	Rebate  The amount of the reserve account that is remitted to the client upon payment of an invoice.
	Receivership  A remedy which may be granted by a court of law in an appropriate case, whereby a person is appointed as a receiver to posses, manage and protect money or property until the litigation involving the property is concluded.
	Recording  The placing on the public records of the county in which the property is located any instrument that affects the title of that property.
	Replevin  A legal proceeding in court to seize property (other than real estate) given as security for a debt that is in default.
	Reserve  An amount a funding source holds in its account to cover potential payment defaults. After a certain time period has passed, the funding source rebates the reserve to the client less any fees or charges for delinquency. Also called a "bad debt reserve".
	Reserve account  The account set up to track funds owed to the client from the collection of factored invoices. The reserve account balance can be calculated by taking the invoice face value and subtracting the initial advance, the factor's earned fees, and any charge backs and administrative charges.
	Retainage (construction)  Contractual hold-back of a percentage (usually 5 to 10 percent) of billings to ensure that work is completed to satisfaction of the architect, engineer, and owner.
	Right of set-off  A right which exists between two parties; each of whom owes an amount to the other under a separate contract, to set-off (reduce) one party's debt by deducting there from the amount owed to that party by the other party.
	Satisfaction  The discharge of an obligation by paying a party what is due (i.e., the satisfaction of an IRS lien or the satisfaction of a mortgage).
	Schedule of accounts  A document that is provided to the factor by the client which lists the following information: The date of the client's invoice, account number assigned to the customer by the client, name of the customer to whom the invoice will be sent, invoice number assigned by the client to the customer, amount due for the goods provided to the client, name of the factor, legal name of the client submitting the invoices, total face amount of all the invoices submitted to the factor, and the signature of the person authorized to sign on behalf of and bind the client.
	Seasoned The length of time payments have been made on a note or other debt instrument. A mortgage and note are seasoned if many payments have been received in a timely manner. Buyers will have their own ideas as to how many payments make for a seasoned mortgage, but a year's worth is fairly well seasoned. In that time, the payor will have established his/her financial ability to make the payments on a consistent basis.
	Second mortgage  A subordinate or junior mortgage to a first mortgage. Seller Carry-Back Mortgage - A mortgage held by the seller of a property and created as a result of the seller of the property financing a portion of that sale.
	Secondary market  The marketplace where individuals and businesses can sell privately held income streams to funding sources for cash.
	Securitization  The bundling and resale of debt instruments to investors; permitted only for parties licensed and regulated by the SEC.
	Security interest  An interest in property, other than real estate, which is given as security for a debt or other obligation. A security interest is created by execution of a security agreement and one or more financing statements under the Uniform Commercial Code.
	Seller  The person or company that is holding a debt instrument and wants to sell it.
	Servicing  The collection of payments of interest and principal, and trust fund items such as fire insurance, taxes, etc., on a note by the borrower in accordance with the terms of the note. Servicing by the lender also consists of operational procedures covering accounting, bookkeeping, insurance, tax records, loan payment follow-up, delinquent loan follow-up and loan analysis.
	Set-off  An agreement established between the client and his customer, whereby in certain circumstances the customer may be entitled to deduct a portion of the amount otherwise owed to the client; in which case the factor may have advanced sums against an invoice which it is unable to recover directly from the customer.
	Silent second  Financing in addition to a first mortgage, generally used to secretly fund the mortgagor's required down payment. It is not recorded on the closing statement and sometimes not even recorded in public record for up to six months. This is misrepresentation at best and, if intentional, can be fraudulent with severe penalties.
	Simple deed  A no warranty deed in Trust Deed states.
	Simultaneous closing  A real estate owner agrees to accept a private mortgage note in order to speed up the sale of the property. Then, during the closing process, the real estate seller immediately sells the private mortgage note for cash. The result is the same for the seller as a cash sale.
	Site draft  Backup information the funding source sends to the client along with the payout.
	Sole proprietorship  A business owned and operated by an individual.
	Split funding  A purchase structure in which the funding source pays a portion of the purchase price at closing and the remaining portion(s) at a later date(s).
	Split payment  A purchase structure in which the funding source buys a specified portion of the seller's monthly mortgage (or any other kind of debt) payments. The seller continues to receive income from the remaining portion.
	Subordination  The act of a creditor acknowledging in writing that a debt due him or her by a debtor shall be inferior to the debt due another creditor by the same debtor.
	Tail  The payment stream and/or balloon payment of an income stream subsequent to another party's right and interest in the income stream. Usually the back half of the payment stream when another party has purchased the front half.
	Tangible personal property  Personal property other than real estate, such as cars, boats, or other assets.
	Term  The period of duration of an invoice, acceptance, time draft, bill of exchange, or bond; synonymous with tenor and usance. The time allowed for payment of bills.
	Time value of money  Concept that addresses the way the value of money changes over a period of time.
	Title commitment  A commitment on the part of the insurer, once a title search has been conducted, to provide the proposed insured with a title insurance policy upon closing.
	Title insurance  Title insurance can either benefit the payor or the payee. Should the beneficiary suffer any damages due to clouded or false title to real estate, title insurance recompenses the damaged party to the extent of the damages.
	Title policy  An insurance policy that insures a party against loss due to a defective title.
	Title search  Research conducted in public records from the distant past to the present to ensure that title to a property has passed cleanly, legally, and without dispute from owner to owner. A title search also uncovers any existing liens on the property and any other claims third parties may have to the property researched.
	Trade discount  A deduction from the list price of goods allowed by a seller in return for payment within a specified time; for example, 2 percent 10/net 30-day terms allows a 2 percent discount from the list price if paid within 10 days.
	Trial balance printout  A spreadsheet that lists all loans in a portfolio and their payment schedule. Usually required for a portfolio transaction.
	Trustee  The trustee in a trust deed state is an entity holding title to property in trust for the benefit of a lending institution as security for the repayment of the bonds sold by the trustor in order to purchase the real estate in question.
	Trustor  In a trust deed state, the trustor is the purchaser of real property financed, in whole or in part, through a promissory note issued to a beneficiary lending institute or seller. The property purchased is placed in trust until the debt is satisfied.
	Trust deed  In some states, as well as in the District of Columbia, a trust deed or deed of trust is a security resembling a mortgage, being a conveyance of lands to trustees to secure the payment of a debt, with a power of sale upon default, and upon a trust to apply the net proceeds to paying the debt and to turn over the surplus to the grantor.
	UCC-1  A document which is placed on record with the Secretary of State or with the County Recording Office. The purpose of filling this document is to evidence the funding source's security interest in the client's personal property. This document is filed in the state or county in which the client's business is located.
	UCC-2  A document commonly used in the State of California which also is filed with the Secretary of State. The State of California does not have a UCC-3 document; they call it a UCC-2.
	UCC-3  A document which is placed on record with the Secretary of State or with the County Recording Office to evidence a change in status for a UCC-1. With respect to cash flow, a UCC-3 (or UCC-2) may be used to evidence assignment or termination of a UCC-1 or to make another applicable change.
	Uniform Commercial Code (UCC)  Standardized set of guidelines protected by law that set down how business transactions must be conducted.
	Unseasoned  A lease or note that has few, if any, payments made.
	Usury  Laws governing the rate of interest which can be charged to a borrower, and setting forth civil and criminal penalties for violations of these laws. Usury laws differ from state to state.
	Verification  A procedure used to confirm the validity of assigned accounts receivable; the factor checks directly with the client's customers to verify accounts as due and payable.
	Warranty deed  A deed to property in Mortgage Deed states that includes a confirmation by the grantor that they have sole title to the property and will guaranty that.
	Wraparound  A mortgage loan in which a lender places a new mortgage on a parcel of real estate which already has an existing mortgage. The lender's new mortgage is in a secondary or subordinate position to the existing first mortgage. The new mortgage wraps around the existing first mortgage and includes both the unpaid principal balance of the first mortgage and whatever amount the lender advances on the wraparound mortgage to the borrower above the first mortgage.