A. "Advancement" means monies paid by the City to a senior creditor to cure any default by the borrower of a commercial loan to that creditor, including amounts in excess of ten thousand dollars.

B. "Foreclosure" means proceedings to sell real property (commercial and/or residential) which secures repayment of a debt.

C. "Commercial loan" means any loan extended by the City to a business. Said loan being evidenced by a promissory note and secured by a deed of trust, UCC-1 filing and other applicable security instruments.

D. "Senior creditor" means any other creditor who is entitled by law to be repaid, prior to the City, out of the proceeds of a sale of property and/or other assets which are security for a commercial loan.

E. "Liquidation of other assets" means the sale of a business asset, excluding real property (see "Foreclosure") used to secure a City loan.

F. "Personal assets" means those assets owned by a borrower not related to the business but pledged as security for a City commercial loan. (Ord. 5635-NS § 2, 1985)