Just call us Bond. Amortized bond.
Over 700 finance terms, Shmooped to perfection.
A lender who has taken a security interest in some asset of the borrower. Secured is better than unsecured because you have something to grab and sell if the borrower defaults. But you have to ask how real that security is: if you have a security interest in a nuclear power generator, just how easy is that thing gonna be to sell?