Terms:

Movable asset encumbrance – limitation of the title to a movable asset, under the law or contract, as a way of securing performance of an obligation in accordance with the Movable Asset Encumbrances Law, Article 4;

Secured creditor – the person with a claim on the object of encumbrance if the underlying obligation has not been performed;

Collateral provider – the person that creates an encumbrance in favor of the pledge.

Debtor - the person obligated to perform the underlying liability encumbered in favor of the secured creditor, or a third party with such an obligation;

Priority right – priority payment of the pledgee's claim from the object of encumbrance over other pledgee and creditor claims;

Notice – information filed with the state registry of movable asset encumbrances in order to record origination of, changes to, termination of, as well as objection of encumbrance of a movable asset;

Object of encumbrance– movable assets, as well as claims and rights as identified under Article 3 of the Movable Asset Encumbrances Law;

Operator – Financial Market Supervisory Authority of the Republic of Azerbaijan

User – any collateral provider, secured creditor, debtor or any person conducting a search of the registry;