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The Secured Transactions Guide contains a section on terminology and interpretation with definitions of all key terms used in the Guide (insolvency-related terms are defined in accordance with the Insolvency Guide)10. For example:

(a) “Debtor” means the person that owes performance of the secured obligation and includes a secondary obligor such as a guarantor of the secured obligation;

(b) “Debtor of the receivable” means a person liable for payment of a receivable and includes a guarantor or other person liable for payment of the receivable;

(c) “Grantor” means the person creating a security interest in one or more of its assets to secure payment of one or more of its own obligations or of the obligations of another person;

(d) “Secured creditor” means a creditor that has a security interest;

(e) “Secured obligation” means an obligation, the payment of which is secured by a security interest;

(f) “Security interest” means a property right in a movable asset that is created by agreement and secures the payment of one or more obligations. For convenience of reference, the term includes the right of an assignee in an outright transfer of one or more receivables by agreement.