b'Appendix A - GlossaryDistributable CashAlso known as Available Cash, all cash of a company derived from all sources of income, reduced by the amount necessary for the payment of the companys debts, liabilities and reserves.Equity InvestorA person or entity that invests money in a company in return for an ownership interest in the company.Equity investors generally recover their investment amount after the company liquidates its assets, but will expect to receive cash distributions or another type of return on their in-vestment from the company during the operation of the companys busi-ness.Fix-and-FlipA type of real estate investment strategy in which the syndicator pur-chases properties with the intent to renovate them and sell them for prof-it.Fund of FundsSee Private Equity Fund. Hard Money LenderAn individual or entity that provides short-term loans to a person or entity for the purpose of acquiring real estate, until the borrower can ob-tain more conventional financing. Use of hard money lenders can assist syndicators in acquiring investment properties relatively quickly.A hard money lender is a private lender that generally uses more lenient standards than financial institutions for extending credit to borrowers.Howey TestAtest createdbytheSupremeCourtto determine whether certain transactionsconstituteinvestmentcontracts(U.S.v.Howey,328U.S. 293 (1946)). If a transaction constitutes an investment contract, then the transaction is considered to involve the creation of a security. It will be subject to certain disclosure and/or registration requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934. Irretrievably CommittedWhen determining when securities notices must be filed with state and/or federal securities agencies, an irretrievable commitment occurs 159'