CORPORATE & INSTITUTIONAL GLOSSARY

Landing Certificate

Lease Line Of Credit

Lease Rate (Rental Payment)

Lease Schedule

Legal Transfer

Legal Weight

Lessee

Lessor

Letter Of Credit (L/C), Commercial

Letter Of Credit, Advised

Letter Of Credit, Clean

Letter Of Credit, Confirmed

Letter Of Credit, Negotiable

Letter Of Credit, Red Clause

Letter Of Credit, Restricted

Letter Of Credit, Standby

Letter Of Credit, Straight

Letter Of Credit, Transferable

Letter Of Indemnity

Letter Of Instruction

Letter Of Transmittal

Letters Of Administration

Letters Of Correction

Level

Leveraged Lease

Licensing

Lighter

Like-Kind Property

Limit

Listed Security

Long Position

In this type of lease, the lessor provides an equity portion (usually 20 to 40 percent) of the equipment cost and lenders provide the balance on a nonrecourse debt basis. The lessor receives the tax benefits of ownership.