CORPORATE & INSTITUTIONAL GLOSSARY

NACHA

Negotiable

Negotiation Credit

Net Lease

Net Weight

Non-Deliverable Forwards

Non-Vessel Operating Common Carrier (NVOCC)

Nonrecourse Loan

In a leveraged lease, the lenders cannot look to the lessor for repayment. The lender's only recourse is to the lessee and, therefore, the lessee's credit rating is of prime importance.