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By means of amortization, a limited-life asset’s value is reduced as a result of the passage of time or its use in the production of goods and services through the allocation of it...
What is an undivided trust interest? What is a SUBI?
The beneficial interest in the vehicles and leases that have not yet been securitized is an undivided trust interest (UTI), which represents the right to receive all the proceeds o...
What is an SNDA agreement? What is privity of contract?
A subordination, non-disturbance and attornment agreement (SNDA agreement) is employed by a landlord, tenant and the lender to resolve how and when the rights of tenants will be su...
What is an outright assignment?
Outright assignment is the nonrecourse true sale of a lease in which legal title and the risks, rewards and control under an existing lease or lease commitment are transferred from...
What is an open-end lease? What is a closed-end lease? What is a TRAC lease?
A closed-end lease does not contain a purchase or renewal option, it requiring the lessor to take possession of the asset at the end of the lease term, thereby exposing the lessor...
What is an independent lessor?
An independent lessor is a leasing company that is not an affiliate, joint venture or associate of a bank, manufacturer or dealer. They purchase equipment from various unrelated m...
What is an executory contract?
Under the US Bankruptcy Code, unfulfilled executory contracts and security interests in assets to secure the performance of an obligation become the property of a bankruptcy estate...
What is an equity participant in a leveraged lease?
The lessor is the equity participant, which is one or more parties in a leveraged lease that as owner of the leased asset holds beneficial interest in the asset and has the risk, r...
What is an equipment lease agreement?
Whether lease applications or lease proposals and commitment letters are used, lease inception occurs with the closing of lease agreements. A lease agreement is a contract between...
The balance sheet is a financial statement that reports the financial position of an entity at the end of an accounting period by presenting the major categories and value of its a...
