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Definitions (131)
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vendor
An entity that sells goods and may provide services to customers.
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vendor leasing
A working relationship between a financing source and a vendor who does not have a captive finance company to provide financing to stimulate the vendor's sales. The financing source typically off [..]
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useful life
The period of time during which an asset will have economic value and be usable. The useful life of an asset is sometimes called its economic life.
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variable lease payments
Payments made by a lessee to a lessor for the right to use an underlying asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of t [..]
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upgrade
An improved and/or updated version of equipment or software, most often used with technology assets.
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use tax
Many states charge a "use" tax in lieu of a sales tax when equipment is leased. In practice, instead of paying a sales tax for purchase of the leased equipment, the lessor collects or lessee [..]
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unsecured loan
A loan that is not secured by assets, but is based solely on the creditworthiness of the customer.
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uniform commercial code
A statute which prescribes very similar rules in almost every state in the U.S. for secured transactions, leasing and other commercial and financial transactions. The UCC is intended to represent the [..]
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true lease
A lease is generally described in state law as a lease of property as described in UCC Article 2A-103(1)(j). However, a true lease involves other considerations. Section 1-201(37) of the UCC (1-201(37 [..]
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trac lease
A lease that contains a special provision called a "terminal rental adjustment clause." TRAC leases apply to motor vehicles (including trailers) used more than 50 percent of the time in the [..]
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