An entity that sells goods and may provide services to customers.

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 [..]

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.

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 [..]

An improved and/or updated version of equipment or software, most often used with technology assets.

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 [..]

A loan that is not secured by assets, but is based solely on the creditworthiness of the customer.

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 [..]

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 [..]

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 [..]