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Stipulated Loss Value. A clause in the master lease that incorporates required lessee payments in the event of a default or casualty (loss or irreparable damage of the equipment) during the lease term.
Trac Lease. A tax-oriented lease of motor vehicles or trailers that contain a terminal rental adjustment clause and otherwise complies with the requirements of a guideline lease.
True Lease/Tax Lease. A tax-oriented lease, in which, for irs purposes, the lessor qualifies for the tax benefits of ownership and the lessee is allowed to claim the entire amount of the lease rental as a tax deduction.
Upgrade. An option that allows the lessee to add equipment to an existing piece of leased equipment in order to increase its capacity or improve its efficiency.
Vendor Lease. A lease offered by a manufacturer or dealer to its customers for financing its products.
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