LeaseForce International - Commercial Equipment Leasing, Financing & Consulting Service Provider

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Backdate

To sign a document with a date earlier than the current one, usually in confirmation of its practical effectiveness from that earlier point in time.

Bad Debt

A payment obligation which has not been made; the term is usually used in connection with debts that have been written off.

Baht

The primary monetary unit of Thailand.

Bailee

One who receives possession of property of another for a period of time.

Bailment

The transfer of possession of property for a period of time, with or without consideration (i.e. a lease is a type of and/or subset of bailment).

Bailment For Hire

The transfer of possession and use of property for a period of time with payment for such transfer and use (i.e. a lease).

Bailor

One who transfers possession of its property to another for a period of time.

Balance of Trade

A nation’s import and export account with the rest of the world. If it imports more than it exports, it has a balance of trade deficit. If it exports more than it imports, it has a balance of trade surplus.

Balance Sheet

A list of one’s assets and liabilities and their difference (net worth) as of a precise date.

Balanced Budget

A budget in which current expenses do not exceed current income.

Balboa

The primary monetary unit of Panama.

Balloon

Typically referring to a lease or loan payment stream whereby a large “balloon” or lump sum payment is do in some pre-set period during the financing term..

Balloon Note

A promissory note with a final payment that is unusually large in comparison to the other payments, if any.

Balloon Payment/Note/Mortgage

A payment on a loan, often the final one, that is unusually large in comparison to other payments on the loan."

Bank Certificate

A signed statement by a bank officer sating a party's account balance as of a particular day.

Bank Check

A check drawn by a bank on itself on behalf of one of its depositor.

Bank Draft

A check drawn by a bank on itself on behalf of one of its depositor.

Bank for International Settlements

The central bank for the central banks of the world.

Bank Leasing Company

A leasing company affiliated with a bank or bank holding company

Bank of England

The central bank of the United Kingdom of Great Britain.

Bank of France

The central bank of France.

Bank of Japan

The central bank of Japan.

Bank Rate

The interest rate charged to banks on loans to them by the central bank of a country

Bank Reference

A report by a bank on the credit worthiness of one of its customers (personal or business/company).

Bankrupt

An insolvent debtor.

Bankruptcy

1. Financial insolvency of either a personal or business/company. 2. (U.S. based) The filing of a petition for reorganization or liquidation under Title 11 or 7 of the United States Code.

Bankruptcy Estate

(U.S. bankruptcy based) The legal entity that is created when a company, individual, or other entity files a bankruptcy petition; it is the vehicle through which the filing parties' assets and liabilities are adjusted.

Bankruptcy Petition

(U.S. bankruptcy based) The document filed by a debtor with the Clerk of the Bankruptcy Court of the appropriate U.S. District Court which commences official bankruptcy proceedings.

Banks and Trades

Bank references and trade references listed in a credit application.

Banque de France

The central bank of France.

Bargain Purchase Option

A lease provision allowing the lessee, at its option, to purchase the leased property at the end of the lease term for a price that is sufficiently lower than the expected fair market value of the property, such that exercise of the option appears, at the beginning of the lease, to be reasonably assured, and in some instances, highly probable.

Bargain Renewal Option

A lease provision allowing the lessee, at this option, to renew the equipment lease for a rental rate predetermined at lease inception, that is substantially lower than the expected fair market value at the date the option can be exercised. Due to its nature, it is typically a near certainty that the option will be exercised since the consideration to be given for the purchase is so marginal/nominal as to be deemed nearly insignificant.

Basis

The cost (including delivery, installation, transaction, and other costs) of an asset upon which depreciation for tax and/or accounting purposes is calculated.

Basis Point

Units of 1%, with each unit being 0.01% (1/100th per cent). For example, ""50 basis points"" is one-half of one per cent.

Battle-Of-The-Forms

The practice of parties’ trying to control contract language by being the party to issue the last document in the transaction process such that that document (and its language) becomes the contract itself (e.g. an invoice might contain language which would override language in a purchase order, or an acceptance document might contain language which would override the invoice).

Below-The-Line

Accounting entries and the transactions they represent that come after the determination of profit or loss.

Bill of Sale

A written document that evidences the transfer of ownership of property.

BIS

Acronym for the Bank for International Settlements

Book Value

Value according to accounting records, which may or may not be real market value (i.e. the norm is that it usually is not, book value is often higher than actual fair market value).

BP

An acronym for basis point.

Breach of Contract

A failure to perform a contractual obligation.

Break-Funding Costs

Costs, payments and fees incurred by a borrower because of a payoff of a financing earlier than scheduled.

Breakup Price/Value

The total price/value obtained if a company is separated into various components, by product line, assets, divisions or other logical business unit pieces and some components are then sold separately; breakup price can often be higher than the price that would be obtained from the sale of the business as a whole.

Broken Lease

A financing treated as a lease for accounting purposes and a loan for tax purposes; also known as an off-balance sheet loan, see-through lease or synthetic lease.

Broker

(Leasing based) A value added middleman who brings together lessors, lessees, and vendors for the purpose of executing a transaction and who receives a commission for such service.

Budget

A formalized plan regarding expected income and expenses.

Bundesbank

The central bank of Germany.

Bundled Lease

A lease that includes many additional services such as maintenance, insurance and property taxes that are paid for by the lessor, the cost of which is built into the lease payments.

Business Culture

The social constructs and cultures that provide a particular business with its unique identity from an internal perspective.

Business Lease

A lease in which the lessee has entered into the lease transaction for commercial purposes; not a consumer lease.

Buy-Back

1. The acquisition of a lease transaction by the selling lessor from the buying lessor or funding source because of a breach of representations or warranties made when the transaction was originally sold on a non-recourse basis. 2. The acquisition of a defaulted lease transaction by the equipment vendor pursuant to its prior agreement to do so as part of a repurchase agreement entered into with the lessor.

Buy-Down

The reduction of the capitalized cost of a leased asset or a reduction in the interest rate in a loan through an initial payment made for that purpose.

Buy-Out

The purchase of a owner's interest in an asset or a business.

Bylaws

The formal internal rules by which a corporation or other organization governs its operations. Bylaws are subordinate to the articles of incorporation or other constitutional constructs of the organization.