Please use the search field below to search the Industry Dictionary for a particular word or a group of words, or use the letters below to search for expressions alphabetically. Search:    A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z  Your search returned 46 result(s). NAFTA Acronym for the North American Free Trade Agreement. Naira The principal monetary unit of Nigeria National Association of Equipment Lease Brokers A U.S. trade association of equipment lease brokers and related industry professionals. National Bank (U.S. based) A bank that has received its charter from the federal government National Vehicle Leasing Association A U.S. trade association of vehicle lessors Negative Cash Flow The situation whereby cash coming in to a business (revenue) is less than cash going out (expenses) during a specific measured time period. Negative Covenant A legally binding promise in a contract or agreement to refrain from doing some particular act. Negative Pledge A pledge not to dispose of, transfer or encumber a particular pledged asset before expiration of the pledge Negative Spread The situation where a financier is paying more for its cost of funds than what it is earning on its investment of those funds in its respective financing transactions a(i.e. loans and leases). Negligence A failure by a party to exercise, what is deemed as, “ordinary” or “reasonable” care in a given situation or circumstance. Negligent Misrepresentation A misrepresentation of fact caused by a failure of a party to exercise, what is deemed as, “ordinary” or “reasonable” care in a given situation or circumstance. Negotiable Instrument A draft, check, certificate of deposit, promissory note, or similar financial instrument that contains an unconditional promise or order to pay a specified monetary sum, and no other promise, except as those allowed by the applicable law of negotiable instruments. Negotiated payoff A payment by a lessee for the early termination of a lease that is different than either what the lease contract provides or what the lessor details as the payoff figure in financial statements or lease ledgers. Net Lease A lease in which all costs in connection with the use of equipment, such as maintenance, insurance and property taxes, are the responsibility of the lessee, and thus, paid for separately by the lessee, and typically are not included in the lease rental paid to the lessor. Net Present Value The value of a future payment of money, or series of payments, that is the same as if that money was received today as a lump sum. Net present value is determined by applying a discount rate to those payments. The choice of discount rate is critical, and the appropriateness of a given discount rate will depend upon the purpose for which the determination of net present value is made. Net present value is most often associated with the total discounted value of all cash inflows and outflows from a project or investment. Net Proceeds The proceeds of a sale or other disposition after deducting all costs related to the sale or disposition. Net Proceeds of Disposition The amount received by the lessor on the disposition of off-lease equipment after deduction of any pre-delivery, repossession, recovery, storage, refurbishment, repair, publication, auction, commission or other costs associated with obtaining or the return of the leased asset and its subsequent disposition. Net Profit Profit derived by deducting all expenses from all income. Net profit is derived on a pre and/or after-tax basis. Net Worth The value of a business or individual as determined by deducting all respective liabilities from all assets. Net Yield The yield in a transaction after deducting all commissions, expenses and other costs incurred in creating the transaction generating the yield. Nfs Check A check drawn on an account that has insufficient funds to cover it; (i.e. a bounced check). NICs Acronym for Newly Industrialized Countries. No Par Value Stock Company stock that has no stated value assigned to it. Nominal Interest Rate An interest rate without adjustment for compounding or other factors that provides the “true effective” interest rate. Nominal Purchase Option A purchase option provided a lessee that is so far below the reasonably fair market value of the leased equipment anticipated at the end of the lease as to be a mere token payment for the transfer of the title of the equipment. Nominal Renewal Option A renewal option provided a lessee that is so far below the reasonably fair market rental value of the leased equipment anticipated at the end of the lease as to be a mere token payment for the continued use of the equipment by the lessee for essentially all of its remaining economic useful life. Non-Appropriation Clause A provision in a municipal lease that addresses the contingency that the municipal lessee’s governing body may not appropriate funds to pay lease payments in future fiscal years. Non-Cancellable Lease A lease that cannot be cancelled or terminated by the lessee during its original term. Non-Full Payout Lease/Non Payout Lease A lease from which the lessor cannot reasonably expect to realize a return on its full investment in the leased property plus the estimated cost of financing the property over the term of the lease, from rentals, estimated tax benefits, and the needs to recoup the required rate of return from estimated and/or actual residual value of the property at the expiration of the initial term of the lease. Non-Interference A lack of challenge to a lessee's quiet use and possession of a leased asset for the duration of a lease term. Non-Recourse A type of borrowing in which the borrower (a lessor in the process of funding a lease transaction) is not at-risk for the borrowed funds. The lender expects repayment from the lessee and /or the value of the leased equipment; hence, the lender's credit decision will be based upon the creditworthiness of the lessee, as well as the expected value of the leased equipment. Non-Recourse Lease A lease for which the lessor is not liable to the funding source on the lease beyond the possible forfeiture of the lessor's residual interest in the leased asset. Non-Recourse Loan/Debt A loan or debt for which the borrower is not liable beyond the potential forfeiture of the specific asset for which the debt was incurred. Non-Renewal Penalty A provision in a municipal lease that addresses the contingency that the municipal lessee's governing body may not renew the lease for the next fiscal period, typically a year. Municipal leases are most often written with a five-year term containing an annual termination right given the lessee or a one-year lease term with subsequent renewal options, thus enabling the lessee to treat lease payments as expenses and avoiding the lease payments being considered as debt. Non-Tax Lease A lease structured by which the lessor does not receive the tax benefits of ownership (i.e. not a true/operating lease). Non-Utilization Fee A charge assessed even when an asset or service is not being used or otherwise left dormant. Normal Price The price at which a good or service customarily sells in the marketplace (i.e. fair market value). North American Free Trade Agreement (NAFTA The international agreement involving the United States, Canada and Mexico that provides for the reduction and elimination of tariffs and other barriers in promotion of a regional free trade zone. Notarized Attested to by a person who has legal authority to act as a notary, as actually signed by the person whose signature appears on the document which is notarized. Notary A person who has legal authority through licensure, governmental appointment or official office to validate and authenticate certain contracts, agreements and other legal documents. In many countries, notarization can provide substantial, often essential, legal advantages and authorization required for the validity of either agreements and/or contracts.. Note An abbreviated reference to a promissory note or annotation of an evidence of debt. Note Payable The outstanding amount remaining to be paid on a promissory note or other form of debt obligation. Note Receivable The outstanding amount remaining to be received from a promissory note or other form of acct. receivable. Notice The providing of a legally-oriented demand, warning, or other piece of information pursuant to the delivery mechanism specified in a contract or agreement, (i.e. certified, first class mail, return receipt request). Novation The substitution of a new party for another to an agreement with the obligatory release of the initial party. NVLA Acronym for the National Vehicle Leasing Association, a U.S. based trade association of vehicle lessors. About Us | Services Offered | Financing Available | Equipment Financed | Financing Advantages | Application Center | PDF Download | Vendor Login | Industry Dictionary | Career Opportunities | Information Request | FAQs | Partner Alliance Program | Site Map | Home