Equipment Leasing definition

Equipment Leasing is a means of financing the operations of a company through the lending of machinery and equipment for industrial operations. It is a system which is very common in developed and industrial economy but which is just beginning to grow in Nigeria. An equipment lease is described as the lease of an industrial, commercial or business equipment in which the leasee is put in possession whilst the lessor retains the ownership and title to the equipment, a system akin to hire purchase but which is fundamentally different from its because of the absence of the option to purchase. Where this system of business financing is in common use, the need to raise or invest large sums of money in the purchase of machinery and other equipment no longer poses serious problem. In the twentieth century, the concept of equipment leasing is an important means of long-term use of capital equipment for financing companies. The case of Nigeria Merchant Bank Ltd v. Lee Fakino Nigeria Ltd23 illustrates vividly the nature of equipment leasing as a means of financing companies. The facts disclosed by the plaintiffs were that both parties in 1982 executed a 36-month agreement whereby the defendants leased various caterpillars from the plaintiffs for construction work. The equipment were worth over N2 million. The total rent payable was put at about N67,000 per month. The claims were for arrears of rent of more than N2,400,000 and an injunction restraining the defendants from disposing of, or otherwise dealing with all the twenty caterpillars under the plant and machinery lease agreement. The plaintiffs also sought an order of repossession of all the equipment. Ademola Johnson, C.J. ordered the defendants to assign to the plaintiffs the N1 million due to the defendants from one of their debtors and pay the remaining N1 million within six weeks from the date of judgment. The
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Examples of Equipment Leasing in a sentence

  • Any additional Terms and Conditions submitted that are specifically for Equipment Leasing will not become part of the Master Agreement, but the negotiated Lease T&C’s will be made part of the PA.

  • Equipment Leasing is Not Allowed: If financing is necessary, the equipment purchase must be financed with a conventional purchase loan.

  • Regulation of Equipment Leasing.) When it appears that a carrier and a shipper or any other combination of persons might use a lease arrangement to evade some aspect of regulation within WYDOT jurisdiction, an investigation shall be instituted and a formal complaint issued if necessary.

  • Agencies are advised to follow the guidance provided in Federal Acquisition Regulation (FAR) Subpart 7.4 Equipment Leasing or Purchase and the guidelines provided in Federal Property Management Regulations (FPMR) 101-25.5 Guidelines for Making Purchase or Lease Determinations, to ascertain whether equipment should be acquired by purchase, lease or rental.

  • A master lease finance line facility of $2,500,000 is available to the Company to finance equipment under the BMO Equipment Leasing Group and shall reduce monthly in accordance with agreed upon terms based on market rates at the time of each advance.

  • Equipment Leasing Options – Provide the interest rate and monthly lease rate factor for three-, five-, and seven-year lease options.

  • Equipment Leasing Companies and Hire Purchase Financing Companies are those whose principal business is leasing or hire purchase finance.

  • On December 21, 2018, Cobra Aviation Services LLC (“Cobra Aviation”) and Wexford Partners Investment Co. LLC (“Wexford Investment”), a related party, formed a joint venture under the name of Brim Acquisitions LLC (“Brim Acquisitions”) to acquire all outstanding equity interest in Brim Equipment Leasing, Inc.

  • Greenpower's wholly owned subsidiaries San Joaquin Valley Equipment Leasing Inc.

  • In addition to the foregoing, if an Authorized User places an order or SOW to Lease-Purchase Product(s) provided by the Supplier, the Authorized User must comply with the Virginia Department of Accounts (DOA) CAPP Manual and the Treasury Board’s Master Equipment Leasing Program (MELP), as applicable.

Related to Equipment Leasing

  • Equipment Lease means a Contract for the lease of Equipment or for the purchase of Equipment under a conditional sales or title retention agreement.

  • Equipment Leases shall have the meaning set forth in Section 2.1(b) hereof.

  • Property Management Agreement means any Property Management Agreement between the Company and the Property Manager.

  • Equipment Line is an Equipment Advance or Equipment Advances in an aggregate amount of up to One Million Dollars ($1,000,000).

  • Operating Lease of a Person means any lease of Property (other than a Capitalized Lease) by such Person as lessee which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more.

  • Infrastructure facility means a building; structure; or networks of buildings, structures, pipes, controls, and equipment, or portion thereof, that provide transportation, utilities, public education, or public safety services. Included are government office buildings; public schools; courthouses; jails; prisons; water treatment plants, distribution systems, and pumping stations; wastewater treatment plants, collection systems, and pumping stations; solid waste disposal plants, incinerators, landfills, and related facilities; public roads and streets; highways; public parking facilities; public transportation systems, terminals, and rolling stock; rail, air, and water port structures, terminals, and equipment.

  • Wet Lease means any arrangement whereby Owner or a Permitted Lessee agrees to furnish the Aircraft, Airframe or any Engine to a third party pursuant to which the Aircraft, Airframe or Engine shall at all times be in the operational control of Owner or a Permitted Lessee, provided that Owner’s obligations under the Trust Indenture shall continue in full force and effect notwithstanding any such arrangement.

  • Real Estate Leases has the meaning set forth in Section 2.1(d)(ii).

  • Operating Leases means all real or personal property leases under which any Company is bound or obligated as a lessee or sublessee and which, under GAAP, are not required to be capitalized on a balance sheet of such Company; provided that Operating Leases shall not include any such lease under which any Company is also bound as the lessor or sublessor.

  • Airport Ground Support Equipment means vehicles and equipment used at an airport to service aircraft between flights.

  • Hotel Management Agreement means any hotel management agreement relating to the management and operation of the Real Property together with all supplements, amendments and modifications thereto.

  • Equipment Room means a space intended for the operation of pool pumps, filters, heaters and controllers.

  • leasing agreement means an agreement by which one person (the lessor) grants a right to possession or control of an object (with or without an option to purchase) to another person (the lessee) in return for a rental or other payment;

  • Property Agreements means all agreements, grants of easements and/or rights-of-way, reciprocal easement agreements, permits, declarations of covenants, conditions and restrictions, disposition and development agreements, planned unit development agreements, parking agreements, party wall agreements or other instruments affecting the Property, including, without limitation any agreements with Pad Owners, but not including any brokerage agreements, management agreements, service contracts, Space Leases or the Loan Documents.

  • Service Equipment means any equipment, Software, systems, cabling and facilities provided by or on behalf of Verizon and used to facilitate provision of the Services at a Customer Site. Ownership of the Service Equipment does not pass to Customer. Service Equipment does not include Verizon Facilities.

  • Franchise Agreements means (a) the Franchise Agreements set forth on Part IV of Schedule 4.01(p) hereto, and (b) any Franchise Agreement in respect of a Borrowing Base Asset entered into after the Closing Date in compliance with Section 5.01(r).

  • Existing Leases means those leases, license agreements and occupancy agreements identified on Schedule 2.1.3, as the same may be amended or modified from time to time in accordance with the terms of this Agreement.

  • Space Leases means any Lease or sublease thereunder (including, without limitation, any Major Space Lease) or any other agreement providing for the use and occupancy of a portion of the Property as the same may be amended, renewed or supplemented.

  • Lease Agreements shall have the meaning set forth in Section 3.14.

  • Leased Equipment means the equipment which may include but not limited to modem provided by TM on lease basis to enable usage of the Service by the Customer, as may be decided by TM from time to time at its sole discretion.

  • Property management system means the Contractor’s system or systems for managing and controlling Government property.

  • Facility Leases means agreements for the lease by the Company or any of its Subsidiaries or Joint Ventures of real estate utilized as a vehicle parking facility and/or for ancillary parking and transportation services.

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • Existing Franchise Agreement means that certain franchise license agreement between the Seller and the Franchisor, granting to Seller a franchise to operate the Hotel under the Brand.

  • industrial agreement means an agreement registered by the Commission under this Act as an industrial agreement;

  • Onshore facility means any facility any part of which is located in, on, or under any land of the state, other than submerged land, that because of its location, could reasonably be expected to cause substantial harm to the environment by discharging oil into or on the navigable waters of the state or the adjoining shorelines.