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

  • In addition, one representative and two alternates from Equipment Leasing Companies participating in the Agreement will also serve on the Committee.

  • 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.

  • To conduct business under the IANA Agreement, a quorum shall consist of the Chairperson and at least two Committee representatives each from the Motor, Ocean and Rail modes and one Committee representative from the Equipment Leasing Company Providers.

  • The Partners have formed the Partnership as a limited partnership by a partnership agreement of even date herewith (the “Partnership Agreement”) between Allco Finance Limited as general partner (the “General Partner”) and Lloyds TSB Equipment Leasing (No.6) Limited (the “Investor”) and the Sponsor as limited partners to make Capital Contributions thereto so that the Partnership may (a) provide the Owner with the funds to purchase the Vessel and (b) conduct Partnership Business.

  • The Customer acknowledges that certain charges may be payable directly to the Network Provider and/or where applicable to a third party under the Mobile Equipment Leasing Contract.

  • Tyler Radiation Equipment Leasing, LLC Unity Oncology, LLC US Oncology Clinical Development, LLC US Oncology Corporate, Inc.

  • Entity Name may seek financing for the ownership of all or a portion of the System under this Agreement, whether by a sale- leaseback of all or a portion of the System from an Equipment Leasing Party or entering into other arrangements with a Financing Party in the form of an equipment lease, finance lease, debt, equity, tax equity or other financing arrangement.

  • The following individuals are Authorized Representatives for purposes of giving direction on behalf of LEAF Asset Management, LLC pursuant to that Escrow Agreement dated __________________, 200__ by and between Commerce Bank, NA, and LEAF Asset Management, LLC, LEAF Equipment Leasing Income Fund III, L.P. and ▇▇▇▇▇▇▇▇ Securities, Inc.

  • As provided in Part B below, Lessor and (until at least December 22, 1996) Security Pacific Equipment Leasing, Inc., as their interests may appear, shall be Additional Insureds with respect to each policy of liability insurance to which these endorsements are attached, and Lessor shall be the Loss Payee with respect to each policy of "all risks" insurance to which these endorsements are attached.

  • Florida Dealers Service Corporation New Jersey Equipment Leasing Services, Inc.

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 has the meaning set forth in Section 2.1.9.

  • Property Management Agreement means that certain management agreement between the Company and the Property Manager with respect to the management of the Property.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • 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.