JUDGMENT BY CONFESSION The act of debtors permitting
judgment to be entered against them for a given sum with a statement to that
effect, without the institution of legal proceedings.
JUNK BOND A high-yield corporate bond issue with a
below-investment rating that became a growing source of corporate funding in
the 1980s.
LAWS & REGULATIONS SBA For those pertinent to small
business, please see...
LEASE A contract between the owner (lessor) and the tenant
(lessee) stating the conditions under which the tenant may occupy or use real
estate or equipment. Terms usually include a specific period of time and a
predetermined rate.
LEASE RATE The period rental payment to a lessor for
the use of assets. It may also be considered as the implicit interest rate in
minimum lease payments.
LEGAL RATE OF INTEREST The maximum rate of interest fixed by
the laws of the various states, which a lender may charge a borrower for the
use of money.
LENDING INSTITUTION Any institution, including a
commercial bank, savings and loan association, commercial finance company, or
other lender qualified to participate with SBA in the making of loans.
LESSEE The user of equipment or property being
leased.
LESSOR The party to a lease agreement who has leagl
or tax title to equipment or property, who grants the lessee the right to use
the equipment or property for the lease term, and who is entitled to the rental
fees.
LEVERAGED BUY-OUT The purchase of a business, with financing
provided largely by borrowed money, often in the form of junk bonds.
LIABILITY Debt owed by the company such as bank loans
or accounts payable.
LICENSE LICENSES BUSINESS REGISTRATION Businesses are
licensed and registered at local and state levels of government. Each state has
their own mechanism or criteria for obtaining licenses. Choosing
"More..." will take you to state site listings.
LIEN A charge upon or security interest in real or personal
property maintained to ensure the satisfaction of a debt or duty ordinarily
arising by operation of law.
LINE OF CREDIT A short-term loan, usually less than one
year.
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