Lessee

One who takes property on lease.

Lessor

A person, Corporation, or other legal entity that leases property to a lessee.

Letter of Credit (LC)

A formal document issued by a bank on behalf of a customer, stating the conditions under which the bank will honour the commitments of the customer.

Lien

A lender’s claim on assets offered as security for a loan.

Line of Credit

A pre-approved credit facility (usually for one year) enabling a bank customer to borrow up to the specified maximum amount at any time during the relevant period of time.

Liquidation

Divestment of all the assets of a firm so that the firm ceases to exist.

Liquidity

The extent to which or the ease with which an asset may quickly be converted into cash with the least administrative and other costs.

Loan Document

A business contract by which a borrower and lender enter into an agreement. Loans are classified according to the lender or borrower involved, whether or not collateral is required, the time of maturity, conditions of repayment, and other variables.

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