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Main/Why Leasing? /Glossary of terms
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Glossary of terms

Lease Agreement means agreement according to which lessor agrees to acquire a product into his ownership from seller (supplier) according to specifications and terms established by lessee, and also transfer said product into lessee’s use for the predetermined period (at least one year) in exchange for the predetermined fee (lease payments) (see: Law of Ukraine "On Financial Leasing" dated 11.12.2003, page 1).

 

Leaseback means lease agreement according to which lessor acquires subject of leasing from the owner for the subsequent (reverse) transfer back to the former owner into lease (see: Law of Ukraine "On Taxation of Company Profit", page 1).

 

Lessor means legal entity which transfers the right of ownership and use of the subject of leasing to lessee (see: Law of Ukraine "On Financial Leasing" dated 11.12.2003, page 4).

 

Lessee means individual or legal entity who/which receives the right of ownership and use of the subject of leasing from lessor (see: Law of Ukraine "On Financial Leasing" dated 11.12.2003, page 4).

 

Features of Financial Leasing: 
· object of leasing is transferred for the period during which at least 75 percent of its initial value is depreciated according to depreciation norms (according to Article 8 of the Law of Ukraine "On Taxation of Company Profit"), and lessee shall acquire the object of leasing into the ownership during period of validity of the lease agreement or upon its expiration at the price stipulated in such lease agreement; 
· amount of lease (rental) payments made from the beginning of lease period is equal to or greater than the initial value of object of leasing; 
· if the object which was a part of lessor’s fixed assets during the period of first 50 percent of depreciation of its initial value is transferred into lease, total amount of lease payments shall be equal to or greater than 90 percent from the regular price of such object of leasing effective as of the beginning of period of validity of lease agreement increased by the amount of interest calculated based on the discount rate of the National Bank of Ukraine effective as of the beginning of period of validity of lease agreement and determined for its entire period; 
· property transferred into financial leasing was manufactured upon the order of lessee (leaser), and after expiration of the lease agreement cannot be used by any persons/entities other than lessee (leaser) based on its technological and qualitative characteristics (see: Law of Ukraine "On Taxation of Company Profit", page 1).

 

Operative Leasing (Rental) means business operation of an individual or a legal entity, which according to the lease (rental) agreement provides for transfer to the lessee of property falling under the definition of a fixed asset (according to Article 8 of the Law of Ukraine "On Taxation of Company Profit") purchased or manufactured by lessor on terms other than those provided by the financial leasing (rental) (see: Law of Ukraine "On Taxation of Company Profit", page 1). 

 

Subject of Lease Agreement (hereinafter referred to as Subject of Leasing) may be a non-consumer product defined by its individual features and referred to as a fixed asset according to law (see: Law of Ukraine "On Financial Leasing" dated 11.12.2003, page 3).

 

Seller (Supplier) means individual or legal entity from whom/which lessor acquires the product to be subsequently transferred to lessee as a subject of leasing (see: Law of Ukraine "On Financial Leasing" dated 11.12.2003, page 4). 

 

Subleasing means type of under-lease of the subject of leasing according to which lessee upon the lease agreement transfers the subject of leasing previously received from lessor upon said lease agreement to third parties (lessees upon the sublease agreement) into their use in exchange for payment for the predetermined period according to terms of the sublease agreement (see: Law of Ukraine "On Financial Leasing" dated 11.12.2003, page 5). 

 

Financial Leasing means type of civil legal relations which arise from the financial lease agreement (see: Law of Ukraine "On Financial Leasing" dated 11.12.2003, page 1).

 

   
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