An agreement that permits one party (the lessee) to use property owned by another party (the lessor). The lease, which may be written either for a short term or for a long term, often results in tax benefits to both parties. Also called
equipment lease. See also
capital lease,
graduated lease,
gross lease,
leveraged lease,
net lease,
open-end lease,
operating lease,
put 31,
subvented lease.