See lease. American Banker Glossary
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short-term, cancelable lease. A type of lease in which the contract period is shorter than the life of the equipment, and the lessor pays all maintenance and servicing costs. Bloomberg Financial Dictionary
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operating lease UK US noun [C]
► an arrangement for a company to pay to use equipment, vehicles, a building, etc. for a particular period: an operating lease agreement/contract »
The company leases its facilities under an operating lease agreement.
Financial and business terms. 2012.