Major parties and some brief definitions in leasing are as follows;

Lessee: The party that purchases the usage rights of the equipment in leasing transactions against the rentals determined in advance with a contract.

Lessor: The party that possesses the legal ownership of the equipment subject to leasing and that transfers the usage of the equipment to the Lessee against the rentals determined in advance with a contract.

Contract: The written agreement between the Lessor and the Lessee, covering all the terms and conditions in relation to the transfer of usage of the leased equipment and repayment of lease rentals to the Lessor.

Supplier: Manufacturer or marketing company providing the equipment subject to the leasing
contract.

Rental: Periodical payments, effected by the Lessor to the Lessee for the utilization of the
equipment and which are determined in advance with the contract.

Basic operational mechanism of leasing can be summarized as in the below scheme.