金融英语综合考试辅导阅读素材整理20
International leasing is a kind of commercial transaction much the same as any line of business in foreign trade. In general, there are two kinds of lease: Financial Lease and Operating Lease. Financial Lease: The lease covers substantially the anticipated economic life of the leased property and the written-down value of the property at the end of the lease is generally nil or nominal in terms of its original cost. Where the property is fully amortized, the lease is called a "full pay-out lease". The profit for the lessor is not therefore dependent on the residual value of the property at the end of the lease term. The lessee is usually responsible for the maintenance and the insurance of the property. A lease contract often contains a penalty clause for premature termination by the lessee, allowing compensation to the lessor for the loss of his anticipatory rent. Operating Lease: The lease covers only part of the economic life of the leased property, which is therefore not fully amortized. Theoretically speaking, it is a kind of "non-full pay-out lease", where the residual value of the property forms quite a significant part of the lessor’ s profit. He is usually responsible for the maintenance and insurance of the property which he may be required to take back prematurely without penalty to the lessee, and therefore an operating lease is more costly in rent than a financial one. It is clear that a finance lessor regards himself as lending money to make profit in the form of interest, whereas an operating lessor regards himself as operating an asset to make profit from the operation. That is why an operating lessor is usually responsible for maintenance and insurance to keep the property in good order during the lease period. When an operating lease terminates, the lessor may continue leasing the property to the original lessee, but if the original lessee does not want to use the property any more, the lessor may release or sell it to another person so as to recover his investment from its residual value. If upon termination of the lease，the asset falls in price or becomes out of date，the lessor will then be unable to regain his investment，this being especially so with such equipment as electronic calculating machines which are constantly replaced by more advanced products．Hence，an operating lease is higher in rent than a financial lease．New Words & Terms
leasing n．租赁业务；租赁 residual a．剩余的
lease n．租赁，租约 residual value剩余价值，残值
financial lease融资租赁 lessee n．承租人
operating lease经营租赁 maintenance n．维持，维护
substantially ad．实际上；大量地；殷实地 penalty n．罚金，违约金
penalty clause罚款条款 written down
n．减低(资产货物)的账面价值
premature a．未到期的 termination n．终止，满期
nil n．零，没有 anticipatory a．预期的，预支的
written-down value n．折旧后价值，减去折旧后的资产价值
rent n．租金 anticipated a．预计的
non-full pay-out lease非全价租赁，非全额付清租赁
nominal a．名义的，票面上的 amortize v．分期偿还，摊提
terminate v．终止 full pay-out
lease全价租赁，全额付清租赁
recover v．收回；重获；弥补 lessor n．出租人
electronic a．电子的
Phrases
dependent on依靠，依赖 keep…in good order保持良好的状态
take back收回 out of date过期
make profit盈利，获利
Notes
1．The lease covers substantially the anticipated economic life of the leased property and the written-down value of the property at the end of the lease is generally nil or nominal in terms of its original cost．
租赁实际上包括租赁财产的预期经济寿命，而且在租赁期满时租赁财产的折旧后价值相对于其原始成本一般为零或者仅为名义价值。
2．A lease contract often contains a penalty clause for premature termination by the lessee，allowing compensation to the lessor for the loss of his anticipatory rent．
租赁合约通常包括对承租人因未到期而终止的罚金条款，对出租人所遭受的预期租金损失予以补偿。
“allowing compensation…anticipatory rent”为现在分词短语，作补充说明。
3．It is clear that a finance lessor regards himself as lending money to make profit in the form of interest，whereas an operating lessor regards himself as operating an asset to make profit from the operation．
很明显，融资租赁的出租人把自己当作放款人，以利息形式获取利润，而经营租赁的出租人把自己当作经营资产(租赁物)的人，由此获得利润。
“whereas”意为“然而”，为并列连词，连接两个平行句，表对照。
Exercises to the Text
I．Answer the following questions．
1．What does international leasing mean? 、
2．What’s the characteristic of financial lease?
3．What does full payout lease refer to?
4．Why does a lease contract often contain a penalty clause?
5．Why is the operating lessor responsible for the maintenance?
6．Why is an operating lease more costly in rent?
7．How do a finance lessor and an operating lessor make profit respectively?
8．What will happen to the lessor if the leased property goes down in price?
Ⅱ．Match the words or phrases in Column A with those in Column
B．
A B
1．1essee a．doing sth．in advance
2．anticipatory b．expensive，dear
3．rent c．person who holds a lease
4．costly d．of little importance or value
5．replace e．first or earliest
6．premature f．happening before the right or usual
time
7．residual g．regular payment for the use of sth．
8．nominal h．take the place of
9．original i．remaining
10．nil j．nothing，zero
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