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LEASEBACK. A business arrangement wherein the owner of land, buildings, and/or equipment sells such assets and simultaneously leases them back under a long term lease.

LIFE. (1) ECONOMIC: That period of time after which a machine or facility should be retired from primary service and/or replaced as determined by an engineering economy study.  The economic impairment may be absolute or relative.  (2)  PHYSICAL:  that period of time after which a machine or facility can no longer be repaired or refurbished to a level such that it can perform a useful function.  (3)  SERVICE:  that period of time after which a machine or facility cannot perform satisfactorily its intended function without major overhaul. 

LIFE CYCLE COST. The present worth or equivalent uniform annual cost of an equipment or project which takes into account all associated cash flows throughout its life including the cost of removal and disposal. 

LOAD FACTOR. (1) Applied to physical plant or equipment, it is the ratio of average production rate for some period of time to the maximum rate. Frequently, it is expressed as a percentage. (2) In electric utility operations, it is the average electric usage for some period of time divided by the maximum possible usage. (See CAPACITY FACTOR, DEMAND FACTOR.) 

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