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Betriebspacht, Fremdpachten

English translation: lease of company premises

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Betriebspacht
English translation:lease of company premises
Entered by: Alison Schwitzgebel
Options:
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- Include in personal glossary

15:31 Mar 26, 2002
German to English translations [PRO]
Bus/Financial / Income statement
German term or phrase: Betriebspacht, Fremdpachten
An income statement expense item
Gudrun Russo
Local time: 16:26
Operating leases, third-party leases
Explanation:
Check out

"OPERATING LEASE


A lease which is treated as a true lease (as opposed to a loan) for book accounting purposes. An operating lease must have all of the following characteristics:
lease term is less than 75% of estimated economic life of the equipment
present value of lease payments is less than 90% of the equipment's fair market value
lease cannot contain a bargain purchase option (i.e., less than the fair market value)
ownership is retained by the lessor during and after the lease term
An operating lease is accounted for by the lessee without showing an asset (for the equipment) or a liability (for the lease payment obligations) on lessee's balance sheet."

"A. General Terms of Third-Party Lease Agreements.

After the bank's board of directors has determined by a majority vote that a lease agreement should be entered into, the bank must draft a written agreement with the third party. The final lease agreement should be approved by the bank's board of directors. At a minimum, the written agreement should:

1. contain a clause expressly negating the existence of a partnership or joint venture;

2. describe the duties and responsibilities of each party, including a description of permissible activities by the third party on the institution's premises, terms as to the use of the institution's space, personnel, and equipment, and compensation arrangements for personnel of the institution and the third party;

3. require the third party to comply with all terms of the agreement, applicable laws and regulations;

4. authorize the institution and the appropriate banking authority to have access to such records of the third party as are necessary or appropriate to evaluate compliance with the agreement;

5. provide authority for prior approval by the bank's board, or the board's designee, of all advertising of the third party; and

6. require the third party to indemnify the institution against potential liability resulting from actions of the third party.

The agreement may include other items, such as providing for written employment contracts for any personnel who are employees of both the institution and the third party."
Selected response from:

Alison Schwitzgebel
France
Local time: 22:26
Grading comment
Lovely. Thank you so much! Since it is an expense item, I will use operating lease expense (third-party lease expense). After all, the word Pacht stands for the agreement and the payment.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2Operating leases, third-party leases
Alison Schwitzgebel
4business rent, third party rentsSandra Schlatter


  

Answers


2 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
business rent, third party rents


Explanation:
not sure though...

Sandra Schlatter
Local time: 21:26
Native speaker of: Native in GermanGerman
PRO pts in pair: 95
Login to enter a peer comment (or grade)

4 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
Operating leases, third-party leases


Explanation:
Check out

"OPERATING LEASE


A lease which is treated as a true lease (as opposed to a loan) for book accounting purposes. An operating lease must have all of the following characteristics:
lease term is less than 75% of estimated economic life of the equipment
present value of lease payments is less than 90% of the equipment's fair market value
lease cannot contain a bargain purchase option (i.e., less than the fair market value)
ownership is retained by the lessor during and after the lease term
An operating lease is accounted for by the lessee without showing an asset (for the equipment) or a liability (for the lease payment obligations) on lessee's balance sheet."

"A. General Terms of Third-Party Lease Agreements.

After the bank's board of directors has determined by a majority vote that a lease agreement should be entered into, the bank must draft a written agreement with the third party. The final lease agreement should be approved by the bank's board of directors. At a minimum, the written agreement should:

1. contain a clause expressly negating the existence of a partnership or joint venture;

2. describe the duties and responsibilities of each party, including a description of permissible activities by the third party on the institution's premises, terms as to the use of the institution's space, personnel, and equipment, and compensation arrangements for personnel of the institution and the third party;

3. require the third party to comply with all terms of the agreement, applicable laws and regulations;

4. authorize the institution and the appropriate banking authority to have access to such records of the third party as are necessary or appropriate to evaluate compliance with the agreement;

5. provide authority for prior approval by the bank's board, or the board's designee, of all advertising of the third party; and

6. require the third party to indemnify the institution against potential liability resulting from actions of the third party.

The agreement may include other items, such as providing for written employment contracts for any personnel who are employees of both the institution and the third party."


    Reference: http://niagaracapital.homestead.com/glossary_operatinglease....
    Reference: http://www.osbckansas.org/DOB/DOBRegMail/RM1996-8B.html
Alison Schwitzgebel
France
Local time: 22:26
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in pair: 3409
Grading comment
Lovely. Thank you so much! Since it is an expense item, I will use operating lease expense (third-party lease expense). After all, the word Pacht stands for the agreement and the payment.

Peer comments on this answer (and responses from the answerer)
agree  gangels
5 mins

agree  Sandra Schlatter: this is much better
12 mins
Login to enter a peer comment (or grade)




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