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Non-Cancelable
A term referring to agreements or contracts that cannot be terminated or voided by one or both of the parties involved before the end of the term without penalties.
Service Life
The estimated period an asset is expected to be useful and productive for its intended purpose before it becomes obsolete or too costly to maintain.
Present Value
The current value of a future amount of money or stream of cash flows, discounted at a specific interest rate.
Capital Lease
A capital lease is a lease classified by the lessee as an asset on its balance sheet, indicating that it effectively has the economic ownership of the asset, even though legally it may not own the asset.
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