Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

LEVEL OF SERVICE

Effort in providing service appropriate to satisfy customer needs and desires of clientele the firm wishes to attract and is not a profit killer. Measured amount and kind of service

LEVEL PLAYING FIELD

All competitors follow the same rules to get equal opportunity to compete regardless of size or financial strength. Economic and legal environment.

LEVEL PAYMENT MORTGAGE

Scheduled loan repayment. Schedules a fixed number of fixed-amount monthly installments. Interest and principal allocation shifts from month to month. Early on, interest allocation is high. Over time, interest allocated decreases and

LEVEL SELLING

Buyer-seller arrangement seeking to eliminate huge demand swings due to seasonal factors. In exchange for a discount or guaranteed delivery, the buyer agrees to buy a definite amount of a good or

LEVEL SCHEDULING

Smooth flow of production over a period driven by sales and production departments agreeing on a fixed level of output volume and output duration. Minimal disruptions from sudden demand-level changes needed. Matching

LEVEL OF EFFORT (LOE)

Coordination, follow up, liaison work does not result in a definitive end product or outcome; work of a general or supportive nature.

LETTER OF TESTAMENTARY

May be written prior to death or issued by the probate court. Grants an estate executor permission to do what is needed to distribute stated assets.

LEVERAGED BUYOUT (LBO)

Buying a company by using the company’s assets as collateral for the loan(s) to pay for the purchase. The company’s cash flow and assets are sold off to pay for the loan

LEVERAGED NOTE

A note that gives investors a possibility of returns through a coupon. Refer to inverse floating rate note.

LEVERAGED LEASE

A three-party lease contract for an asset bought by the lessor by borrowing most or all of the monies to purchase the leased asset. Under this contract, (1) the lessor has no

LEVY

1. Lawful monies owed, like a tax or usage fee. 2. Collected monies. 3. As a judgment or to pay a debt or claim, lawful seizure of a debtor’s specific asset or

LEVERED FREE CASH FLOW

Money available to company’s stockholders after paying incurred debt interest. The bigger the debt interest due, the less money left for distribution.

LEVELS OF MANAGEMENT

Company roles accountable for employee productivity and the work performance. The role of management is split into three levels: top-level, middle-level, and first-level. These levels are tiered in numbers and overall responsibilities.

LIBEL

Defamatory statement published through any manner or media. If intended to simply bring contempt, disrespect, hatred, or ridicule to a person or entity it is likely a civil breach of law. However,

LIBOR RATES

Short-term international interbank loans are charge this interest rate. This interest rate is applied to large loans ranging from one day up to five years between banks. Immediate liquidity borrowing from another

LIBERTARIANISM

Political and philosophical principle and belief seeking to limit government involvement in civil economical and social matters. Issues need to be settled outside the courts. Its roots trace back to the early

LIENEE

Debtor or party whose assets or property is held by lien by a creditor, claimant, or ‘lienor’.

LIBERAL

1. If Nonpolitical, this is an entity that favors social solutions to economic, social, and other problems, and favors less law and restriction to personal freedoms. 2. If Political, this is an

LEVELED TIME

Effort, skill, and work conditions reflect differentiating factors in operator performance leading to adjusted average time.

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