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| Life interest rate cap
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Limits the interest rate to a fixed percentage regardless of whether or not the interest increases to a percentage beyond the cap. |
| Life tenant
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One who is allowed to use of real estate during his lifetime or the lifetime of another designated party. |
| Life-cycle cost
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Amount of money necessary to own, operate and maintain a building, system, plant, piece of equipment, etc., over its useful life. |
| Lifetime rate cap
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The maximum interest rate that may not be exceeded on an adjustable rate loan (ARM) over the life of the loan. |
| Lift
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(1) Also called a hook travel, it refers to the maximum vertical travel distance of a crane hook. (2) To bring up to a higher position; to raise. (3) Layer of backfill in an excavation. (4) Thickness of concrete that can be done in one continuous pour. (5) Vertical layer of concrete as placed in a tall form. (6) Maximum coverage of urethane foam that can be placed in one continuous application. |
| Lift check valve
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Valve that will allow fluid to flow in only one direction. With the valve open, the flow of fluid raises the disc, which is able to move in that direction. Gravity or a spring closes the disc so that the flow cannot reverse. |
| Lifting
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The softening and penetration of a previous film by solvents in the paint being applied over it, resulting in raising and wrinkling. |
| Light
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(1) Illumination. (2) Space in a window sash for a single pane of glass. Windows are often characterized by the number of lights they have. (3) Something through which light is admitted. |
| Light bulb
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Incandescent lighting element, which converts energy, inside a glass container, to light by use of a filament heated by electrical resistance. |
| Light center length (lcl)
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The distance between the center of the filament or arc tube in a lamp and a reference plane-usually the bottom of the lamp. |
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