Louver of damper

A damper consisting of several blades called louvers each pivoted about its center and linked together for simultaneous operation.

Lever Rule

The lever rule is a tool used to determine weight percentages of each phase of a binary equilibrium phase diagram. It is used to determine the percent weight of liquid and solid phases for a given binary composition and temperature that is between the liquidus and solidus.

Lever rule is employed to obtain relative amounts of co-existing phases as a binary system. This rule is not applicable at eutectic or peritectic points as three phases exist in equilibrium at these temperatures.

Linking Verb

A verb that can be immediately followed by an adjective is called a linking verb

Latent heat of vaporization

Latent heat of vaporization is the amount of heat added or removed to change phase between liquid and vapor.

Latent heat of fusion

Latent heat of fusion is the amount of heat added or removed to change phase between solid and liquid.

Latent heat

Latent heat is the amount of heat added to or removed from a substance to produce a change in phase.

Lift

To make an airplane fly, we must generate a force to overcome the weight. This force is called the lift and is generated by the motion of the airplane through the air. Lift is an aerodynamic force ("aero" stands for the air, and "dynamic" denotes motion). Lift is directed perpendicular (at right angle) to the flight direction.

Letter of Credit

A letter of credit is a document issued by a bank, which usually provides an

irrevocable undertaking for payment to a beneficiary against submission of

documents as stated in the Letter of Credit.

Line

Which has length but no breadth and height.

Load or no-load Fund

A Load Fund is one that charges a percentage of NAV for entry or exit. That is, each time one buys or sells units in the fund, a charge will be payable. This charge is used by the mutual fund for marketing and distribution expenses. Suppose the NAV per unit is ` 10. If the entry as well as exit load charged is 1%, then the investors who buy would be required to pay ` 10.10 and those who offer their units for repurchase to the mutual fund will get only ` 9.90 per unit. The investors should take the loads into consideration while making investment as these affect their yields/returns. However, the investors should also consider the performance track record and service standards of the mutual fund which are more important. Efficient funds may give higher returns in spite of loads.
A no-load fund is one that does not charge for entry or exit. It means the investors can enter the fund/scheme at NAV and no additional charges are payable on purchase or sale of units.

Money Market or Liquid Fund

These funds are also income funds and their aim is to provide easy liquidity, preservation of capital and moderate income. These schemes invest exclusively in safer short-term instruments such as treasury bills, certificates of deposit, commercial paper and inter-bank call money, government securities, etc. Returns on these schemes fluctuate much less compared to other funds. These funds are appropriate for corporate and individual investors as a means to park their surplus funds for short periods.

Liquidity

The term indicates availability of cash, and of assets readily convertible into cash (called liquid assets), to meet immediate obligations; a volume of reserves plus credit facilities, reflected in an ability to meet current financial liabilities in cash.

Limited Liability

Means the restriction of an owner's loss in a business to the extent of the capital that he has invested in it.

Letter of Credit

A document which is issued by a bank on behalf of a customer which guarantees payment by the bank of cheques drawn by the customer, or more commonly today of bills drawn on that customer by parties from whom he has bought goods. Letters of Credit are used largely in association with bills of exchange, to which they give added security in the financing of foreign trade.

Lease

The term used for an agreement in which one agent obtains the right of use of some property owned by another agent for a given period of time in return for an agreed fixed charge (which is generally paid in periodic installments).