Leases Leasing Facts Lease- contractual agreement between a lessor (owner) and a lessee(user or renter) that gives the lessee the right to use an asset owned by the lessor for the lease term MLP- minimum lease payments (MLP) of the lessee to the lessor according to the lease contractLeases Leasing Facts Lease – contractual agreement between a lessor (owner) and a lessee (user or renter) that gives the lessee the right to use an asset owned by the lessor for the lease term MLP – minimum lease payments (MLP) of the lessee to the lessor according to the lease contract