INVESTMENT IN FINANCE LEASE (Tables)

12 Months Ended

Dec. 31, 2014

INVESTMENT IN FINANCE LEASE [Abstract]

Components of investments in sales-type leases

The following lists the components of the investment in sales-type lease as at December 31.



(in thousands of $)	2014		2013
Net minimum lease payments receivable	67,145		78,452
Estimated residual values of leased property (unguaranteed)	20,320		20,320
Less: unearned income	(38,647	)	(47,398	)
Total investment in sales-type lease	48,818		51,374
Current portion	3,028		2,555
Long-term portion	45,790		48,819
	48,818		51,374

Minimum future gross revenues under non-cancellable sales-type leases

The minimum future gross revenues to be received under the Company's non-cancelable sales-type lease as of December 31, 2014 are as follows:



(in thousands of $)
2015	11,307
2016	11,338
2017	11,307
2018	11,307
2019	11,307
Thereafter	10,579
Total minimum lease revenues	67,145

- Definition

Tabular disclosure of leases entered into in connection with the transaction involving the sale of property to another party and the lease of the property back to the seller was accounted for as an operating or capital lease. If the sale of the asset(s) did not meet the requirements to be accounted for as a sale whether the transaction was accounted for using the deposit method or as a financing. Disclosure may also include a description of the terms of the sale-leaseback transaction, including future commitments, obligations, provisions, or circumstances that require or result in the seller-lessee's continuing involvement. For leasing transactions involving "Special Purpose Entities"', disclosure may include a general description of the significant terms of the leasing arrangement including renewal or purchase options, escalation clauses, obligations with respect to refinancing of the lessor's debt, significant penalties and the provisions of any significant guarantees, such as residual value guarantees.

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