L2B Look to book – a ratio of reservations obtained from an online distribution channel out of the total visitors to such channel (also known as the conversion rate). ... read more
Lead Investor An investor who invests the most on a fundraising and who will often represent the interests of all investors, perhaps agreeing to sit on the board as an Investor Director. The Lead Investor will often negotiation the Valuation&n... read more
Letter of Intent See Term Sheet. ... read more
Licence Fee A fee charged by a hotel chain for the use of its brand name. Also called a Royalty Fee. ... read more
Lock-up Period The period an investor or Founder must wait before being able to sell or trade a company’s shares following an IPO. ... read more
Liquidation Preference A right attached to Preferred Shares which entitles the holder (usually a VC or another early stage investor) to get its investment back first on a sale of the business or other Exit Event. The balance of the sale ... read more
Liquidity Event See Exit Event. ... read more
Loyalty programme A programme rewarding frequent travellers with points for free stays or other gifts. ... read more
LTC Loan to Cost – a measure of leverage, usually used in the development phase. ... read more
LTV Loan to Value – a measure of leverage, usually used on the operating phase. ... read more

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