The entity that obtains the right to use an underlying asset for a period of time in exchange for consideration is the Lessee. In a lease agreement, the lessee is the party that gains the right to use an asset, typically real estate or equipment, for an agreed-upon period in return for regular payments to the party that owns the asset, known as the lessor. According to the lease agreement, the lessee is responsible for the use of the asset during the specified lease term in return for lease payments.