The fixed, non-cancelable term of the lease plus:
The period covered by bargain renewal options;
The period covered by a renewal when a significant penalty for failure to renew exists;
Ordinary renewal periods if they occur during a time when the lessee continues to guarantee the lessor’s debt related to the property;
Renewal periods that precede a bargain purchase option;
Renewal periods that are at the option of the lessor
The lease term does not extend beyond the date a bargain purchase option becomes exercisable or beyond the useful life of the leased asset.
