Any guarantee by the Lessee or any party related to the Lessee (see related parties) of the residual value at the expiration of the lease term, whether or not payment of the guarantee constitutes a purchase of the leased property. When the Lessor has the right to require the Lessee to purchase the property at termination of the lease for a certain or determinable amount, that amount shall be considered a Lessee guarantee. When the Lessee agrees to make up any deficiency below a stated amount in the Lessor’s realization of the residual value, the [guaranteed residual] … shall be the stated amount, rather than an estimate of the deficiency to be made up.
A guarantee of the residual value obtained by the Lessee from an unrelated third party for the benefit of the Lessor shall not be used to reduce the amount of the Lessee’s [guaranteed residual] except to the extent that the Lessor explicitly releases the Lessee from obligation, including secondary obligation if the guarantor defaults, to make up a residual value deficiency. Amounts paid in consideration for a guarantee by an unrelated third party are executory costs and are not included in the Lessee’s [guaranteed residual].
A lease provision requiring the Lessee to make up a residual value deficiency that is attributable to damage, extraordinary wear and tear, or excessive usage is similar to contingent rentals in that the amount is not determinable at the inception of the lease. Such a provision does not constitute a Lessee guarantee of the residual value.
If a lease limits the amount of the Lessee’s obligation to make up a residual value deficiency to an amount less than the stipulated residual value of the leased property at the end of the lease term, the [guaranteed residual] shall be limited to the specified maximum deficiency the Lessee can be required to make up.