47In this Part
“assumed residual payment” means,
(versement résiduel présumé)
(a)
in the case of an option lease under which the option price at the end of the term is less than the estimated residual value, the option price, and
(b)
in any other case, the sum of the estimated residual value and of any amount that the lessee will be required to pay in the ordinary course of events at the end of the term;
“capitalized amount” means the amount calculated by
(montant capitalisé)
(i)
the cash value of the leased goods, and
(ii)
the amount of any other advances made to the lessee at or before the beginning of the term, and
(b)
subtracting from the amount calculated under paragraph (
a) the total amount of all payments made by the lessee at or before the beginning of the term, other than
(i)
any refundable security deposit, or
(ii)
any periodic payment;
“estimated residual cash payment” means the amount that the lessee will be required to pay to the lessor at the end of the term of a residual obligation lease if the realizable value of the leased goods at the end of the term equals their estimated residual value; (versement résiduel estimatif en espèces)
“estimated residual value” means the lessor’s reasonable estimate of the wholesale value of the leased goods at the end of the term as estimated by the lessor at the time the lease was entered into; (valeur résiduelle estimative)
“implicit finance charge” means the amount calculated, subject to the conditions and assumptions contained in the regulations, by
(frais de financement implicites)
(i)
all non-refundable payments required to be made by the lessee at or before the beginning of, or during, the term, and
(ii)
the assumed residual payment, and
(b)
subtracting from the amount calculated under paragraph (
a) the total amount of the advances received by the lessee;
“option lease” means a lease that gives the lessee the right to acquire title to or retain permanent possession of the leased goods by making a payment in addition to the payments required under the lease or by satisfying other specified conditions; (bail avec option)
“option price” means the amount of the additional payment that the lessee must make in order to exercise the option under an option lease; (prix de l’option)
“realizable value” , in relation to leased goods, means the actual value of the leased goods at the end of the term and is calculated in accordance with the regulations; (valeur marchande)
“residual obligation lease” means a lease under which the lessee will be required at the end of the term to pay the lessor an amount based wholly or partly on the difference, if any, between the estimated residual value and the realizable value of the leased goods; (bail à obligation résiduelle)
“total lease cost” means the total of any non-refundable payments that the lessee will be required to make in the ordinary course of events. (coût total du bail)