Non-cancellable lease

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A lease that is cancellable only:

  1. Upon the occurrence of some remote contingency;
  2. With the permission of the lessor;
  3. If the lessee enters into a new lease for the same or an equivalent asset with the same lessor; or
  4. Upon payment by the lessee of such an additional amount that, at inception of the lease, continuation of the lease is reasonably certain.
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