(1) A PPS lease means a lease or bailment of goods:
(a) for a term of more than 2 years ; or
(c) for a term of up to 2 years that is automatically renewable, or that is renewable at the option of one of the parties, for one or more terms if the total of all the terms might exceed 2 years; or
(d) for a term of up to 2 years, or a lease for an indefinite term, in a case in which the lessee or bailee, with the consent of the lessor or bailor, retains uninterrupted (or substantially uninterrupted) possession of the leased or bailed property for a period of more than 2 years after the day the lessee or bailee first acquired possession of the property (but not until the lessee's or bailee's possession extends for more than 2 years).
(2) However, a PPS lease does not include:
(a) a lease by a lessor who is not regularly engaged in the business of leasing goods; or
(b) a bailment by a bailor who is not regularly engaged in the business of bailing goods; or
(c) a lease of consumer property as part of a lease of land where the use of the property is incidental to the use and enjoyment of the land; or
(d) a lease or bailment of personal property prescribed by the regulations for the purposes of this definition, regardless of the length of the term of the lease or bailment.
Bailments for value only
(3) This section only applies to a bailment for which the bailee provides value.