Extensions; Monthly Payments; Term Clause Samples
The "Extensions; Monthly Payments; Term" clause defines the rules for extending the duration of an agreement, the schedule and method for monthly payments, and the overall length of the contract. Typically, this clause outlines how and when the contract term can be extended, such as through mutual agreement or automatic renewal, and specifies the due dates and acceptable methods for monthly payments. By clearly setting these parameters, the clause ensures both parties understand their ongoing obligations and provides a structured process for continuing or ending the agreement, thereby reducing uncertainty and potential disputes over payment timing or contract duration.
Extensions; Monthly Payments; Term. (a) Consistent with its customary servicing practices, the Servicer may, in its discretion, modify or extend the term of a 2017-2 Lease or re-lease a 2017-2 Lease; provided, that if (i) the Servicer makes an extension that exceeds six months or (ii) the related 2017-2 Lease as extended would mature later than the last day of the Collection Period preceding the Class A-4 Note Final Scheduled Payment Date or (iii) the 2017-2 Vehicle is re-leased, the Servicer shall, on the Deposit Date related to the Collection Period in which the Servicer discovers or is notified that such event described in clauses (i), (ii) or (iii) has occurred, (x) deposit or cause to be deposited into the 2017-2 SUBI Collection Account an amount equal to the Securitization Value (with respect to extensions) or the Contract Residual Value (with respect to re-leases) of the related 2017-2 Lease as of the last day of the related Collection Period and (y) direct the Vehicle Trustee to reallocate such 2017-2 Lease and the related 2017-2 Vehicle from the 2017-2 SUBI to the UTI. After such 2017-2 Lease and related 2017-2 Vehicle has been reallocated to the UTI, the Servicer may cause such 2017-2 Lease and 2017-2 Vehicle to be conveyed to the Servicer as described in Section 2.3.
(b) The Servicer will be required to reallocate or cause to be reallocated a 2017-2 Vehicle before the Maturity Date of the related 2017-2 Lease and remit to the 2017-2 SUBI Collection Account an amount equal to the Securitization Value of that 2017-2 Lease as of the effective date of termination if the Servicer agrees with the related Lessee to a change in the Lease Rate applicable to that 2017-2 Lease and that change results in a change to the Contract Residual Value and/or the related Lease Term.
Extensions; Monthly Payments; Term. (a) Consistent with its customary servicing practices, the Servicer may, in its discretion, modify or extend the term of a 2012-1 Lease or re-lease a 2012-1 Lease; provided, that if (i) the Servicer makes an extension that exceeds six months or (ii) the related 2012-1 Lease as extended would mature later than the last day of the Collection Period preceding the Class A-4 Note Final Scheduled Payment Date or the 2012-1 Vehicle is re-leased, the Servicer shall, on the Deposit Date related to the Collection Period in which the Servicer discovers or is notified that such event described in clauses (i) or (ii) has occurred, (x) deposit or cause to be deposited into the 2012-1 SUBI Collection Account an amount equal to the Securitization Value (with respect to extensions) or the Contract Residual Value (with respect to re-leases) of the related 2012-1 Lease as of the last day of the related Collection Period and (y) direct the Vehicle Trustee to either reallocate such 2012-1 Lease and the related 2012-1 Vehicle from the 2012-1 SUBI to the UTI or cause such 2012-1 Lease and 2012-1 Vehicle to be conveyed to the Servicer as described in Section 2.3.
(b) The Servicer will be required to purchase or cause to be purchased a 2012-1 Vehicle before the Maturity Date of the related 2012-1 Lease and remit to the 2012-1 SUBI Collection Account an amount equal to the Securitization Value of that 2012-1 Lease as of the effective date of termination if the Servicer agrees with the related Lessee to a change in the Lease Rate applicable to that 2012-1 Vehicle and that change results in a change to the Contract Residual Value and/or the related Lease Term.
Extensions; Monthly Payments; Term. (a) Consistent with its customary servicing practices, the Servicer may, in its discretion, modify or extend the term of a 20[__]-[__] Lease or re-lease a 20[__]-[__] Lease; provided, that if (i) the Servicer makes an extension that exceeds six months or (ii) the related 20[__]-[__] Lease as extended would mature later than the last day of the Collection Period preceding the Class A-4 Note Final Scheduled Payment Date or the 20[__]-[__] Vehicle is re-leased, the Servicer shall, on the Deposit Date related to the Collection Period in which the Servicer discovers or is notified that such event described in clauses (i) or (ii) has occurred, (x) deposit or cause to be deposited into the 20[__]-[__] SUBI Collection Account an amount equal to the Securitization Value (with respect to extensions) or the Contract Residual Value (with respect to re-leases) of the related 20[__]-[__] Lease as of the last day of the related Collection Period and (y) direct the Vehicle Trustee to either reallocate such 20[__]-[__] Lease and the related 20[__]-[__] Vehicle from the 20[__]-[__] SUBI to the UTI or cause such 20[__]-[__] Lease and 20[__]-[__] Vehicle to be conveyed to the Servicer as described in Section 2.3.
(b) The Servicer will be required to purchase or cause to be purchased a 20[__]-[__] Vehicle before the Maturity Date of the related 20[__]-[__] Lease and remit to the 20[__]-[__] SUBI Collection Account an amount equal to the Securitization Value of that 20[__]-[__] Lease as of the effective date of termination if the Servicer agrees with the related Lessee to a change in the Lease Rate applicable to that 20[__]-[__] Vehicle and that change results in a change to the Contract Residual Value and/or the related Lease Term.
Extensions; Monthly Payments; Term. (a) Consistent with its customary servicing practices, the Servicer may, in its discretion, modify or extend the term of a 2007-1 Lease or re-lease a 2007-1 Lease; provided, that if (i) the Servicer makes an extension that exceeds six months or (ii) the related 2007-1 Lease as extended would mature later than three months prior to the Class A-3 Final Scheduled Payment Date or the 2007-1 Vehicle is re-leased, the Servicer shall, on the Deposit Date related to the Collection Period in which the Servicer discovers or is notified that such event described in clauses (i) or (ii) has occurred, (x) deposit or cause to be deposited into the 2007-1 SUBI Collection Account an amount equal to the Securitization Value (with respect to extensions) or the Contract Residual Value (with respect to re-leases) of the related 2007-1 Lease as of the last day of the related Collection Period and (y) direct the Vehicle Trustee to either reallocate such 2007-1 Lease and the related 2007-1 Vehicle from the 2007-1 SUBI to the UTI or cause such 2007-1 Lease and 2007-1 Vehicle to be conveyed to the Servicer as described in Section 2.3.
Extensions; Monthly Payments; Term. (a) The Servicer shall not grant an extension except that the Servicer may extend up to six months the Maturity Date of a Lease. In the event (i) the Servicer makes an extension that exceeds six months or (ii) the related [____]-[_] Lease as extended would mature later than three months prior to the Certificate Final Scheduled Payment Date, the Servicer shall, on the Deposit Date related to the Collection Period in which the Servicer discovers or is notified that (i) or (ii) has occurred, (x) deposit or cause to be deposited into the [____]-[_] SUBI Collection Account an amount equal to the Securitization Value of the related [____]-[_] Lease as of the last day of the related Collection Period and (y) direct the Trustee to either reallocate such [____]-[_] Lease and the related [____]-[_] Vehicle from the [____]-[_] SUBI to the UTI or cause such [____]-[_] Lease and [____]-[_] Vehicle to be conveyed to the Servicer as described in Section 2.3.
(b) Unless a [____]-[_] Lease is in default or in imminent danger of default, the Servicer shall not (i) modify the Monthly Payment of any [____]-[_] Lease as in effect as of the Cutoff Date, except when implementing in the ordinary course of business the inflation indexing provisions thereof, or (ii) except as set forth in Section 2.2(a), modify the Lease Term of any [____]-[_] Lease as in effect as of the Cutoff Date. In the event the Servicer modifies the Monthly Payment or the Lease Term of any [____]-[_] Lease in effect as of the Cutoff Date except as permitted by the first sentence of this paragraph 2.2(b), the Servicer shall, on the Deposit Date related to the Collection Period in which such modification occurs, (i) deposit or cause to be deposited into the [____]-[_] SUBI Collection Account an amount equal to the Securitization Value of the related [____]-[_] Lease as of the last day of the related Collection Period and (ii) direct the Trustee to either reallocate such [____]-[_] Lease and the related [____]-[_] Vehicle from the [____]-[_] SUBI to the UTI or cause such [____]-[_] Lease and [____]-[_] Vehicle to be conveyed to the Servicer as described in Section 2.3.
Extensions; Monthly Payments; Term. (a) Consistent with its customary servicing practices, the Servicer may, in its discretion, modify or extend the term of a 2007-1 Lease or re-lease a 2007-1 Lease; provided, that if (i) the Servicer makes an extension that exceeds six months or (ii) the related 2007-1 Lease as extended would mature later than three months prior to the Class A-3 Final Scheduled Payment Date or the 2007-1 Vehicle is re-leased, the Servicer shall, on the Deposit Date related to the Collection Period in which the Servicer discovers or is notified that such event described in clauses (i) or (ii) has occurred, (x) deposit or cause to be deposited into the 2007-1 SUBI Collection Account an amount equal to the Securitization Value (with respect to extensions) or the Contract Residual Value (with respect to re-leases) of the related 2007-1 Lease as of the last day of the related Collection Period and (y) direct the Vehicle Trustee to either reallocate such 2007-1 Lease and the related 2007-1 Vehicle from the 2007-1 SUBI to the UTI or cause such 2007-1 Lease and 2007-1 Vehicle to be conveyed to the Servicer as described in Section 2.3.
Extensions; Monthly Payments; Term. (a) The Servicer shall not grant an extension except that the Servicer may extend up to six months the Maturity Date of a Lease. In the event the Servicer makes an extension that exceeds six months, it shall, on the Deposit Date related to the Collection Period in which the Servicer discovers or is notified that such Extension exceeds six months, (i) deposit or cause to be deposited into the 2000-A SUBI Collection Account an amount equal to the Securitization Value of the related 2000-A Lease as of the last day of the related Collection Period and (ii) direct the Trustee to either reallocate such 2000-A Lease and the related 2000-A Vehicle from the 2000-A SUBIs to the UTI or cause such 2000-A Lease and 2000-A Vehicle to be conveyed to the Servicer as described in Section 2.3. The Servicer will be required to make a Reallocation Payment for any extension that causes the related Leases to mature after the Certificate Final Scheduled Maturity Date.
(b) Unless a 2000-A Lease is in default or in imminent danger of default, the Servicer shall not (i) modify the Monthly Payment of any 2000-A Lease as in effect as of the Cutoff Date, except when implementing in the ordinary course of business the inflation indexing provisions thereof, or (ii) except as set forth in Section 2.2(a), modify the Lease Term of any 2000-A Lease as in effect as of the Cutoff Date. In the event the Servicer modifies the Monthly Payment or the Lease Term of any 2000-A Lease in effect as of the Cutoff Date except as permitted by the first sentence of this paragraph 2.2(b), the Servicer shall, on the Deposit Date related to the Collection Period in which such modification occurs, (i) deposit or cause to be deposited into the 2000-A SUBI Collection Account an amount equal to the Securitization Value of the related 2000-A Lease as of the last day of the related Collection Period and (ii) direct the Trustee to either reallocate such 2000-A Lease and the related 2000-A Vehicle from the 2000-A SUBIs to the UTI or cause such 2000-A Lease and 2000-A Vehicle to be conveyed to the Servicer as described in Section 2.3.