Common use of Payment Defined Clause in Contracts

Payment Defined. The requirement for making payments “promptly” as set forth in this Agreement means that the required payment amount must be tendered to the Ally Parties within [***] business days. In their sole discretion, either or both of the Ally Parties may permit more time between the event and payment due date to take into account factors such as delays in the administration, processing, and delivery of the payments (“Release Period”). The Release Period is available only for payments required under Subsection III.C.2.(a) above. The existence, duration, terms, and continuation of the Release Period are subject to change from time to time by each of the Ally Parties. Changes in the Release Period by the Ally Parties do not constitute amendments of this Agreement.