Payment Extension definition

Payment Extension means, for any Lease other than an Advance Payment Plan Lease, an extension of the payment term by the Servicer in accordance with the Credit and Collection Policy by deferring the Total Payment due in one or more months and extending the term of such Lease for an additional month for each month for which the Total Payment is deferred.

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Payment Extension means the extension of the due date already expired for payment in part or whole, where the municipality has agreed to substitute that due date with a payment extension date in applicable cases.

Payment Extension has the meaning set forth in Section 10.2.

Examples of Payment Extension in a sentence

No material term of the Lease has been affirmatively amended or modified (other than the assessment of a security deposit or a Payment Extension Fee or the payment of any other amount that would be a Lease Administration Amount, or a default relating to failure by the related Lessee to pay any such amount), except amendments and modifications indicated in the Sponsor’s receivables systems or in the Lease File.
No material term of the Lease has been affirmatively amended or modified (other than the assessment of a security deposit or a Payment Extension Fee or the payment of any other amount that would be a Lease Administration Amount, or a default relating to failure by the related Lessee to pay any such amount), except amendments and modifications indicated in the Sponsor's receivables systems or in the Lease File.
No material provision of a Lease (other than the assessment of a security deposit or a Payment Extension Fee or the payment of any other amount that, upon collection, would constitute an Additional Amount, or a default relating to failure by the related Lessee to pay any such amount) has been affirmatively waived or amended, except amendments and modifications that are contained in the Lease Files.
No material provision of a Lease (other than the assessment of a security deposit or a Payment Extension Fee or the payment of any other amount that, on collection, would constitute an Additional Amount, or a default relating to failure by the related Lessee to pay any such amount) has been affirmatively waived or amended, except amendments and modifications that are contained in the Lease Files.
For a Payment Extension on a Lease, the Servicer may not increase the limit on the aggregate mileage that the related Leased Vehicle may be driven without the Lessee incurring a charge for Excess Mileage, except according to the Servicing Procedures or as otherwise permitted by this Agreement or, for a Reference Pool, the related Servicing Supplement.
The Company shall not be permitted to exercise the Second Amortization Payment Extension if an Event of Default occurs under the Note.
For the avoidance of doubt, the Second Amortization Payment Extension shall not affect the due date of any other Amortization Payment and the Second Amortization Payment Extension Fee shall not reduce the amounts owed under the Note.
If IDT owes any amounts to BP under this Section 12.2, IDT also shall pay to BP in full, on the same day it is obligated to pay any Early Termination Net Payment or Supply Fee Termination Payment, any other outstanding Obligations (including amounts that remain unpaid as a result of any Payment Extension and any outstanding Supply Fees).
Such accrued interest due on the Payment Extension amount shall be paid to BP on the earlier of the date on which the amount included in the Payment Extension is paid in full or the last day of the applicable Payment Extension Period.
The Independent Collateral Amount will not be taken into consideration (or used) for calculation of a Payment Extension or in the calculation of Net Exposure under the Master Netting Agreement.

More Definitions of Payment Extension

Payment Extension means an allowance of additional time to pay in full the current billing. An approved extension allows for payment to occur within five business days of the invoice due date without incurring additional fees or penalties.