{"component": "definition", "props": {"groups": [{"size": 84, "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [7, 22]}, {"key": "the-value", "type": "clause", "offset": [44, 53]}, {"key": "by-the-servicer", "type": "clause", "offset": [65, 80]}, {"key": "equal-to", "type": "definition", "offset": [81, 89]}, {"key": "maturity-date", "type": "clause", "offset": [105, 118]}, {"key": "base-residual", "type": "definition", "offset": [124, 137]}, {"key": "sum-of", "type": "clause", "offset": [196, 202]}, {"key": "present-value", "type": "definition", "offset": [207, 220]}, {"key": "securitization-rate", "type": "definition", "offset": [240, 259]}, {"key": "aggregate-monthly-payments", "type": "definition", "offset": [272, 298]}], "snippet": "means, with respect to any 20[\u2022]-[\u2022] Lease, the value calculated by the Servicer equal to, (i) as of its Maturity Date, the Base Residual and (ii) as of any date other than its Maturity Date, the sum of the present value, discounted at the Securitization Rate, of (a) the aggregate Monthly Payments remaining to be made and (b) the Base Residual.", "samples": [{"hash": "lQqmDUJaFHB", "uri": "/contracts/lQqmDUJaFHB#securitization-value", "label": "Series Certificate Sale Agreement (Nissan-Infiniti Lt LLC)", "score": 35.7761802673, "published": true}, {"hash": "jdjKJEN3lTn", "uri": "/contracts/jdjKJEN3lTn#securitization-value", "label": "Sale Agreement (Nissan Auto Leasing LLC Ii)", "score": 33.09034729, "published": true}, {"hash": "6HM4XBn1Ybb", "uri": "/contracts/6HM4XBn1Ybb#securitization-value", "label": "Series Certificate Sale Agreement (Nissan Auto Leasing LLC Ii)", "score": 32.7782325745, "published": true}], "hash": "032f71412f9a8723c5f7859e2ae290d1", "id": 1}, {"size": 65, "snippet_links": [], "snippet": "means, for:", "samples": [{"hash": "3XA9ADKStS1", "uri": "/contracts/3XA9ADKStS1#securitization-value", "label": "Exchange Note Supplement (CAB East LLC)", "score": 36.5236129761, "published": true}, {"hash": "awHpsp1qa0B", "uri": "/contracts/awHpsp1qa0B#securitization-value", "label": "Exchange Note Supplement (CAB East LLC)", "score": 36.3702926636, "published": true}, {"hash": "15U7SW8jvhE", "uri": "/contracts/15U7SW8jvhE#securitization-value", "label": "Exchange Note Supplement (Ford Credit Auto Lease Trust 2026-A)", "score": 35.071182251, "published": true}], "hash": "49085ea9d1da637e02743a7fbca8feff", "id": 2}, {"size": 53, "snippet_links": [{"key": "servicing-supplement", "type": "definition", "offset": [33, 53]}], "snippet": "has the meaning set forth in the Servicing Supplement.", "samples": [{"hash": "da3zS7lJEdr", "uri": "/contracts/da3zS7lJEdr#securitization-value", "label": "Vehicle Trust Supplement (BMW Vehicle Lease Trust 2025-2)", "score": 36.7864494324, "published": true}, {"hash": "1fjwxRC5Hc8", "uri": "/contracts/1fjwxRC5Hc8#securitization-value", "label": "Vehicle Trust Supplement (BMW Vehicle Lease Trust 2025-2)", "score": 36.7727584839, "published": true}, {"hash": "5ufLd5MVglb", "uri": "/contracts/5ufLd5MVglb#securitization-value", "label": "Vehicle Trust Supplement (BMW Vehicle Lease Trust 2025-1)", "score": 36.4387397766, "published": true}], "hash": "b05c893f0180e5cc4ca76f8e61646361", "id": 3}, {"size": 38, "snippet_links": [{"key": "date-of-determination", "type": "definition", "offset": [14, 35]}, {"key": "with-respect-to", "type": "clause", "offset": [37, 52]}, {"key": "lease-agreement", "type": "definition", "offset": [64, 79]}, {"key": "defaulted-lease", "type": "definition", "offset": [94, 109]}, {"key": "liquidated-lease", "type": "definition", "offset": [113, 129]}, {"key": "terminated-lease", "type": "definition", "offset": [133, 149]}, {"key": "matured-lease", "type": "definition", "offset": [155, 168]}, {"key": "sum-of", "type": "clause", "offset": [174, 180]}, {"key": "day-of", "type": "clause", "offset": [221, 227]}, {"key": "collection-period", "type": "definition", "offset": [254, 271]}, {"key": "payment-due", "type": "definition", "offset": [299, 310]}, {"key": "payment-is-due", "type": "clause", "offset": [437, 451]}, {"key": "in-the-case", "type": "clause", "offset": [457, 468]}, {"key": "delinquent-monthly-payment", "type": "definition", "offset": [474, 500]}, {"key": "equal-to", "type": "definition", "offset": [610, 618]}, {"key": "rate-applicable", "type": "clause", "offset": [632, 647]}, {"key": "each-case", "type": "definition", "offset": [726, 735]}, {"key": "basis-of", "type": "clause", "offset": [753, 761]}, {"key": "the-assumption", "type": "clause", "offset": [762, 776]}, {"key": "present-value", "type": "definition", "offset": [840, 853]}, {"key": "base-residual-value", "type": "definition", "offset": [861, 880]}, {"key": "maturity-date", "type": "clause", "offset": [1060, 1073]}, {"key": "to-zero", "type": "definition", "offset": [1441, 1448]}, {"key": "close-of-business", "type": "definition", "offset": [1456, 1473]}], "snippet": "means, on any date of determination, with respect to any 2015-2 Lease Agreement that is not a Defaulted Lease, a Liquidated Lease, a Terminated Lease or a Matured Lease, the sum of: (i) the present values, as of the last day of the immediately preceding Collection Period, of each remaining Monthly Payment due under such 2015-2 Lease Agreement as of such day, discounted from the last day of the Collection Period in which such Monthly Payment is due (or, in the case of a delinquent Monthly Payment, from the last day of the Collection Period in which the next Monthly Payment is due) to such day, at a rate equal to the Discount Rate applicable on such date of determination with respect to such 2015-2 Lease Agreement, in each case, computed on the basis of the assumption that each Collection Period is thirty (30) days, plus (ii) the present value of the Base Residual Value with respect to such 2015-2 Lease Agreement, as of the last day of the immediately preceding Collection Period, discounted from the last day of the Collection Period in which the Maturity Date with respect to such 2015-2 Lease Agreement is scheduled to occur to such day, at a rate equal to the Discount Rate applicable on such date of determination with respect to such 2015-2 Lease Agreement, in each case, computed on the basis of the assumption that each Collection Period is thirty (30) days. The Securitization Value of a Defaulted Lease will be reduced to zero at the close of business on the last day of the Collection Period in which it becomes a Defaulted Lease; the Securitization Value of a Liquidated Lease will be reduced to zero at the close of business on the last day of the Collection Period in which it becomes a Liquidated Lease; the Securitization Value of a Terminated Lease will be the Base Residual Value from and after the time it becomes a Terminated Lease; and the Securitization Value of a Matured Lease will be the Base Residual Value from and after the time it becomes a Matured Lease.", "samples": [{"hash": "erFwBqbn5As", "uri": "/contracts/erFwBqbn5As#securitization-value", "label": "2015 2 Exchange Note Supplement (GMF Leasing LLC)", "score": 26.4565372467, "published": true}, {"hash": "CWWmKBdZ1x", "uri": "/contracts/CWWmKBdZ1x#securitization-value", "label": "2015 2 Exchange Note Supplement (GMF Leasing LLC)", "score": 26.4510612488, "published": true}], "hash": "8fd3b6acca166453a077645eb9966d50", "id": 4}, {"size": 36, "snippet_links": [{"key": "date-of", "type": "clause", "offset": [94, 101]}, {"key": "related-lease", "type": "definition", "offset": [106, 119]}, {"key": "sum-of", "type": "clause", "offset": [125, 131]}, {"key": "present-value", "type": "definition", "offset": [140, 153]}, {"key": "securitization-rate", "type": "definition", "offset": [173, 192]}, {"key": "aggregate-monthly-payments", "type": "definition", "offset": [201, 227]}, {"key": "the-lease", "type": "clause", "offset": [241, 250]}, {"key": "payments-due", "type": "clause", "offset": [270, 282]}, {"key": "base-residual-value", "type": "definition", "offset": [375, 394]}, {"key": "related-vehicle", "type": "definition", "offset": [402, 417]}, {"key": "terminated-unit", "type": "definition", "offset": [574, 589]}, {"key": "to-zero", "type": "definition", "offset": [599, 606]}], "snippet": "means, for each Included Unit, (a) as of the Cut-Off Date or any date other than the maturity date of the related Lease, the sum of (i) the present value (discounted at the Securitization Rate) of the aggregate monthly payments remaining on the Lease (including monthly payments due and not yet paid) and (ii) the present value (discounted at the Securitization Rate) of the Base Residual Value of the related Vehicle and (b) as of the maturity date of the related Lease, the Base Residual Value of the related Vehicle; provided, however, that the Securitization Value of a Terminated Unit is equal to zero.", "samples": [{"hash": "ipmjffJRSKP", "uri": "https://www.sec.gov/Archives/edgar/data/1182534/000110465926033778/tm268387d15_ex4-1.htm", "label": "Trust Indenture (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)", "score": 25.2245044708, "published": false}, {"hash": "l9NI2iiKDys", "uri": "https://www.sec.gov/Archives/edgar/data/1182534/000110465926032031/tm268387d13_ex4-1.htm", "label": "Trust Indenture (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)", "score": 25.2108154297, "published": false}, {"hash": "69KL1B1wARD", "uri": "https://www.sec.gov/Archives/edgar/data/1182534/000110465925090340/tm2524548d16_ex4-1.htm", "label": "Auto Lease (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)", "score": 24.7070503235, "published": false}], "hash": "cdc3bd6f53863ec5cbc78807acca23ae", "id": 5}, {"size": 34, "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [7, 22]}], "snippet": "means, with respect to any 2026-A Lease:", "samples": [{"hash": "31JgNNNAyzZ", "uri": "/contracts/31JgNNNAyzZ#securitization-value", "label": "Servicing Supplement (Mercedes-Benz Auto Lease Trust 2026-A)", "score": 37.0574951172, "published": true}, {"hash": "6TyBrozPf1H", "uri": "/contracts/6TyBrozPf1H#securitization-value", "label": "Servicing Supplement (Mercedes-Benz Auto Lease Trust 2026-A)", "score": 37.0383300781, "published": true}], "hash": "2f80157e228582074c77f240a1a11729", "id": 6}, {"size": 31, "snippet_links": [{"key": "sum-of", "type": "clause", "offset": [51, 57]}, {"key": "securitization-rate", "type": "definition", "offset": [115, 134]}, {"key": "lease-rate", "type": "definition", "offset": [143, 153]}, {"key": "aggregate-scheduled-monthly-payments", "type": "definition", "offset": [166, 202]}, {"key": "base-residual-value", "type": "definition", "offset": [249, 268]}, {"key": "payments-due", "type": "clause", "offset": [324, 336]}, {"key": "payments-made", "type": "clause", "offset": [373, 386]}, {"key": "in-advance", "type": "clause", "offset": [387, 397]}, {"key": "due-date", "type": "clause", "offset": [431, 439]}, {"key": "terminated-unit", "type": "definition", "offset": [495, 510]}, {"key": "to-zero", "type": "definition", "offset": [520, 527]}], "snippet": "means, for each Included Unit, as of any date, the sum of (i) the present values (discounted at the greater of the Securitization Rate and the Lease Rate) of (a) the aggregate scheduled monthly payments remaining on the Closed-End Lease and (b) the Base Residual Value of the related Closed-End Vehicle and (ii) the monthly payments due and not yet paid, minus any monthly payments made in advance of the Closed-End Obligor\u2019s next due date; provided, however, that the Securitization Value of a Terminated Unit is equal to zero.", "samples": [{"hash": "FEErn9DOX", "uri": "/contracts/FEErn9DOX#securitization-value", "label": "Indenture (World Omni LT)", "score": 33.2792625427, "published": true}, {"hash": "lQ8RofyriR8", "uri": "/contracts/lQ8RofyriR8#securitization-value", "label": "Indenture (World Omni LT)", "score": 33.2628326416, "published": true}, {"hash": "afVWix2U8KS", "uri": "/contracts/afVWix2U8KS#securitization-value", "label": "Indenture (World Omni Auto Leasing LLC)", "score": 32.5509910583, "published": true}], "hash": "c0e241826428a3392d4267f3f9cf23d2", "id": 7}, {"size": 25, "snippet_links": [{"key": "date-of-determination", "type": "definition", "offset": [14, 35]}, {"key": "with-respect-to", "type": "clause", "offset": [37, 52]}, {"key": "lease-agreement", "type": "definition", "offset": [57, 72]}, {"key": "sum-of", "type": "clause", "offset": [77, 83]}, {"key": "day-of", "type": "clause", "offset": [124, 130]}, {"key": "collection-period", "type": "definition", "offset": [157, 174]}, {"key": "cutoff-date", "type": "definition", "offset": [200, 211]}, {"key": "payment-due", "type": "definition", "offset": [277, 288]}, {"key": "payment-is-due", "type": "clause", "offset": [409, 423]}, {"key": "in-the-case", "type": "clause", "offset": [429, 440]}, {"key": "delinquent-monthly-payment", "type": "definition", "offset": [446, 472]}, {"key": "equal-to", "type": "definition", "offset": [582, 590]}, {"key": "rate-applicable", "type": "clause", "offset": [604, 619]}, {"key": "determination-date", "type": "clause", "offset": [702, 720]}, {"key": "each-case", "type": "definition", "offset": [725, 734]}, {"key": "basis-of", "type": "clause", "offset": [752, 760]}, {"key": "the-assumption", "type": "clause", "offset": [761, 775]}, {"key": "present-value", "type": "definition", "offset": [838, 851]}, {"key": "base-residual-value", "type": "definition", "offset": [859, 878]}, {"key": "leased-vehicles", "type": "definition", "offset": [915, 930]}, {"key": "maturity-date", "type": "clause", "offset": [1140, 1153]}], "snippet": "means, on any date of determination, with respect to any Lease Agreement the sum of: (i) the present values, as of the last day of the immediately preceding Collection Period (or, if more recent, the Cutoff Date with respect to such Lease Agreement), of each remaining Monthly Payment due under such Lease Agreement, as of such day, discounted from the last day of the Collection Period in which such Monthly Payment is due (or, in the case of a delinquent Monthly Payment, from the last day of the Collection Period in which the next Monthly Payment is due) to such day, at a rate equal to the Discount Rate applicable on such date of determination with respect to such Lease Agreement on the related Determination Date, in each case, computed on the basis of the assumption that each Collection Period is thirty (30) days plus (ii) the present value of the Base Residual Value with respect to each of the related Leased Vehicles as of the last day of the immediately preceding Collection Period (or, if more recent, the Cutoff Date with respect to such Lease Agreement), discounted from the last day of the Collection Period in which the Maturity Date with respect to such Lease Agreement is scheduled to occur to such day, at a rate equal to the Discount Rate applicable on such date of determination with respect to such Lease Agreement on the related Determination Date, in each case, computed on the basis of the assumption that each Collection Period is thirty (30) days.", "samples": [{"hash": "81uiKXT9KiT", "uri": "/contracts/81uiKXT9KiT#securitization-value", "label": "Credit and Security Agreement (ACAR Leasing Ltd.)", "score": 36.3073234558, "published": true}, {"hash": "7ImAOkjCQkS", "uri": "/contracts/7ImAOkjCQkS#securitization-value", "label": "Credit and Security Agreement (ACAR Leasing Ltd.)", "score": 36.175907135, "published": true}, {"hash": "cDNbmVRYe4H", "uri": "/contracts/cDNbmVRYe4H#securitization-value", "label": "Credit and Security Agreement (ACAR Leasing Ltd.)", "score": 33.755645752, "published": true}], "hash": "6f225eb3b656b9b3b512cffa40644b9f", "id": 8}, {"size": 23, "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [7, 22]}, {"key": "date-of", "type": "clause", "offset": [109, 116]}, {"key": "sum-of", "type": "clause", "offset": [140, 146]}, {"key": "present-value", "type": "definition", "offset": [155, 168]}, {"key": "securitization-rate", "type": "definition", "offset": [188, 207]}, {"key": "aggregate-monthly-payments", "type": "definition", "offset": [216, 242]}, {"key": "payments-due", "type": "clause", "offset": [293, 305]}, {"key": "the-servicer", "type": "definition", "offset": [333, 345]}, {"key": "monthly-payment-advance", "type": "definition", "offset": [363, 386]}, {"key": "alg-residual-value", "type": "definition", "offset": [462, 480]}, {"key": "liquidated-lease", "type": "definition", "offset": [680, 696]}, {"key": "for-purposes-of", "type": "clause", "offset": [705, 720]}, {"key": "reallocation-payment", "type": "definition", "offset": [735, 755]}, {"key": "to-zero", "type": "definition", "offset": [766, 773]}], "snippet": "means, with respect to any 2023-2 Lease (a) as of the Cut-off Date or any other date other than the Maturity Date of such 2023-2 Lease, the sum of (i) the present value (discounted at the Securitization Rate) of the aggregate Monthly Payments remaining on such 2023-2 Lease (including Monthly Payments due and not yet paid for which the Servicer has never made a Monthly Payment Advance) and (ii) the present value (discounted at the Securitization Rate) of the ALG Residual Value of the related 2023-2 Vehicle and (b) as of the Maturity Date of the related 2023-2 Lease, the ALG Residual Value of the related 2023-2 Vehicle; provided, however, that the Securitization Value of a Liquidated Lease, except for purposes of calculating a Reallocation Payment, is equal to zero.", "samples": [{"hash": "ae593XQrqJf", "uri": "/contracts/ae593XQrqJf#securitization-value", "label": "Servicing Supplement (BMW Vehicle Lease Trust 2023-2)", "score": 34.7741279602, "published": true}, {"hash": "8SbRy9jaeQB", "uri": "/contracts/8SbRy9jaeQB#securitization-value", "label": "Servicing Supplement (BMW Vehicle Lease Trust 2023-2)", "score": 34.7577018738, "published": true}], "hash": "364ff15b4bb644d4c349100399b212b8", "id": 9}, {"size": 10, "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [7, 22]}, {"key": "date-of", "type": "clause", "offset": [83, 90]}, {"key": "sum-of", "type": "clause", "offset": [114, 120]}, {"key": "present-value", "type": "definition", "offset": [129, 142]}, {"key": "securitization-rate", "type": "definition", "offset": [162, 181]}, {"key": "aggregate-monthly-payments", "type": "definition", "offset": [190, 216]}, {"key": "payments-due", "type": "clause", "offset": [267, 279]}, {"key": "the-servicer", "type": "definition", "offset": [307, 319]}, {"key": "monthly-payment-advance", "type": "definition", "offset": [337, 360]}, {"key": "alg-residual-value", "type": "definition", "offset": [436, 454]}, {"key": "liquidated-lease", "type": "definition", "offset": [654, 670]}, {"key": "for-purposes-of", "type": "clause", "offset": [679, 694]}, {"key": "reallocation-payment", "type": "definition", "offset": [709, 729]}, {"key": "to-zero", "type": "definition", "offset": [740, 747]}], "snippet": "means, with respect to any 2015-1 Lease (a) as of any date other than the Maturity Date of such 2015-1 Lease, the sum of (i) the present value (discounted at the Securitization Rate) of the aggregate Monthly Payments remaining on such 2015-1 Lease (including Monthly Payments due and not yet paid for which the Servicer has never made a Monthly Payment Advance) and (ii) the present value (discounted at the Securitization Rate) of the ALG Residual Value of the related 2015-1 Vehicle and (b) as of the Maturity Date of the related 2015-1 Lease, the ALG Residual Value of the related 2015-1 Vehicle; provided, however, that the Securitization Value of a Liquidated Lease, except for purposes of calculating a Reallocation Payment, is equal to zero.", "samples": [{"hash": "lgflLhtUOZB", "uri": "/contracts/lgflLhtUOZB#securitization-value", "label": "Servicing Supplement (BMW Vehicle Lease Trust 2015-1)", "score": 26.0349082947, "published": true}, {"hash": "doLLxFX36O3", "uri": "/contracts/doLLxFX36O3#securitization-value", "label": "Servicing Supplement (BMW Auto Leasing LLC)", "score": 26.0212192535, "published": true}], "hash": "2f96d74047cc2d37f8533a711ab1b381", "id": 10}], "next_curs": "CmESW2oVc35sYXdpbnNpZGVyY29udHJhY3Rzcj0LEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIdc2VjdXJpdGl6YXRpb24tdmFsdWUjMDAwMDAwMGEMogECZW4YACAA", "definition": {"title": "Securitization Value", "size": 491, "snippet": "means, with respect to any 20[\u2022]-[\u2022] Lease, the value calculated by the Servicer equal to, (i) as of its Maturity Date, the Base Residual and (ii) as of any date other than its Maturity Date, the sum of the present value, discounted at the Securitization Rate, of (a) the aggregate Monthly Payments remaining to be made and (b) the Base Residual.", "id": "securitization-value", "examples": ["In consideration for such reallocation, the Servicer shall make a payment to the Issuing Entity equal to the <strong>Securitization Value</strong> of such Transaction Unit as of the end of the Closed-End EN Collection Period preceding such Closed-End Exchange Note Payment Date by depositing such amount into the Exchange Note Collection Account prior to 2:00 p.m., New York City time, on the Business Day immediately preceding such Closed-End Exchange Note Payment Date."], "related": [["securitization-rate", "Securitization Rate", "Securitization Rate"], ["securitization-asset", "Securitization Asset", "Securitization Asset"], ["securitization-assets", "Securitization Assets", "Securitization Assets"], ["securitization-date", "Securitization Date", "Securitization Date"], ["ftr-portfolio-auction-value", "FTR Portfolio Auction Value", "FTR Portfolio Auction Value"]], "related_snippets": [], "updated": "2026-03-27T05:59:04+00:00"}, "json": true, "cursor": ""}}