Extended Lease. Any Lease included in a Lease Asset that has reached its Scheduled Lease End Date, with respect to which (x) the Lessee has paid all Monthly Lease Payments required under the terms of such Lease and (y) the Lessee has agreed with the Servicer to extend the term of such Lease and to continue making Monthly Lease Payments under such Lease in an amount as agreed between the Lessee and the Servicer in accordance with Customary Servicing Practices.
Appears in 12 contracts
Samples: Administration Agreement (Ally Auto Assets LLC), Administration Agreement (Ally Auto Assets LLC), Administration Agreement (Ally Auto Assets LLC)
Extended Lease. Any any Lease included in a Lease Asset that has reached its Scheduled Lease End Date, with respect to which (x) the Lessee has paid all Monthly Lease Payments required under the terms of such Lease and (y) the Lessee has agreed with the Servicer to extend the term of such Lease and to continue making Monthly Lease Payments under such Lease in an amount as agreed between the Lessee and the Servicer in accordance with Customary Servicing Practices.
Appears in 1 contract
Samples: Administration Agreement (Ally Central Originating Lease Trust)
