Common use of Liquidation Period Clause in Contracts

Liquidation Period. (1) Subject to the earlier commencement of an Amortization Period with respect to the Series 2020-1 Ownership Interest, the Revolving Period for the Series 2020-1 Ownership Interest will end and the Liquidation Period for the Series 2020-1 Ownership Interest will begin on the Liquidation Commencement Day. The Liquidation Period will end on the earlier of (a) the first Determination Day when the Invested Amount with respect to the Series 2020-1 Ownership Interest is reduced to zero and (b) the Amortization Commencement Day for the Series 2020-1 Ownership Interest. (2) On the Calculation Day immediately preceding the March 2025 Determination Day, and on each Calculation Day thereafter that occurs prior to the earlier of (i) the Calculation Day occurring in the Determination Period in which the Liquidation Period is scheduled to begin and (ii) the Amortization Commencement Day, the Servicer will determine the “Controlled Liquidation Period Length” which will equal the minimum number of months such that the sum of the Controlled Liquidation Period Factors for each month during the Liquidation Period will be equal to or greater than the Required Liquidation Factor Number; provided, further, that the Controlled Liquidation Period Length shall not be less than one month. If the Controlled Liquidation Period Length is less than or more than three months, the date on which the Liquidation Period actually begins will be the close of business on the last day of the month preceding the month that is the number of full calendar months prior to the month in which the Expected Repayment Date occurs and is at least equal to the Controlled Liquidation Period Length. Notwithstanding the foregoing, if the Controlled Liquidation Period Length shall have been determined to be less than twelve months and, after the date on which such determination is made, a series amortization event as designated in any Series Purchase Agreement (each, a “Series Amortization Event”) shall occur with respect to any outstanding Series other than the Series 2020-1 Ownership Interest, the Liquidation Period will begin on the earlier of (i) the first day of the Determination Period immediately succeeding the date that such Series Amortization Event shall have occurred with respect to such Series and (ii) the date on which the Liquidation Period is then scheduled to commence. The effect of the foregoing calculation is to permit the reduction or increase of the length of the Liquidation Period based on the invested amount of certain other Series which are scheduled or expected to be in their Revolving Periods during the Liquidation Period and increases or decreases in the principal payment rate occurring after the Closing Date. During the Liquidation Period for the Series 2020-1 Ownership Interest, funds are to be accumulated in the Series 2020-1 Liquidation Principal Funding Account by way of equal monthly deposits. Promptly after the Servicer determines that the Liquidation Commencement Day should be a date other than June 1, 2025 and at least 5 Business Days prior to the revised Liquidation Commencement Day, the Servicer shall provide written notice of the revised Liquidation Commencement Day to the Series ▇▇▇▇-▇ ▇▇-▇▇▇▇▇, ▇▇ Bank, the Custodian and the Seller, and in such notice shall specify the basis for such determination.

Liquidation Period. (1) Subject to the earlier commencement of an Amortization Period with respect to the Series 20202019-1 Ownership Interest, the Revolving Period for the Series 20202019-1 Ownership Interest will end and the Liquidation Period for the Series 20202019-1 Ownership Interest will begin on the Liquidation Commencement Day. The Liquidation Period will end on the earlier of (a) the first Determination Day when the Invested Amount with respect to the Series 20202019-1 Ownership Interest is reduced to zero and (b) the Amortization Commencement Day for the Series 20202019-1 Ownership Interest. (2) On the Calculation Day immediately preceding the March 2025 June, 2023 Determination Day, and on each Calculation Day thereafter that occurs prior to the earlier of (i) the Calculation Day occurring in the Determination Period in which the Liquidation Period is scheduled to begin and (ii) the Amortization Commencement Day, the Servicer will determine the “Controlled Liquidation Period Length” which will equal the minimum number of months such that the sum of the Controlled Liquidation Period Factors for each month during the Liquidation Period will be equal to or greater than the Required Liquidation Factor Number; provided, further, that the Controlled Liquidation Period Length shall not be less than one month. If the Controlled Liquidation Period Length is less than or more than three months, the date on which the Liquidation Period actually begins will be the close of business on the last day of the month preceding the month that is the number of full calendar months prior to the month in which the Expected Repayment Date occurs and is at least equal to the Controlled Liquidation Period Length. Notwithstanding the foregoing, if the Controlled Liquidation Period Length shall have been determined to be less than twelve months and, after the date on which such determination is made, a series amortization event as designated in any Series Purchase Agreement (each, a “Series Amortization Event”) shall occur with respect to any outstanding Series other than the Series 20202019-1 Ownership Interest, the Liquidation Period will begin on the earlier of (i) the first day of the Determination Period immediately succeeding the date that such Series Amortization Event shall have occurred with respect to such Series and (ii) the date on which the Liquidation Period is then scheduled to commence. The effect of the foregoing calculation is to permit the reduction or increase of the length of the Liquidation Period based on the invested amount of certain other Series which are scheduled or expected to be in their Revolving Periods during the Liquidation Period and increases or decreases in the principal payment rate occurring after the Closing Date. During the Liquidation Period for the Series 20202019-1 Ownership Interest, funds are to be accumulated in the Series 20202019-1 Liquidation Principal Funding Account by way of equal monthly deposits. Promptly after the Servicer determines that the Liquidation Commencement Day should be a date other than June March 1, 2025 2024 and at least 5 Business Days prior to the revised Liquidation Commencement Day, the Servicer shall provide written notice of the revised Liquidation Commencement Day to the Series ▇▇▇▇-▇ ▇▇-▇▇▇▇▇, ▇▇ Bank, the Custodian and the Seller, and in such notice shall specify the basis for such determination.

Liquidation Period. (1) Subject to the earlier commencement of an Amortization Period with respect to the Series 20202023-1 Ownership Interest, the Revolving Period for the Series 20202023-1 Ownership Interest will end and the Liquidation Period for the Series 20202023-1 Ownership Interest will begin on the Liquidation Commencement Day. The Liquidation Period will end on the earlier of (a) the first Determination Day when the Invested Amount with respect to the Series 20202023-1 Ownership Interest is reduced to zero and (b) the Amortization Commencement Day for the Series 20202023-1 Ownership Interest. (2) On the Calculation Day immediately preceding the March 2025 2028 Determination Day, and on each Calculation Day thereafter that occurs prior to the earlier of (i) the Calculation Day occurring in the Determination Period in which the Liquidation Period is scheduled to begin and (ii) the Amortization Commencement Day, the Servicer will determine the “Controlled Liquidation Period Length” which will equal the minimum number of months such that the sum of the Controlled Liquidation Period Factors for each month during the Liquidation Period will be equal to or greater than the Required Liquidation Factor Number; provided, further, that the Controlled Liquidation Period Length shall not be less than one month. If the Controlled Liquidation Period Length is less than or more than three months, the date on which the Liquidation Period actually begins will be the close of business on the last day of the month preceding the month that is the number of full calendar months prior to the month in which the Expected Repayment Date occurs and is at least equal to the Controlled Liquidation Period Length. Notwithstanding the foregoing, if the Controlled Liquidation Period Length shall have been determined to be less than twelve months and, after the date on which such determination is made, a series amortization event as designated in any Series Purchase Agreement (each, a “Series Amortization Event”) shall occur with respect to any outstanding Series other than the Series 20202023-1 Ownership Interest, the Liquidation Period will begin on the earlier of (i) the first day of the Determination Period immediately succeeding the date that such Series Amortization Event shall have occurred with respect to such Series and (ii) the date on which the Liquidation Period is then scheduled to commence. The effect of the foregoing calculation is to permit the reduction or increase of the length of the Liquidation Period based on the invested amount of certain other Series which are scheduled or expected to be in their Revolving Periods during the Liquidation Period and increases or decreases in the principal payment rate occurring after the Closing Date. During the Liquidation Period for the Series 20202023-1 Ownership Interest, funds are to be accumulated in the Series 20202023-1 Liquidation Principal Funding Account by way of equal monthly deposits. Promptly after the Servicer determines that the Liquidation Commencement Day should be a date other than June 1, 2025 2028 and at least 5 Business Days prior to the revised Liquidation Commencement Day, the Servicer shall provide written notice of the revised Liquidation Commencement Day to the Series ▇▇▇▇2023-▇ ▇▇1 Co-▇▇▇▇▇Owner, ▇▇ CT Bank, the Custodian and the Seller, and in such notice shall specify the basis for such determination.

Liquidation Period. (1) Subject to the earlier commencement of an Amortization Period with respect to the Series 20202024-1 Ownership Interest, the Revolving Period for the Series 20202024-1 Ownership Interest will end and the Liquidation Period for the Series 20202024-1 Ownership Interest will begin on the Liquidation Commencement Day. The Liquidation Period will end on the earlier of (a) the first Determination Day when the Invested Amount with respect to the Series 20202024-1 Ownership Interest is reduced to zero and (b) the Amortization Commencement Day for the Series 20202024-1 Ownership Interest. (2) On the Calculation Day immediately preceding the March 2025 2026 Determination Day, and on each Calculation Day thereafter that occurs prior to the earlier of (i) the Calculation Day occurring in the Determination Period in which the Liquidation Period is scheduled to begin and (ii) the Amortization Commencement Day, the Servicer will determine the “Controlled Liquidation Period Length” which will equal the minimum number of months such that the sum of the Controlled Liquidation Period Factors for each month during the Liquidation Period will be equal to or greater than the Required Liquidation Factor Number; provided, further, that the Controlled Liquidation Period Length shall not be less than one month. If the Controlled Liquidation Period Length is less than or more than three months, the date on which the Liquidation Period actually begins will be the close of business on the last day of the month preceding the month that is the number of full calendar months prior to the month in which the Expected Repayment Date occurs and is at least equal to the Controlled Liquidation Period Length. Notwithstanding the foregoing, if the Controlled Liquidation Period Length shall have been determined to be less than twelve months and, after the date on which such determination is made, a series amortization event as designated in any Series Purchase Agreement (each, a “Series Amortization Event”) shall occur with respect to any outstanding Series other than the Series 20202024-1 Ownership Interest, the Liquidation Period will begin on the earlier of (i) the first day of the Determination Period immediately succeeding the date that such Series Amortization Event shall have occurred with respect to such Series and (ii) the date on which the Liquidation Period is then scheduled to commence. The effect of the foregoing calculation is to permit the reduction or increase of the length of the Liquidation Period based on the invested amount of certain other Series which are scheduled or expected to be in their Revolving Periods during the Liquidation Period and increases or decreases in the principal payment rate occurring after the Closing Date. During the Liquidation Period for the Series 20202024-1 Ownership Interest, funds are to be accumulated in the Series 20202024-1 Liquidation Principal Funding Account by way of equal monthly deposits. Promptly after the Servicer determines that the Liquidation Commencement Day should be a date other than June 1, 2025 2026 and at least 5 Business Days prior to the revised Liquidation Commencement Day, the Servicer shall provide written notice of the revised Liquidation Commencement Day to the Series ▇▇▇▇2024-▇ ▇▇1 Co-▇▇▇▇▇Owner, ▇▇ CT Bank, the Custodian and the Seller, and in such notice shall specify the basis for such determination.