Common use of Post-ARD Contingent Interest Clause in Contracts

Post-ARD Contingent Interest. From and after the Series 2017-1 Anticipated Repayment Date, as applicable to each Tranche of Series 2017-1 Class A-2 Notes, until the Series 2017-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full, additional interest (“Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest”) will accrue on the applicable Series 2017-1 Class A-2 Notes at an annual interest rate (the “Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate”) equal to the rate determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on such Series 2017‑1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2017‑1 Class A-2-I Notes, 1.65% and (2) with respect to the Series 2017‑1 Class A-2-II Notes, 1.90%, exceeds (b) the Series 2017‑1 Class A-2 Note Rate with respect to such Tranche. All computations of Series 2017‑1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a 360-day year and twelve 30-day months; provided that no Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue on any Tranche that has been defeased pursuant to Section 3.6(m).

Post-ARD Contingent Interest. From and after the Series 20172015-1 Anticipated Repayment Date, as applicable to each Tranche of Series 2017-1 Class A-2 NotesTranche, until the Series 20172015-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full, additional interest (“Series 20172015-1 Class A-2 Quarterly Post-ARD Contingent Interest”) will accrue on the applicable Series 2017-1 Class A-2 Notes such Tranche at an annual interest a per annum rate (the “Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate”) equal to the rate determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on such the Series 2017‑1 2015‑1 Anticipated Repayment Date for such Tranche of the United States Treasury Security having a term closest to 10 ten (10) years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2017‑1 2015-1 Class A-2-I Notes, 1.65% and 1.850%, (2) with respect to the Series 2017‑1 2015-1 Class A-2-II Notes, 1.902.100%, and (3) with respect to the Series 2015-1 Class A-2-III Notes, 2.250%, exceeds (b) the Series 2017‑1 2015‑1 Class A-2 Note Rate with respect to such Tranche. The Series 2015-1 Class A‑2 Quarterly Post-ARD Contingent Interest shall accrue and be payable in addition to the interest accrued on the applicable Tranche at the Series 2015-1 Class A-2 Note Rate for such Tranche. All computations of Series 2017‑1 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a 360-day year and of twelve 30-day months; provided that no Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue on any Tranche that has been defeased pursuant to Section 3.6(m).

Post-ARD Contingent Interest. From and after the Series 2017-1 Anticipated Repayment Date, as Date applicable to each Tranche a Subclass of the Series 2017-1 Class A-2 Notes, Notes until the Series 2017-1 Class A-2 Outstanding Principal Amount with respect to such Tranche Subclass has been paid in full, additional interest (“Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest”) will accrue on the applicable Series 2017-1 Class A-2 Notes Outstanding Principal Amount of such Subclass at an annual interest rate (the “Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate”) (a) which for the Series 2017-1 Class A-2-II(FX) Notes and the Series 2017-1 Class A-2-III(FX) Notes will be equal to the rate determined by the Servicer to be the greater of (Ai) 5.005% per annum and (Bii) a per annum rate equal to the amountexcess, if any, by which (aA) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) ), on such Subclass’ Series 2017‑1 2017-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years, years plus (y) 5.00%, 5% plus (z) (1) with respect to the Series 2017‑1 2017-1 Class A-2-I II(FX) Notes, 1.651.25% and (2) with respect to the Series 2017‑1 2017-1 Class A-2-II III(FX) Notes, 1.902.00%, exceeds (bB) the such Subclass’ Series 2017‑1 2017-1 Class A-2 Note Rate with respect Rate, and (b) which for the Series 2017-1 Class A-2-I(FL) Notes will be equal to 5% (such Trancheadditional interest, the “Series 2017-1 Class A-2 Post-ARD Contingent Interest”). All computations Computations of Series 2017‑1 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made calculated (i) with respect to the Series 2017-1 Class A-2-II(FX) Notes and the Series 2017-1 Class A-2-III(FX) Notes, on the basis of a 360-day year consisting of twelve 30-day months, and (ii) with respect to the Series 2017-1 Class A-2-I(FL) Notes, on the basis of a 360-day year and twelve 30-day months; provided that no Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue on any Tranche that has been defeased pursuant to Section 3.6(m)the actual number of days elapsed.

Post-ARD Contingent Interest. From and after the Series 20172021-1 Anticipated Repayment Date, as applicable to each Tranche of Series 20172021-1 Class A-2 Notes, until the Series 20172021-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full, additional interest (“Series 20172021-1 Class A-2 Quarterly Post-ARD Contingent Interest”) will accrue on the applicable such Tranche of Series 20172021-1 Class A-2 Notes at an annual interest a per annum rate (the “Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate”) equal to the rate determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on such the Series 2017‑1 2021-1 Anticipated Repayment Date for such Tranche of the United States Treasury Security having a term closest to 10 ten (10) years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2017‑1 2021-1 Class A-2-I Notes, 1.651.15% and (2) with respect to the Series 2017‑1 2021-1 Class A-2-II Notes, 1.901.35%, exceeds (b) the Series 2017‑1 2021-1 Class A-2 Note Rate with respect to such Tranche. The Series 2021-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue and be payable in addition to the interest accrued on the applicable Tranche at the Series 2021-1 Class A-2 Note Rate for such Tranche. All computations of Series 2017‑1 2021-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a 360-day year and of twelve 30-day months; provided that no Series 20172021-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue on any Tranche that has been defeased pursuant to Section 3.6(m).

Post-ARD Contingent Interest. From and after the Series 20172022-1 Anticipated Repayment Date, as applicable to each Tranche of Series 2017-1 Class A-2 NotesTranche, until the Series 20172022-1 Legal Final Maturity Date (or, if earlier, the date on which the Series 2022-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full), additional interest (“Series 20172022-1 Class A-2 Quarterly Post-ARD Contingent Interest”) will shall accrue on the applicable Series 2017-1 Class A-2 Notes such Tranche at an annual interest a per annum rate (the “Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate”) equal to the rate determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on such the Series 2017‑1 2022-1 Anticipated Repayment Date for such Tranche of the United States Treasury Security having a term closest to 10 ten (10) years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2017‑1 2022-1 Class A-2-I Notes, 1.651.80% and (2) with respect to the Series 2017‑1 2022-1 Class A-2-II Notes, 1.90%, 2.35% exceeds (b) such Tranche’s applicable Series 2022-1 Class A-2 Note Rate. In addition, regular interest shall continue to accrue at the Tranche’s Series 2017‑1 2022-1 Class A-2 Note Rate with respect to from and after such Tranche’s Series 2022-1 Anticipated Repayment Date. All computations of Series 2017‑1 2022-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a 360-day year and of twelve 30-day months; provided that no Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue on any Tranche that has been defeased pursuant to Section 3.6(m).

Post-ARD Contingent Interest. From and after the Series 20172019-1 Anticipated Repayment Date, as applicable to each Tranche of Series 20172019-1 Class A-2 Notes, until the Series 20172019-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full, additional interest (“Series 20172019-1 Class A-2 Quarterly Post-ARD Contingent Interest”) will accrue on the applicable such Tranche of Series 20172019-1 Class A-2 Notes at an annual interest a per annum rate (the “Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate”) equal to the rate determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on such the Series 2017‑1 2019-1 Anticipated Repayment Date for such Tranche of the United States Treasury Security having a term closest to 10 ten (10) years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2017‑1 2019-1 Class A-2-I Notes, 1.651.863% and (2) with respect to the Series 2017‑1 2019-1 Class A-2-II Notes, 1.902.051%, exceeds (b) the Series 2017‑1 2019-1 Class A-2 Note Rate with respect to such Tranche. The Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue and be payable in addition to the interest accrued on the applicable Tranche at the Series 2019-1 Class A-2 Note Rate for such Tranche. All computations of Series 2017‑1 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a 360-day year and of twelve 30-day months; provided that no Series 20172019-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue on any Tranche that has been defeased pursuant to Section 3.6(m).

Post-ARD Contingent Interest. From and after the Series 2017-1 2018‑1 Anticipated Repayment Date, as applicable to each Tranche of Series 20172018-1 Class A-2 Notes, until the Series 2017-1 2018‑1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full, additional interest (“Series 2017-1 2018‑1 Class A-2 Quarterly Post-ARD Contingent Interest”) will accrue on the applicable such Tranche of Series 20172018-1 Class A-2 Notes at an annual interest a per annum rate (the “Series 2017-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate”) equal to the rate determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on such the Series 2017‑1 2018‑1 Anticipated Repayment Date for such Tranche of the United States Treasury Security having a term closest to 10 ten (10) years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2017‑1 2018‑1 Class A-2-I Notes, 1.651.35% and (2) with respect to the Series 2017‑1 2018‑1 Class A-2-II Notes, 1.901.58%, exceeds (b) the Series 2017‑1 2018‑1 Class A-2 Note Rate with respect to such Tranche. The Series 2018‑1 Class A‑2 Quarterly Post-ARD Contingent Interest shall accrue and be payable in addition to the interest accrued on the applicable Tranche at the Series 2018‑1 Class A-2 Note Rate for such Tranche. All computations of Series 2017‑1 2018‑1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a 360-day year and of twelve 30-day months; provided that no Series 20172018-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue on any Tranche that has been defeased pursuant to Section 3.6(m).

Post-ARD Contingent Interest. From and after the Series 20172015-1 Anticipated Repayment Date, as applicable to each Tranche of Series 20172015-1 Class A-2 Notes, until the Series 20172015-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full, additional interest (“Series 20172015-1 Class A-2 Quarterly Post-ARD Contingent Interest”) will accrue on the applicable Series 20172015-1 Class A-2 Notes at an annual interest rate (the “Series 20172015-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate”) equal to the rate determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on such Series 2017‑1 2015-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2017‑1 2015-1 Class A-2-I Notes, 1.653.262% and (2) with respect to the Series 2017‑1 2015-1 Class A-2-II Notes, 1.903.980%, exceeds (b) the Series 2017‑1 2015-1 Class A-2 Note Rate with respect to such Tranche. All computations of Series 2017‑1 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a 360-day year and twelve 30-day months; provided that no Series 20172015-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue on any Tranche that has been defeased pursuant to Section 3.6(m).