Common use of Reductions in the Enhancement Percentage Clause in Contracts

Reductions in the Enhancement Percentage. Upon the deposit with the Custodian and Transfer to the Series 2020-1 Co-Owner of Additional Property or the issuance of additional Series 2020-1 Notes on a day, and subject in each case to the satisfaction of the Rating Agency Condition in respect of each Class of Series 2020-1 Notes on or before such day, the Enhancement Percentage of the Series 2020-1 Ownership Interest shall automatically be permanently reduced as of the next succeeding Determination Day by a fraction, expressed as a percentage, (A) the numerator of which is the sum of (x) the aggregate outstanding principal amount of the Series 2020-1 Notes to be issued on such day in connection with such reduction and which are subordinated and postponed in right of payment to the Series 2020-1 Senior Notes and the Series 2020-1 Subordinated Notes then issued and outstanding, and

Reductions in the Enhancement Percentage. Upon the deposit with the Custodian and Transfer to the Series 20202022-1 Co-Owner of Additional Property or the issuance of additional Series 20202022-1 Notes on a day, and subject in each case to the satisfaction of the Rating Agency Condition in respect of each Class of Series 20202022-1 Notes on or before such day, the Enhancement Percentage of the Series 20202022-1 Ownership Interest shall automatically be permanently reduced as of the next succeeding Determination Day by a fraction, expressed as a percentage, (A) the numerator of which is the sum of (x) the aggregate outstanding principal amount of the Series 20202022-1 Notes to be issued on such day in connection with such reduction and which are subordinated and postponed in right of payment to the Series 20202022-1 Senior Notes and the Series 20202022-1 Subordinated Notes then issued and outstanding, and

Reductions in the Enhancement Percentage. Upon the deposit with the Custodian and Transfer to the Series 20202023-1 Co-Owner of Additional Property or the issuance of additional Series 20202023-1 Notes on a day, and subject in each case to the satisfaction of the Rating Agency Condition in respect of each Class of Series 20202023-1 Notes on or before such day, the Enhancement Percentage of the Series 20202023-1 Ownership Interest shall automatically be permanently reduced as of the next succeeding Determination Day by a fraction, expressed as a percentage, (A) the numerator of which is the sum of (x) the aggregate outstanding principal amount of the Series 20202023-1 Notes to be issued on such day in connection with such reduction and which are subordinated and postponed in right of payment to the Series 20202023-1 Senior Notes and the Series 20202023-1 Subordinated Notes then issued and outstanding, and

Reductions in the Enhancement Percentage. Upon the deposit with the Custodian and Transfer to the Series 20202024-1 Co-Owner of Additional Property or the issuance of additional Series 20202024-1 Notes on a day, and subject in each case to the satisfaction of the Rating Agency Condition in respect of each Class of Series 20202024-1 Notes on or before such day, the Enhancement Percentage of the Series 20202024-1 Ownership Interest shall automatically be permanently reduced as of the next succeeding Determination Day by a fraction, expressed as a percentage, (A) the numerator of which is the sum of (x) the aggregate outstanding principal amount of the Series 20202024-1 Notes to be issued on such day in connection with such reduction and which are subordinated and postponed in right of payment to the Series 20202024-1 Senior Notes and the Series 20202024-1 Subordinated Notes then issued and outstanding, and