Common use of Termination Date Demands on the Multi-Series Letters of Credit Clause in Contracts

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 2015-3 Demand Note Payment Amount as of the Multi-Series Letter of Credit Termination Date. If the Series 2015-3 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 2015-3 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 2015-3 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter of Credit by presenting to each Multi-Series Letter of Credit Provider a Certificate of Termination Date Demand; provided, however, that if the Series 2015-3 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 2015-3 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or (ii) on such Business Day on the Multi-Series Letter of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152010-3 6 Demand Note Payment Amount as of the Multi-Series Letter of Credit Termination Date. If the Series 20152010-3 6 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152010-3 6 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152010-3 6 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter of Credit by presenting to each Multi-Series Letter of Credit Provider a Certificate of Termination Date Demand; provided, however, that if the Series 20152010-3 6 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152010-3 6 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or (ii) on such Business Day on the Multi-Series Letter of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 20152010-3 6 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152023-3 6 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152023-3 6 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152023-3 6 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152023-3 6 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2023-6 Cash Collateral Account; provided, however, that if the Series 20152023-3 6 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152023-3 6 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152021-3 2 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152021-3 2 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152021-3 2 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152021-3 2 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2021-2 Cash Collateral Account; provided, however, that if the Series 20152021-3 2 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152021-3 2 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152021-3 1 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152021-3 1 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152021-3 1 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152021-3 1 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2021-1 Cash Collateral Account; provided, however, that if the Series 20152021-3 1 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152021-3 1 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152024-3 1 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152024-3 1 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152024-3 1 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152024-3 1 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2024-1 Cash Collateral Account; provided, however, that if the Series 20152024-3 1 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152024-3 1 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152023-3 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152023-3 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152023-3 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152023-3 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2023-3 Cash Collateral Account; provided, however, that if the Series 20152023-3 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152023-3 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152023-3 1 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152023-3 1 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152023-3 1 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152023-3 1 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2023-1 Cash Collateral Account; provided, however, that if the Series 20152023-3 1 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152023-3 1 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152023-3 8 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152023-3 8 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152023-3 8 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152023-3 8 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2023-8 Cash Collateral Account; provided, however, that if the Series 20152023-3 8 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152023-3 8 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152022-3 5 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152022-3 5 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152022-3 5 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152022-3 5 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2022-5 Cash Collateral Account; provided, however, that if the Series 20152022-3 5 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152022-3 5 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152023-3 7 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152023-3 7 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152023-3 7 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152023-3 7 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2023-7 Cash Collateral Account; provided, however, that if the Series 20152023-3 7 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152023-3 7 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152023-3 2 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152023-3 2 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152023-3 2 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152023-3 2 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2023-2 Cash Collateral Account; provided, however, that if the Series 20152023-3 2 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152023-3 2 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152023-3 5 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152023-3 5 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152023-3 5 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152023-3 5 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2023-5 Cash Collateral Account; provided, however, that if the Series 20152023-3 5 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152023-3 5 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152022-3 2 Demand Note Payment Amount as of the Multi-Series Letter of Credit Termination Date. If the Series 20152022-3 2 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152022-3 2 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152022-3 2 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter of Credit by presenting to each Multi-Series Letter of Credit Provider a Certificate of Termination Date Demand; provided, however, that if the Series 20152022-3 2 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152022-3 2 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or (ii) on such Business Day on the Multi-Series Letter of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 20152022-3 2 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152024-3 2 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152024-3 2 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152024-3 2 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152024-3 2 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2024-2 Cash Collateral Account; provided, however, that if the Series 20152024-3 2 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152024-3 2 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152022-3 1 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152022-3 1 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152022-3 1 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152022-3 1 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2022-1 Cash Collateral Account; provided, however, that if the Series 20152022-3 1 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152022-3 1 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152023-3 4 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152023-3 4 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152023-3 4 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152023-3 4 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2023-4 Cash Collateral Account; provided, however, that if the Series 20152023-3 4 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152023-3 4 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.

Termination Date Demands on the Multi-Series Letters of Credit. Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Multi-Series Letter of Credit Termination Date, the Administrator shall determine the Series 20152024-3 Demand Note Payment Amount Amount, if any, as of the Multi-Series Letter of Credit Termination Date. If Date and, if the Series 20152024-3 Demand Note Payment Amount is greater than zero, then the Administrator shall instruct the Trustee in writing to draw on the Multi-Series Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the Series 20152024-3 Demand Note Payment Amount over the Reserve Account Transfer Amount and (ii) the Series 20152024-3 Allocated Multi-Series Letter of Credit Liquidity Amount on the Multi-Series Letter Letters of Credit by presenting to each Multi-Series Letter of Credit Provider a draft accompanied by a Certificate of Termination Date DemandDemand and shall cause the Termination Date Disbursement to be deposited in the Series 2024-3 Cash Collateral Account; provided, however, that if the Series 20152024-3 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 20152024-3 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) or and (ii) on such Business Day on the Multi-Series Letter Letters of Credit as calculated by the Administrator and provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2015-3 Cash Collateral Account.