Common use of Automatic Additional Accounts Clause in Contracts

Automatic Additional Accounts. (i) Each Transferor may from time to time, at its sole discretion, subject to the conditions specified in paragraph (e) below, voluntarily designate Eligible Accounts to be included as Automatic Additional Accounts. For purposes of this paragraph, Eligible Accounts shall be deemed to include only revolving credit accounts (a) originated or underwritten by the Bank or any other Affiliate of the Bank and (b) which are of the same nature as those included as Initial Accounts or which have previously been included in any Aggregate Addition if the Assignment related to such Aggregate Addition expressly provides that such type of revolving credit account is permitted to be designated as an Automatic Additional Account. (ii) The number of Automatic Additional Accounts designated with respect to any of the three consecutive Due Periods commencing in January, April, July and October of each calendar year shall not exceed (x) 15% of (A) the number of Accounts or (B) the total amount of Principal Receivables, each as of the first day of the calendar year during which such Due Periods commence, and the number of Automatic Additional Accounts designated during any such calendar year shall not exceed (y) 20% of (A) the number of Accounts or (B) the total amount of Principal Receivables, each as of the first day of such calendar year; provided, however, Automatic Additional Accounts may be designated in excess of such 15% and 20% limitations if the Rating Agency Condition is satisfied with respect to such designation.

Automatic Additional Accounts. (i) Each Transferor may from time to time, at its sole discretion, subject to the conditions specified in paragraph (e) below, voluntarily designate Eligible Accounts to be included as Automatic Additional Accounts. For purposes of this paragraph, Eligible Accounts shall be deemed to include only revolving credit accounts (a) originated or underwritten by the Bank or any other Affiliate of the ultimate parent of the Bank and (b) which are of the same nature as those included as Initial Accounts or which have previously been included in any Aggregate Addition if the Assignment related to such Aggregate Addition expressly provides that such type of revolving credit account is permitted to be designated as an Automatic Additional Account. (ii) The number of Automatic Additional Accounts designated with respect to any of the three consecutive Due Periods commencing in January, April, July and October of each calendar year shall not exceed (x) 15% of (A) the number of Accounts or (B) the total amount of Principal Receivables, each as of the first day of the calendar year during which such Due Periods commencecommence (or the Initial Cut-Off Date, in the case of 2003) and the number of Automatic Additional Accounts designated during any such calendar year shall not exceed (y) 20% of (A) the number of Accounts or (B) the total amount of Principal Receivables, each as of the first day of such calendar yearyear (or the Initial Cut-Off Date, in the case of 2003); provided, however, Automatic Additional Accounts may be designated in excess of such 15% and 20% limitations if the Rating Agency Condition is satisfied with respect to such designation.

Automatic Additional Accounts. (i) Each Transferor may from time to time, at its sole discretion, subject to the conditions specified in paragraph (e) below, voluntarily designate Eligible Accounts to be included as Automatic Additional Accounts. For purposes of this paragraph, Eligible Accounts shall be deemed to include only revolving credit accounts (a) originated or underwritten by the Bank or any other Affiliate of the ultimate parent of the Bank and (b) which are of the same nature as those included as Initial Accounts or which have previously been included in any Aggregate Addition if the Assignment related to such Aggregate Addition expressly provides that such type of revolving credit account is permitted to be designated as an Automatic Additional Account. (ii) The number of Automatic Additional Accounts designated with respect to any of the three consecutive Due Periods commencing in January, April, July and October of each calendar year shall not exceed (x) 15% of (A) the number of Accounts or (B) the total amount of Principal Receivables, each as of the first day of the calendar year during which such Due Periods commencecommence (or the Initial Cut-Off Date, in the case of 2003) and the number of Automatic Additional Accounts designated during any such calendar year shall not exceed (y) 20% of (A) the number of Accounts or (B) the total amount of Principal Receivables, each as of the first day of such calendar yearyear (or the Initial Cut-Off Date, in the case of 2003)[; provided, however, Automatic Additional Accounts may be designated in excess of such 15% and 20% limitations if the Rating Agency Condition is satisfied with respect to such designation].