Common use of Derivative Instruments Clause in Contracts

Derivative Instruments. If the Issuer enters into any interest rate swap or derivative instrument (each, a "derivative instrument") in connection with its issuance of a series of Notes, such derivative instrument shall be entered into at the time of issuance of such series of Notes, at the time of issuance shall not have a notional amount in excess of the Stated Principal Amount of such Notes and is not thereafter expected to exceed such Stated Principal Amount outstanding from time to time, shall not require the Issuer to make discretionary decisions (other than decisions relating to the servicing of the Receivables) and shall have characteristics that relate to and are intended to hedge (partly or fully) against some risk or risks related to such series of Notes or the Receivables or Eligible Investments.

Derivative Instruments. If the Issuer enters into any interest rate swap or derivative instrument (each, a "derivative instrument") in connection with its issuance of a series of Notes, such derivative instrument shall be entered into at the time of issuance of such series of Notes, at the time of issuance shall not have a notional amount in excess of the Stated Principal Amount of such Notes and is not thereafter expected to exceed such Stated Principal Amount outstanding from time to time, shall not require the Issuer to make discretionary decisions (other than decisions relating to the servicing of the Receivables) and shall have characteristics that relate to and are intended to hedge (partly or fully) against some risk or risks related to such series of Notes or the Receivables or Eligible Permitted Investments.