Discount Option. The Transferor may at any time, upon at least 30 days’ prior written notice to the Servicer, the Trustee, each Credit Enhancement Provider and each Rating Agency, designate a percentage, which may be a fixed percentage or a variable percentage based on a formula (the “Discounted Percentage”), of the amount of Principal Receivables arising in all of the Accounts to be treated on and after such designation, or for the period specified, as Discount Option Receivables; provided, however, that no such designation shall become effective on the date specified in the written notice unless the following conditions have been satisfied:
(i) the designation of Discount Option Receivables shall not, in the reasonable belief of the Transferor, cause a Pay Out Event to occur or cause an event which with notice or the lapse of time or both would constitute a Pay Out Event;
(ii) on or before the date specified in the written notice, the Transferor shall have received written confirmation from each Rating Agency that such designation will not result in a downgrade or withdrawal of its then current rating of any outstanding Series of Investor Certificates;
(iii) the Transferor shall have delivered to the Trustee an Officer’s Certificate of the Transferor confirming the items set forth in clauses (i) and (ii) above. The Trustee may conclusively rely on such Officer’s Certificate, shall have no duty to make inquiries with regard to the matters set forth therein and shall incur no liability in so relying. On and after the date of satisfaction of the above conditions, in processing Collections of Principal Receivables of the Accounts the Servicer shall deem the product of the Discounted Percentage and Collections of such Principal Receivables as “Discount Option Receivable Collections” and shall treat such Discount Option Receivable Collections for all purposes hereunder as Collections of Finance Charge Receivables.
Discount Option. (a) The Transferors shall have the option to designate at any time and from time to time a percentage or percentages, which may be a fixed percentage or a variable percentage (the “Discount Percentage”), of all or any specified portion of Principal Receivables created after the Discount Option Date to be treated as Finance Charge Receivables (“Discount Option Receivables”). The Transferors shall also have the option of increasing, reducing or withdrawing the Discount Percentage, at any time and from time to time, on and after such Discount Option Date. The Transferors shall provide to the Servicer, the Trustee and any Rating Agency 30 days’ prior written notice of the Discount Option Date and any such designation or increase, reduction or withdrawal, and such designation, increase, reduction or withdrawal shall become effective on the Discount Option Date specified therefor upon satisfaction of the following conditions:
(i) each Transferor shall have delivered to the Trustee and any Series Enhancer entitled thereto (if any) an Officer’s Certificate of such Transferor certifying that, based upon facts known to such Transferor at such time, such designation, increase, reduction or withdrawal will not, at the time of its occurrence, cause a Pay-Out Event or a Reinvestment Event, or an event that, with notice or the lapse of time or both, would constitute a Pay-Out Event or a Reinvestment Event, to occur with respect to any Series;
(ii) the Rating Agency Condition shall have been satisfied with respect to such designation, increase, reduction or withdrawal; and
(iii) only in connection with a reduction or withdrawal of the Discount Percentage, the Transferors shall have caused an Opinion of Counsel to the effect described in clause (a) of the definition of “Tax Opinion” in Section 1.01 to have been delivered to the Trustee.
(b) After any Discount Option Date, Discount Option Receivable Collections (calculated using the Discount Percentage specified on such Discount Option Date) shall be treated as Collections of Finance Charge Receivables.
Discount Option. The Transferor shall have the option to designate at any time a fixed or floating percentage (the "Discount Percentage"), of the amount of Receivables arising in the Accounts on or after the date such designation becomes effective that would otherwise constitute Principal Receivables (prior to subtracting from Principal Receivables, Finance Charge Receivables that are Discount Option Receivables) to be treated as Finance Charge Receivables. The Transferor may from time to time increase (subject to the limitations described below), reduce or eliminate the Discount Percentage for Discount Option Receivables arising in the Accounts on and after the date of such change. The Transferor must provide 30 days' prior written notice to the Servicer, the Trustee, each Credit Enhancement Provider and each Rating Agency of any such exercise of the discount option or increase, reduction or elimination of the Discount Percentage, and such exercise of the discount option or increase, reduction or elimination of the Discount Percentage shall become effective on the date specified therein only if (i) the Transferor has delivered to the Trustee an Officer's Certificate to the effect that, based on the facts known to such officer at the time, the Transferor reasonably believes that such increase, reduction or elimination shall not at the time of its occurrence cause a Pay Out Event, or an event which with notice or the lapse of time would constitute a Pay Out Event, to occur with respect to any Series and (ii) the Transferor, the Servicer and the Trustee shall have received written confirmation from each Rating Agency that the Rating Agency Condition is satisfied. On each Date of Processing after the date on which the Transferor's exercise of its discount option takes effect, the Transferor shall treat Discount Option Receivables Collections as Collections of Finance Charge Receivables.
Discount Option. (a) The Transferor shall have the option to designate at any time and from time to time a percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the “Discount Percentage”), of all or any specified portion of Principal Receivables (the “Discount Reference Pool”) existing on and after a Discount Option Date to be treated as Finance Charge and Administrative Receivables (“Discount Option Receivables”). The Transferor shall also have the option of increasing, reducing or withdrawing the Discount Percentage, at any time and from time to time; provided that the Discount Percentage shall be reduced or withdrawn on the date which the Transferor shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that, in the reasonable belief of the Transferor, the continued discounting of Principal Receivables would have an adverse regulatory implication with respect to the Transferor, the Bank or other Account Owner. The Transferor shall provide to the Servicer, the Owner Trustee, the Indenture Trustee and the Rating Agency 30 days’ prior written notice of a Discount Option Date and such designation shall become effective on a Discount Option Date only if, (i) the Transferor delivers an Officer’s Certificate to the effect that such designation in the reasonable belief of the Transferor, would not cause an Adverse Effect and (ii) the Rating Agency Condition shall have been satisfied with respect to such designation.
(b) Discount Option Receivable Collections shall be treated as Collections of Finance Charge and Administrative Receivables.
Discount Option. (a) The Seller shall have the option to designate at any time and from time to time a percentage or percentages from 0% to 4%, which may be a fixed percentage or a variable percentage based on a formula, but in no event greater than 4% (the "Discount Percentage"), of all or any specified portion of Principal Receivables created after the Discount Option Date to be treated as Finance Charge Receivables ("Discount Option Receivables"). The Seller shall provide to the Servicer, the Trustee, each Purchaser Representative, each Enhancement Provider and each Rating Agency 30 days prior written notice of the Discount Option Date, and such designation shall become effective on the Discount Option Date (i) unless such designation in the reasonable belief of the Seller would cause an Early Amortization Event with respect to any Series to occur, or an event which, with notice or lapse of time or both, would constitute an Early Amortization Event with respect to any Series and (ii) only if the Rating Agency Condition shall have been satisfied with respect to such designation.
(b) After the Discount Option Date, the Seller shall treat Discount Option Receivable Collections as Collections of Finance Charge Receivables for the purposes of this Agreement until such time as the Seller shall designate upon 30 days prior written notice to the Servicer, the Trustee, each Purchaser Representative, each Enhancement Provider and each Rating Agency.
Discount Option. (a) The Transferor shall have the option to designate a percentage, which may be a fixed percentage or a variable percentage based on a formula (the "Discount Percentage"), of Principal Receivables, without giving effect to any discounting pursuant to this Section 2.8, arising on or after the date of such designation, to be treated as Finance Charge Receivables. The Transferor shall provide to the Servicer, the Trustee, any Enhancement Provider and the Rating Agency 15 days' prior written notice of such designation, and such designation shall become effective on the date designated therein (i) unless such designation in the reasonable belief of the Transferor would cause a Pay Out Event to occur, or an event which, with notice or the lapse of time or both, would constitute a Pay Out Event and (ii) only if the Rating Agency shall have delivered a letter to the Transferor and the Trustee confirming that its then current rating of the Investor Securities of any Series then outstanding will not be reduced or withdrawn as a result of such designation.
(b) After the date on which the Transferor's exercise of its discount option takes effect, and with respect to Receivables generated on and after such date, the Transferor, in accordance with Section 4.3, shall deposit into the Collection Account in immediately available funds an amount equal to the amount of the Discount Option Receivable Collections processed on such day. The deposit made by the Transferor into the Collection Account under the preceding sentence shall be considered a payment of such Discount Option Receivables and shall be applied as Finance Charge Receivables in accordance with Article IV.
Discount Option. (a) The Transferor shall have the option to designate at any time and from time to time a percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the "DISCOUNT PERCENTAGE"), of all or any specified portion of Principal Receivables created after the Discount Option Date to be treated as Finance Charge Receivables ("DISCOUNT OPTION RECEIVABLES"). The Transferor shall also have the option of reducing or withdrawing the Discount Percentage, at any time and from time to time, on and after such Discount Option Date. The Transferor shall provide thirty (30) days prior written notice of any such change in the Discount Percentage and the related Discount Option Date to the Servicer, the Owner Trustee, the Indenture Trustee and any Rating Agency and such change in the Discount Percentage shall become effective on such Discount Option Date (i) unless such designation in the reasonable belief of the Transferor would cause an Early Redemption Event or Reinvestment Event or Event of Default with respect to any Series to occur, or an event which, with notice or lapse of time or both, would constitute an Early Redemption Event or Reinvestment Event or Event of Default with respect to any Series and (ii) only if the Rating Agency Condition shall have been satisfied with respect to such designation.
(b) After the Discount Option Date, Discount Option Receivable Collections, if any, shall be treated as Collections of Finance Charge Receivables. [END OF ARTICLE II]
Discount Option. (a) The Transferors shall have the option to designate at any time and from time to time a percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the "Discount Percentage"), of all or any specified portion of Principal Receivables created after the Discount Option Date to be treated as Finance Charge Receivables ("Discount Option Receivables"). The Transferors shall also have the option of reducing or withdrawing the Discount Percentage, at any time and from time to time, on and after such Discount Option Date. The Transferors shall provide to the Servicer, the Trustee and any Rating Agency 30 days prior written notice of the Discount Option Date, and such designation shall become effective on the Discount Option Date (i) unless such designation in the reasonable belief of the Transferors would cause a Pay Out Event with respect to any Series to occur, or an event which, with notice or lapse of time or both, would constitute a Pay Out Event with respect to any Series and (ii) only if the Rating Agency Condition shall have been satisfied with respect to such designation.
(b) After the Discount Option Date, the Transferors shall treat Discount Option Receivable Collections as Collections of Finance Charge Receivables.
Discount Option. The Transferor shall not exercise its option to designate a Discount Percentage under Section 2.8 of the Agreement unless it has obtained the consent of the Facility Agent, which will not unreasonably be withheld. The Transferor shall not withdraw such designation of a Discount Percentage thereafter unless (i) it has obtained the consent of the Facility Agent, which will not unreasonably be withheld, or (ii) the Excess Spread Percentage for each of the three most recently completed Monthly Periods exceeds 3.0%. The Transferor shall not reduce the Discount Percentage more than once in any twelve month period.
Discount Option. The Depositor may, at any time, upon thirty (30) days' prior written notice to the Servicer, the Trustee and each Rating Agency, designate a fixed percentage of the amount of Collections in respect of Other Account Receivables arising in the Accounts (to the extent that such Other Account Receivables are included in the Pool) on and after the date of such designation that otherwise would be treated as Principal Collections to be treated as Non-Principal Collections. Such designation will become effective on the date specified therein only if (i) the Depositor shall have delivered to the Trustee an Officers' Certificate, dated the date of such designation, to the effect that the Depositor reasonably believes that such designation will not result in an Early Amortization Event or have a materially adverse effect on the Certificateholders and (ii) each Rating Agency shall have notified the Depositor, the Servicer and the Trustee that such action will not result in a reduction or withdrawal of the then existing rating of any outstanding Series or Class. 'SS' 3.01
