Discount Option Receivables. (a) Transferor shall have the option to designate a percentage (the “Discount Percentage”) of the Principal Receivables in all or certain of the Accounts created on and after such date of designation to be treated as Finance Charge Receivables (“Discount Option Receivables”) in accordance with the provisions of this Section 2.08. The Discount Percentage shall not apply to Finance Charges, or any other fees and charges (other than Insurance Proceeds) or to Receivables in or recoveries of Defaulted Accounts. The Discount Percentage may be fixed or variable and shall not exceed 4%.
Appears in 3 contracts
Samples: Transfer and Servicing Agreement (First National Funding LLC), Transfer and Servicing Agreement (First National Funding LLC), Transfer and Servicing Agreement (First National Master Note Trust)
Discount Option Receivables. (a) The Transferor shall have the option to designate a percentage (the “"Discount Percentage”") of the Principal Receivables in all or certain of the Accounts created on and after such date of designation to be treated as Finance Charge Receivables (“"Discount Option Receivables”") in accordance with the provisions of this Section 2.08. The Discount Percentage shall not apply to Finance Charges, or any other fees and charges (other than Insurance Proceeds) or to Receivables in or recoveries of Defaulted Accounts. The Discount Percentage may be fixed or variable and shall not exceed 4%.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Bankcard Master Credit Card Trust), Pooling and Servicing Agreement (First Bankcard Master Credit Card Trust)
Discount Option Receivables. (a) The Transferor shall have the option to designate a percentage (the “"Discount Percentage”") of the Principal Receivables in all or certain of the Accounts created on and after such date of designation to be treated as Finance Charge Receivables (“"Discount Option Receivables”") in accordance with the provisions of this Section 2.08. The Discount Percentage shall not apply to Finance Charges, or any other fees and charges (other than Insurance Proceeds) or to Receivables in or recoveries of Defaulted Accounts. The Discount Percentage may be fixed or variable and shall not exceed 42.00%.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Dillard Asset Funding Co)
