Common use of Discount Option Clause in Contracts

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the Discount Percentage, at any time and from time to time; provided that the Discount Percentage shall be reduced or withdrawn on the date which the Transferor shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that, in the reasonable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 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the Discount Percentage, at any time and from time to time; provided that the Discount Percentage shall be reduced or withdrawn on the date which the Transferor shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s 's Certificate to the effect that, in the reasonable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 '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.. [END OF ARTICLE II]

Discount Option. (a) The Transferor shall have the option to designate at any time and from time to time time, a percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the “Discount Percentage”"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”"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 '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 '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 Transferor shall have the option to designate at any time and from time to time time, a percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the “Discount Percentage”"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”"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 Trustee, each Controlling Entity and the Owner Trustee an Officer’s '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 related Originator or other Account Owner. The Transferor shall provide to the Servicer, the Owner Trustee, the Indenture Trustee Trustee, each Controlling Entity and the Rating Agency 30 days’ ' prior written notice of a Discount Option Date unless so designated on the initial Closing Date and such designation shall become effective on a Discount Option Date only if, (i) the Transferor delivers an Officer’s 's Certificate to the Indenture Trustee to the effect that such designation 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 Transferor shall have the option option, to designate at any time and from time to time a percentage or percentages, which may be a fixed or floating percentage or a variable percentage based on a formula (the “Discount Percentage”), of all the amount of Receivables arising in the Accounts on or any specified portion of after the date such designation becomes effective that would otherwise constitute Principal Receivables (the “Discount Reference Pool”) existing on and after a prior to subtracting from Principal Receivables, Finance Charge Receivables that are Discount Option Date Receivables) 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 may from time to time; provided that 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. Transferor must provide 30 days’ prior written notice to Servicer, Trustee and each Rating Agency of any such increase, reduction or elimination, and such increase, reduction or elimination shall be reduced or withdrawn become effective on the date which the specified therein only if (i) Transferor shall deliver has delivered to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that, in based on the reasonable belief facts known to such officer at the time, Transferor reasonably believes that such increase, reduction or elimination will not at the time of its occurrence cause an Early Amortization Event, or an event which with notice or the Transferorlapse of time would constitute an Early Amortization Event, the continued discounting of Principal Receivables would have an adverse regulatory implication to occur 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 any Series and (ii) in the Rating Agency Condition case of any increase, the Discount Percentage shall have been satisfied with respect not exceed 3% after giving effect to such designationthat increase. (b) 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 Receivable Receivables Collections shall be treated as Collections of Finance Charge and Administrative Receivables.

Discount Option. (a) The Transferor shall have the option to designate at any time and from time to time time, a percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the “Discount Percentage”"DISCOUNT PERCENTAGE"), of all or any 32 37 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”"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 '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 's Certificate to the effect that such designation 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 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 '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 '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.. [END OF ARTICLE II]

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 the 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, on and after such Discount Option Date; 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 '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 the Discount Option Date and such designation shall become effective on a the Discount Option Date and such other date, respectively only if, (i) the Transferor delivers an Officer’s 's Certificate to the effect that such designation or such increase 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) After the Discount Option Date, Discount Option Receivable Collections shall be treated as Collections of Finance Charge and Administrative Receivables.. [END OF ARTICLE II]

Discount Option. (a) The Transferor 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 (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 Transferors 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 Transferors shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s 's Certificate to the effect that, in the reasonable belief of the TransferorTransferors, the continued discounting of Principal Receivables would have an adverse regulatory implication with respect to the Transferor, the Bank or other Account OwnerTransferors. The Transferor Transferors 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 Transferors deliver an Officer’s 's Certificate to the effect that such designation in the reasonable belief of the TransferorTransferors, 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.. [END OF ARTICLE II]

Discount Option. (a) The Transferor 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 (the “Discount Reference Pool”) existing on and after a Discount Option Date to be treated as Finance Charge and Administrative Receivables (“"Discount Option Receivables”"). . (b) As of the Initial Issuance Date, the Transferors hereby exercise such option and designate a Discount Percentage of ___% to be effective as of the Initial Issuance Date and to be applied to all Principal Receivables. (c) The Transferor shall also Transferors have the option of increasing, reducing or withdrawing the Discount Percentage, at any time and from time to time; provided that time and if the Discount Percentage shall be reduced or has been 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 again designate a Discount Percentage. (d) Except with respect to the Transferordesignation of the Discount Percentage on the Initial Issuance Date, the Bank or other Account Owner. The Transferor Transferors shall provide to the Servicer, the Owner Trustee, the Indenture Trustee and the each 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 Transferors deliver an Officer’s 's Certificate to the effect that such designation in the reasonable belief of the TransferorTransferors, would not cause an Adverse Effect and (ii) the Rating Agency Condition shall have been satisfied with respect to such designation. (be) Discount Option Receivable Collections shall be treated as Collections of Finance Charge and Administrative Receivables.. [END OF ARTICLE II]

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 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, on and after such Discount Option Date; provided that the Discount Percentage provided, however, such reduction or withdrawal -------- ------ shall be reduced or withdrawn on the date which occur only if the Transferor shall deliver delivers to the Indenture Trustee and and, in connection with certain Series, the Owner Trustee applicable Series Enhancers, a certificate of an Officer’s Certificate authorized representative to the effect that, in the reasonable belief of the Transferor, the continued discounting of Principal Receivables such reduction or withdrawal would not have an adverse regulatory implication with respect to or other accounting implications for the Transferor, the Bank or other Account Owner. The Transferor shall provide to the Servicer, the Owner Trustee, the Indenture Trustee and the any Rating Agency 30 days’ ' prior written notice of a the Discount Option Date Date, and such designation shall become effective on a the Discount Option Date only if, if (ia) the Transferor delivers has delivered to the Trustee and any such Series Enhancer a certificate of an Officer’s Certificate authorized representative to the effect that, based on the facts known to such representative at the time, the Transferor reasonably believes that such designation in or reduction or withdrawal will not at the reasonable belief time of its occurrence cause a Pay Out Event or Reinvestment Event or an event that, with notice or the Transferorlapse of time or both, would not cause an Adverse Effect constitute a Pay Out Event or Reinvestment Event, to occur with respect to any Series and (iib) the Transferor has received written notice from the Rating Agency Condition shall have been satisfied with respect to that such designation, reduction or withdrawal will satisfy the Rating Agency Condition. (b) After the Discount Option Date, Discount Option Receivable Collections shall be treated as Collections of Finance Charge and Administrative Receivables.