Common use of Discount Option Clause in Contracts

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 Seller shall have the option to designate at any time and from time to time a percentage or percentages from 0% to 4%percentages, which may be a fixed percentage or a variable percentage based on a formula, but in no event greater than 4% 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 Seller 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 Seller shall provide to the Servicer, the Trustee, each Purchaser Representative, each Enhancement Provider Trustee and each 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 Seller would cause an Early Amortization 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 an Early Amortization a Pay Out Event with respect to any Series and or (ii) only if unless the Rating Agency Condition shall not have been satisfied with respect to such designation; provided that for this purpose Xxxxx'x shall not be deemed to be a "Rating Agency." (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 Agencyprovided herein.

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 Seller shall have the option to --------------- designate at any time and from time to time a percentage or percentages from 0% to 4%percentages, which may be a fixed percentage or a variable percentage based on a formula, but in no event greater than 4% 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 Seller 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. Seller shall provide to the Servicer, the Trustee, each Purchaser Representative, each Enhancement Provider Owner Trustee and each any Rating Agency 30 days 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 a Pay Out Event with respect to any Series series to occur, or an event which, with notice or lapse of time or both, would constitute an Early Amortization a Pay Out Event with respect to any Series and or (ii) only if unless the Rating Agency Condition shall not have been satisfied with respect to such designation; provided that for this -------- purpose Moody's shall not be deemed to be a "Rating Agency." (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 AgencyReceivables.

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%percentages, which may be a fixed percentage or a variable percentage based on a formula, but in no event greater than 4% 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 Seller 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 Seller shall provide to the Servicer, the Trustee, each Purchaser Representative, each Enhancement Provider Trustee and each 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 Seller would cause an Early Amortization 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 an Early Amortization a Pay Out Event with respect to any Series and or (ii) only if unless the Rating Agency Condition shall not have been satisfied with respect to such designation; provided that for this purpose Xxxxx'x shall not be deemed to be a "Rating Agency." (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 Agencyprovided herein.

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%percentages, which may be a fixed percentage or a variable percentage based on a formula, but in no event greater than 4% 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 Seller 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. Seller shall provide to the Servicer, the Trustee, each Purchaser Representative, each Enhancement Provider Owner Trustee and each any Rating Agency 30 days 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 a Pay Out Event with respect to any Series series to occur, or an event which, with notice or lapse of time or both, would constitute an Early Amortization a Pay Out Event with respect to any Series and or (ii) only if unless the Rating Agency Condition shall not have been satisfied with respect to such designation; provided that -------- for this purpose Moody's shall not be deemed to be a "Rating Agency." (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 AgencyReceivables.

Discount Option. (a) The Seller Transferor shall have the option to designate at any time and from time to time a percentage or percentages from 0% to 4%percentages, which may be a fixed percentage or a variable percentage based on a formula, but in no event greater than 4% formula (the "Discount Percentage"), of all or any specified portion of Collections of Principal Receivables created after the Discount Option Date to be treated as Collections of Finance Charge and Administrative Receivables ("Discount Option ReceivablesCollections"). Subject to the conditions specified below, the Transferor may, without notice to or the consent of any Noteholder, from time to time, increase, reduce or eliminate the Discount Percentage for all or any specified portion of Collections of Principal Receivables on or after a specified date (each, a "Discount Option Date"). The Seller 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, each Purchaser Representative, each Enhancement Provider the Indenture Trustee and each any Rating Agency 30 days prior written notice of and such change in the Discount Option Date, and such designation Percentage shall become effective on the such Discount Option Date (i) unless such designation in the reasonable belief of the Seller Transferor would cause an Early Amortization a Pay Out 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 Amortization a Pay Out 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 On each Date of Processing, Discount Option DateCollections, the Seller if any, shall treat Discount Option Receivable Collections be treated 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 AgencyAdministrative Receivables.] [END OF ARTICLE II]

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%percentages, which may be a fixed percentage or a variable percentage based on a formula, but in no event greater than 4% 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 Seller 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. Seller shall provide to the Servicer, the Trustee, each Purchaser Representative, each Enhancement Provider Owner Trustee and each any Rating Agency 30 days 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 a Pay Out Event with respect to any Series series to occur, or an event which, with notice or lapse of time or both, would constitute an Early Amortization a Pay Out Event with respect to any Series and or (ii) only if unless the Rating Agency Condition shall not 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 AgencyReceivables.

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%percentages, which may be a fixed percentage or a variable percentage based on a formula, but in no event greater than 4% 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 Seller 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 Seller shall provide to the Servicer, the Trustee, each Purchaser Representative, each Enhancement Provider Trustee and each 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 Seller would cause an Early Amortization 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 an Early Amortization a Pay Out Event with respect to any Series and or (ii) only if unless the Rating Agency Condition shall not have been satisfied with respect to such designation; provided that for this purpose Xxxxx'x shall not be deemed to be a "Rating Agency." (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 Agencyprovided herein.

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%percentages, which may be a fixed percentage or a variable percentage based on a formula, but in no event greater than 4% 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 Seller 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. Seller shall provide to the Servicer, the Trustee, each Purchaser Representative, each Enhancement Provider Owner Trustee and each any Rating Agency 30 days 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 a Pay Out Event with respect to any Series series to occur, or an event which, with notice or lapse of time or both, would constitute an Early Amortization a Pay Out Event with respect to any Series and or (ii) only if unless the Rating Agency Condition shall not have been satisfied with respect to such designation; provided that -------- for this purpose Moody's shall not be deemed to be a "Rating Agency." (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 AgencyReceivables.