Common use of Discount Receivables Clause in Contracts

Discount Receivables. (a) The Transferor shall designate a fixed percentage (the "Yield Factor") of all Receivables outstanding on any date of determination, other than Periodic Finance Charges, Annual Membership Fees, Cash Advance Fees, Late Fees, overlimit fees, return check fees and similar fees and other charges and Receivables in Defaulted Accounts, to be treated as Finance Charge Receivables ("Discount Receivables"). The Yield Factor initially and through March 31, 2002 shall equal 1.3% and on and after April 1, 2002 shall equal zero or such other percentage as may be determined pursuant to subclause (c) hereof; provided, however, for purposes of determining the Investor Percentages and Transferor Percentages for the April 2002 Monthly Period, the Yield Factor as of March 31, 2002 shall be deemed to be equal to zero. (b) The Transferor, in accordance with Section 4.03, shall (i) deposit, or cause to be deposited, into the Collection Account in immediately available funds an amount equal to the product of (a) the Aggregate Investor Percentages for all Series with respect to Finance Charge Receivables and (b) the aggregate amount of the Discount Receivable Collections processed on such day and (ii) pay to the Holder of the Exchangeable Transferor Certificate an amount equal to the product of (a) the Transferor Percentage and (b) the aggregate amount of such Discount Receivable Collections. The deposit made by the Transferor into the Collection Account under the preceding sentence shall be considered a payment of such Discount Receivables and shall be applied as Finance Charge Receivables in accordance with Article IV. (c) The Transferor shall have the option to increase or decrease the Yield Factor to an amount not greater than 4%. The Transferor shall provide to the Servicer, the Trustee, any Enhancement Provider and the Rating Agency 30 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 each Rating Agency shall have delivered a letter to the Transferor and the Trustee confirming that its then current rating of the Investor Certificates of any Series then outstanding will not be reduced or withdrawn as a result of such designation. [End of Article II]

Discount Receivables. (a) The Transferor shall designate a fixed percentage (the "“Yield Factor"”) of all Receivables outstanding on any date of determination, other than Periodic Finance Charges, Annual Membership Fees, Cash Advance Fees, Late Fees, overlimit fees, return check fees and similar fees and other charges and Receivables in Defaulted Accounts, to be treated as Finance Charge Receivables ("“Discount Receivables"”). The Yield Factor initially and through March 31, 2002 shall equal 1.3% and on and after April 1, 2002 shall equal zero or such other percentage as may be determined pursuant to subclause (c) hereof; provided, however, for purposes of determining the Investor Percentages and Transferor Percentages for the April 2002 Monthly Period, the Yield Factor as of March 31, 2002 shall be deemed to be equal to zero. (b) The Transferor, in accordance with Section 4.03, shall (i) deposit, or cause to be deposited, into the Collection Account in immediately available funds an amount equal to the product of (a) the Aggregate Investor Percentages for all Series with respect to Finance Charge Receivables and (b) the aggregate amount of the Discount Receivable Collections processed on such day and (ii) pay to the Holder of the Exchangeable Transferor Certificate an amount equal to the product of (a) the Transferor Percentage and (b) the aggregate amount of such Discount Receivable Collections. The deposit made by the Transferor into the Collection Account under the preceding sentence shall be considered a payment of such Discount Receivables and shall be applied as Finance Charge Receivables in accordance with Article IV. (c) The Transferor shall have the option to increase or decrease the Yield Factor to an amount not greater than 4%. The Transferor shall provide to the Servicer, the Trustee, any Enhancement Provider and the Rating Agency 30 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 each Rating Agency shall have delivered a letter to the Transferor and the Trustee confirming that its then current rating of the Investor Certificates of any Series then outstanding will not be reduced or withdrawn as a result of such designation. [End of Article II]and

Discount Receivables. (a) The Transferor shall designate a fixed percentage (the "“Yield Factor"”) of all Receivables outstanding on any date of determination, other than Periodic Finance Charges, Annual Membership Fees, Cash Advance Fees, Late Fees, overlimit fees, return check fees and similar fees and other charges and Receivables in Defaulted Accounts, to be treated as Finance Charge Receivables ("“Discount Receivables"”). The Yield Factor initially and through March 31, 2002 shall equal 1.3% and on and after April 1, 2002 shall equal zero or such other percentage as may be determined pursuant to subclause (c) hereof; provided, however, for purposes of determining the Investor Percentages and Transferor Percentages for the April 2002 Monthly Period, the Yield Factor as of March 31, 2002 shall be deemed to be equal to zero. (b) The Transferor, in accordance with Section 4.03, shall (i) deposit, or cause to be deposited, into the Collection Account in immediately available funds an amount equal to the product of (ax) the Aggregate Investor Percentages for all Series with respect to Finance Charge Receivables and (by) the aggregate amount of the Discount Receivable Collections processed on such day and (ii) pay to the Holder of the Exchangeable Transferor Certificate an amount equal to the product of (aA) the Transferor Percentage and (bB) the aggregate amount of such Discount Receivable Collections. The deposit made by the Transferor into the Collection Account under the preceding sentence shall be considered a payment of such Discount Receivables and shall be applied as Finance Charge Receivables in accordance with Article IV. (c) The Transferor shall have the option to increase or decrease the Yield Factor to an amount not greater than 4%. The Transferor shall provide to the Servicer, the Trustee, any Enhancement Provider and the Rating Agency 30 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 each Rating Agency shall have delivered a letter to the Transferor and the Trustee confirming that its then current rating of the Investor Certificates of any Series then outstanding will not be reduced or withdrawn as a result of such designation. [End of Article II].

Discount Receivables. (a) The Transferor shall designate a fixed percentage (the "Yield Factor") ), initially equal to 1.3%, of all Receivables outstanding on any date of determination, other than Periodic Finance Charges, Annual Membership Fees, Cash Advance Fees, Late Fees, overlimit fees, return check fees and similar fees and other charges and Receivables in Defaulted Accounts, Accounts outstanding on any date of determination to be treated as Finance Charge Receivables ("Discount Receivables"). The Yield Factor initially and through March 31, 2002 shall equal 1.3% and on and after April 1, 2002 shall equal zero or such other percentage as may be determined pursuant to subclause (c) hereof; provided, however, for purposes of determining the Investor Percentages and Transferor Percentages for the April 2002 Monthly Period, the Yield Factor as of March 31, 2002 shall be deemed to be equal to zero. (b) The Transferor, in accordance with Section 4.03, shall (i) deposit, or cause to be deposited, deposit into the Collection Account in immediately available funds an amount equal to the product of (a) the Aggregate aggregate Investor Percentages for all Series with respect to Finance Charge Receivables and (b) the aggregate amount of the Discount Receivable Collections processed on such day and (ii) pay to the Holder of the Exchangeable Transferor Certificate an amount equal to the product of (a) the Transferor Percentage and (b) the aggregate amount of such Discount Receivable Collections. The deposit made by the Transferor into the Collection Account under the preceding sentence shall be considered a payment of such Discount Receivables and shall be applied as Finance Charge Receivables in accordance with Article IV. (c) The Transferor shall have the option to increase or decrease the Yield Factor to an amount not greater than 4%. The Transferor shall provide to the Servicer, the Trustee, any Enhancement Provider and the Rating Agency 30 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 each Rating Agency shall have delivered a letter to the Transferor and the Trustee confirming that its then current rating of the Investor Certificates of any Series then outstanding will not be reduced or withdrawn as a result of such designation. [End of Article II]