Common use of Offers to Designate Additional Accounts Clause in Contracts

Offers to Designate Additional Accounts. From time to time, GMAC may, at its option, offer to designate and the Purchaser may, at its option, request the designation of, one or more Accounts (each, an “Additional Account”) to be included as Accounts in the Pool of Accounts, subject to the conditions specified in Section 2.03(b) below. If the Purchaser, at its option, elects to accept any such offer by GMAC or if GMAC, at its option, agrees to any such request of the Purchaser, GMAC shall sell and assign to the Purchaser, and the Purchaser shall purchase from GMAC, all of GMAC’s right, title and interest in, to and under all of the Eligible Receivables in each such Additional Account as of the related Additional Cut-Off Date and all monies due or to become due thereon after such date, all Collateral Security with respect thereto, all amounts received with respect thereto and all proceeds thereof (including “proceeds” as defined in the UCC and Recoveries), effective as of the Addition Date specified in a written notice provided by the Servicer, on behalf of GMAC, to the Purchaser (the “GMAC Addition Notice”). Effective as of each such Addition Date, such Additional Account shall be included in the Pool of Accounts and Eligible Receivables arising therein from and after the Additional Cut-Off Date shall be subject to purchase under Section 2.01(b) above. Each GMAC Addition Notice shall specify the related Additional Cut-Off Date and shall be given (with a copy to the Rating Agencies) on or before the fifth Business Day but not more than 30 days prior to the related Addition Date.

Offers to Designate Additional Accounts. From time to time, GMAC the Seller may, at its option, offer to designate and the Purchaser may, at its option, request the designation of, one or more Eligible Accounts (each, an “Additional Account”) to be included as Accounts in the Pool Schedule of Accounts, subject to the conditions specified in Section 2.03(b) below. If the Purchaser, at its option, elects to accept any such offer by GMAC the Seller or if GMACthe Seller, at its option, agrees to any such request of the Purchaser, GMAC the Seller shall sell and assign to the Purchaser, and the Purchaser shall purchase from GMACthe Seller, all of GMACthe Seller’s right, title and interest in, to and under all of the Eligible Receivables in each such Additional Account as of the related Additional Cut-Off Date and all monies due or Account, pursuant to become due thereon after such date, all Collateral Security with respect thereto, all amounts received with respect thereto and all proceeds thereof (including “proceeds” as defined in the UCC and RecoveriesSection 2.01(b)(ii), effective as of the Addition Date specified in a written notice provided by the Servicer, on behalf of GMACthe Seller, to the Purchaser (the “GMAC Seller Addition Notice”). Effective as of each such Addition Date, such Additional Account shall be included in the Pool of Accounts deemed to be a Scheduled Account and Eligible Receivables arising therein from and after the Additional Cut-Off Date shall be subject to purchase under Section 2.01(b) above. Each GMAC Seller Addition Notice shall specify the related Additional Cut-Off Date and shall be given (with a copy to the Rating Agencies) on or before the fifth third Business Day but not more than 30 days prior to the related Addition Date.