Common use of Optional Redemption of Series 2012-1 Notes; Final Distributions Clause in Contracts

Optional Redemption of Series 2012-1 Notes; Final Distributions. (a) On any day occurring on or after the date on which the outstanding principal balance of the Series 2012-1 Notes is reduced to 10% or less of the initial outstanding principal balance of Series 2012-1 Notes, Transferor has the option pursuant to the Trust Agreement to reduce the Collateral Amount to zero by paying a purchase price equal to the greater of (x) the Collateral Amount, plus the applicable Allocation Percentage of outstanding Finance Charge Receivables and (y) a minimum amount equal to (i) if such day is a Payment Date, the Redemption Amount for such Payment Date or (ii) if such day is not a Payment Date, the Redemption Amount for the Payment Date following such day. If Transferor exercises such option, Issuer will apply such purchase price to repay the Notes in full as specified below.

Optional Redemption of Series 2012-1 Notes; Final Distributions. (a) On any day occurring on or after the date on which the outstanding principal balance of the Series 2012-1 Notes plus the Principal Overcollateralization Amount is reduced to ten percent (10% %) or less of the initial outstanding principal balance of Series 2012-1 NotesInitial Collateral Amount, the Transferor has the option pursuant to the Trust Agreement to reduce the Collateral Amount to zero by paying a purchase price equal to the greater of (x) the Collateral Amount, Amount plus the applicable Allocation Percentage of outstanding Finance Charge Receivables Non-Principal Receivables, and (y) a minimum amount equal to (i) if such day is a Payment Date, the Redemption Reassignment Amount for such Payment Date or (ii) if such day is not a Payment Date, the Redemption Reassignment Amount for the Payment Date following such day. If Transferor exercises such option, the Issuer will apply such purchase price to repay the Series 2012-1 Notes in full as specified below.