Common use of Discount Receivables Clause in Contracts

Discount Receivables. (a) The Transferor shall have the option to designate at any time and from time to time a fixed percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the “Yield Factor”), currently zero, of all or any specified portion of Gross Principal Receivables outstanding that have been designated for inclusion in Asset Pool One on any date of determination and subsequently created to be treated as Discount Receivables and included as Finance Charge Receivables. Subject to the conditions specified below, the Transferor may, without notice to or the consent of any Noteholder whose Notes are secured by Asset Pool One, from time to time, increase, reduce or eliminate the Yield Factor on or after such initial date of determination and any other specified date (each, a “Discount Option Date”). The Transferor shall provide 30 days prior written notice of any such change in a Yield Factor with respect to Asset Pool One and the related Discount Option Date to the Servicer, the Owner Trustee, the Indenture Trustee, the Collateral Agent and any Note Rating Agency and such change in the Yield Factor shall become effective on such Discount Option Date unless such designation, in the reasonable belief of the Transferor, would cause an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of Notes to occur, or an event which, with notice or lapse of time or both, would constitute an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of Notes. Accordingly, on each Discount Option Date after a change in Yield Factor, the Transferor shall apply the new Yield Factor to all or the portion of the Gross Principal Receivables outstanding that have been designated for inclusion in Asset Pool One which are to be treated as Discount Receivables.

Discount Receivables. (a) The Transferor shall have the option to designate at any time and from time to time a fixed percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the “"Yield Factor”"), currently zero, of all or any specified portion of Gross Principal Receivables outstanding that have been designated for inclusion in a specified Asset Pool One on any date of determination and subsequently created to be treated as Discount Receivables and included as Finance Charge Receivables. Subject to the conditions specified below, the Transferor may, without notice to or the consent of any Noteholder whose Notes notes are secured by a specified Asset Pool OnePool, from time to time, increase, reduce or eliminate the Yield Factor on or after such initial date of determination and any other specified date (each, a “"Discount Option Date”"). The Transferor shall provide 30 days prior written notice of any such change in a Yield Factor with respect to a specified Asset Pool One and the related Discount Option Date to the Servicer, the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent and any Note Rating Agency and such change in the Yield Factor shall become effective on such Discount Option Date unless such designation, designation in the reasonable belief of the Transferor, Transferor would cause an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of Notes to occur, or an event which, with notice or lapse of time or both, would constitute an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of NotesTranche. AccordinglyIn addition, on each Discount Option Date after a change in Yield Factor, the Transferor shall apply the new Yield Factor to all or the portion of the Gross Principal Receivables outstanding that have been designated for inclusion in a specified Asset Pool One which are to be treated as Discount Receivables.

Discount Receivables. (a) The Transferor shall have the option to designate at any time and from time to time a fixed percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the “Yield Factor”), currently zero, of all or any specified portion of Gross Principal Receivables outstanding that have been designated for inclusion in a specified Asset Pool One on any date of determination and subsequently created to be treated as Discount Receivables and included as Finance Charge Receivables. Subject to the conditions specified below, the Transferor may, without notice to or the consent of any Noteholder whose Notes are secured by a specified Asset Pool OnePool, from time to time, increase, reduce or eliminate the Yield Factor on or after such initial date of determination and any other specified date (each, a “Discount Option Date”). The Transferor shall provide 30 days prior written notice of any such change in a Yield Factor with respect to a specified Asset Pool One and the related Discount Option Date to the Servicer, the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent and any Note Rating Agency and such change in the Yield Factor shall become effective on such Discount Option Date unless such designation, designation in the reasonable belief of the Transferor, Transferor would cause an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of Notes to occur, or an event which, with notice or lapse of time or both, would constitute an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of Notes. AccordinglyIn addition, on each Discount Option Date after a change in Yield Factor, the Transferor shall apply the new Yield Factor to all or the portion of the Gross Principal Receivables outstanding that have been designated for inclusion in a specified Asset Pool One which are to be treated as Discount Receivables.

Discount Receivables. (a) The Transferor shall have the option to designate at any time and from time to time a fixed percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the “Yield Factor”), currently zero, of all or any specified portion of Gross Principal Receivables outstanding that have been designated for inclusion in a specified Asset Pool One on any date of determination and subsequently created to be treated as Discount Receivables and included as Finance Charge Receivables. Subject to the conditions specified below, the Transferor may, without notice to or the consent of any Noteholder whose Notes notes are secured by a specified Asset Pool OnePool, from time to time, increase, reduce or eliminate the Yield Factor on or after such initial date of determination and any other specified date (each, a “Discount Option Date”). The Transferor shall provide 30 days prior written notice of any such change in a Yield Factor with respect to a specified Asset Pool One and the related Discount Option Date to the Servicer, the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent and any Note Rating Agency and such change in the Yield Factor shall become effective on such Discount Option Date unless such designation, designation in the reasonable belief of the Transferor, Transferor would cause an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of Notes to occur, or an event which, with notice or lapse of time or both, would constitute an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of NotesTranche. AccordinglyIn addition, on each Discount Option Date after a change in Yield Factor, the Transferor shall apply the new Yield Factor to all or the portion of the Gross Principal Receivables outstanding that have been designated for inclusion in a specified Asset Pool One which are to be treated as Discount Receivables.

Discount Receivables. (a) The Transferor shall have the option to designate at any time and from time to time a fixed percentage or percentages, which may be a fixed percentage or a variable percentage 41 based on a formula (the “Yield Factor”"YIELD FACTOR"), currently zero, of all or any specified portion of Gross Principal Receivables outstanding that have been designated for inclusion in a specified Asset Pool One on any date of determination and subsequently created to be treated as Discount Receivables and included as Finance Charge Receivables. Subject to the conditions specified below, the Transferor may, without notice to or the consent of any Noteholder whose Notes notes are secured by a specified Asset Pool OnePool, from time to time, increase, reduce or eliminate the Yield Factor on or after such initial date of determination and any other specified date (each, a “Discount Option Date”"DISCOUNT OPTION DATE"). The Transferor shall provide 30 days prior written notice of any such change in a Yield Factor with respect to a specified Asset Pool One and the related Discount Option Date to the Servicer, the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent and any Note Rating Agency and such change in the Yield Factor shall become effective on such Discount Option Date unless such designation, designation in the reasonable belief of the Transferor, Transferor would cause an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of Notes to occur, or an event which, with notice or lapse of time or both, would constitute an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche of NotesTranche. AccordinglyIn addition, on each Discount Option Date after a change in Yield Factor, the Transferor shall apply the new Yield Factor to all or the portion of the Gross Principal Receivables outstanding that have been designated for inclusion in a specified Asset Pool One which are to be treated as Discount Receivables.