Optional Additions Clause Samples
Optional Additions. In addition to designating Additional Accounts pursuant to clause (i) above, the Transferor, subject to the conditions set forth in this subsection, may elect on any date to designate Eligible Accounts to the Trust and/or to automatically convey newly originated Eligible Accounts to the Trust upon their establishment. The Transferor hereby elects to automatically designate newly originated Eligible Accounts to the Trust upon their establishment. The Transferor shall be permitted to transfer Eligible Accounts to the Trust pursuant to this clause as long as (A) the number of new Accounts and the amount of Receivables arising from such Accounts designated during any fiscal year do not exceed 20% of the total amount of Accounts designated to the Trust and Receivables in the Trust, respectively, as of the first day of such year fiscal year or (B) for any fiscal quarter, the number of new Accounts and the amount of Receivables arising from such Accounts designated during such fiscal quarter do not exceed 15% of the total amount of Accounts designated to the Trust and Receivables in the Trust, respectively, as of the first day of such quarter. The Transferor shall give prompt notice to each Rating Agency if any of the limits set forth in the preceding sentence have been exceeded. If the Transferor elects to suspend or terminate the Eligible Receivables, it shall do so only upon providing the Indenture Trustee, the Rating Agencies and the Servicer with notice thereof. Notwithstanding the foregoing, so long as Series 2004-1 is the only Series of Notes outstanding, all newly arising Accounts originated by either Account Originator and sold to the Transferor pursuant to the Receivables Purchase Agreement shall be automatically designated as Additional Accounts and shall not be subject the limitations set forth in this clause (iii).
Optional Additions. In addition to designating Additional Accounts pursuant to clause (i) above, the Transferor, subject to the conditions set forth in this Section, may elect on any date to designate Eligible Accounts or interests therein to the Trust and/or to automatically convey newly originated Eligible Receivables to the Trust upon their establishment. The Transferor hereby elects to automatically convey newly originated Eligible Receivables to the Trust upon their establishment. The Transferor shall be permitted to transfer Eligible Receivables to the Trust pursuant to this clause as long as (A) the number of new Accounts and the amount of Receivables arising from such Accounts designated during any fiscal year do not exceed 20% of the total amount of Accounts designated to the Trust and Receivables in the Trust, respectively, as of the first day of such year fiscal year or (B) for any fiscal quarter, the number of new Accounts and the amount of Receivables arising from such Accounts designated during such fiscal quarter do not exceed 15% of the total amount of Accounts designated to the Trust and Receivables in the Trust, respectively, as of the first day of such quarter;. provided, that, the foregoing limitations shall not apply to the Transferor so long as it is delivering to the Rating Agencies pool specific information for new Accounts and Receivables arising therefrom each time that the number of new Accounts and the amount of Receivables arising from such Accounts exceeds 10% of the total amount of Accounts designated to the Trust and Receivables in the Trust, respectively, as of the Initial Issuance Date and as of each Ten Percent Growth Date, unless the Rating Agencies suspend the Transferor’s ability to do so. The Transferor shall give prompt notice to each Rating Agency of any Ten Percent Growth Date. If the Transferor elects to suspend or terminate the automatic addition of Eligible Receivables, it shall do so only upon providing the Indenture Trustee, the Trust, the Rating Agencies and the Servicer with notice thereof.