Premium Option Sample Clauses
A Premium Option clause defines the terms under which one party may pay an additional fee, or premium, to obtain certain rights or benefits within a contract. Typically, this clause outlines the conditions for exercising the option, the amount and timing of the premium payment, and the specific rights granted, such as the ability to extend a contract, purchase additional goods, or secure priority access to services. Its core practical function is to provide flexibility and certainty for both parties by allowing one party to secure advantageous terms in exchange for an upfront or periodic payment, thereby allocating risk and incentivizing commitment.
Premium Option. (a) The Transferors shall have the option to designate at any time and from time to time a percentage or percentages, which may be a fixed percentage or a variable percentage (the "Premium Percentage"), of all or any specified portion of Finance Charge Receivables created on and after the Premium Option Date to be treated as Principal Receivables ("Premium Option Receivables"). The Transferors shall also have the option of increasing, reducing or withdrawing the Premium Percentage, at any time and from time to time, on and after such Premium Option Date. The Transferors shall provide to the Servicer, the Trustee and any Rating Agency 30 days' prior written notice of the Premium Option Date and any such designation or increase, reduction or withdrawal, and such designation, increase, reduction or withdrawal shall become effective on the Premium Option Date specified therefor upon satisfaction of the following conditions:
(i) each Transferor shall have delivered to the Trustee and any Series Enhancer entitled thereto (if any) an Officer's Certificate of such Transferor certifying that, based upon facts known to such Transferor at such time, such designation, increase, reduction or withdrawal will not, at the time of its occurrence, cause a Pay-Out Event or a Reinvestment Event, or an event that, with notice or the lapse of time or both, would constitute a Pay-Out Event or a Reinvestment Event, to occur with respect to any Series;
(ii) the Rating Agency Condition shall have been satisfied with respect to such designation, increase, reduction or withdrawal; and
(iii) only in connection with the designation or any increase of the Premium Percentage, the Transferors shall have caused an Opinion of Counsel to the effect described in clause (a) of the definition of "Tax Opinion" in Section 1.01 to have been delivered to the Trustee.
(b) After any Premium Option Date, Premium Option Receivable Collections (calculated using the Premium Percentage specified on such Premium Option Date) shall be treated as Collections of Principal Receivables. [END OF ARTICLE II]
Premium Option. 47 ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES...............................................49 Section 3.01 Acceptance of Appointment and Other Matters Relating to the Servicer.............49
Premium Option. 59 Section 2.14 Covenant of Holdings with Respect to Account Owners . . . 61
Premium Option. (a) The Transferor shall have the option to designate at any time and from time to time a percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the "Premium Percentage"), of all or any specified portion of Finance Charge Receivables created after the Premium Option Date to be treated as Principal Receivables ("Premium Option Receivables"). The Transferor shall also have the option of reducing or withdrawing the Premium Percentage, at any time and from time to time, on and after such Premium Option Date. The Transferor shall provide to the Servicer, the Trustee and any Rating Agency 30 days' prior written notice of the Premium Option Date, and such designation shall become effective on the Premium Option Date (i) unless such designation in the reasonable belief of the Transferor would cause a Pay Out Event or Reinvestment Event with respect to any Series to occur, or an event which, with notice or lapse of time or both, would constitute a Pay Out Event or Reinvestment Event with respect to any Series and (ii) only if the Rating Agency Condition shall have been satisfied with respect to such designation.
(b) After the Premium Option Date, Premium Option Receivable Collections shall be treated as Collections of Principal Receivables. [END OF ARTICLE II]
Premium Option. 59 ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES
Premium Option. In lieu of paid holidays, earned time, medical coverage, vision coverage, dental coverage, life insurance and the ability to participate in the pension plan, full-time and part-time nurses may elect a tenseventeen percent (107%) wage premium.
5.5.1.1 Nurses currently receiving pay-in-lieu may, alternatively, elect a seventeen percent (17%) wage premium in lieu of paid holidays, earned time, medical coverage, vision coverage, dental coverage, life insurance and the ability to participate in the pension plan. Such nurses must make their election within thirty (30) days after the final signature on this agreement, and may not change their election for the duration of this contract. This alternative option will sunset at the end of the duration of this contract.