Common use of Selection of Asset Tranches Clause in Contracts

Selection of Asset Tranches. The Administrative Agent shall, from time to time for purposes of computing Earned Discount, divide the Asset Interest into Asset Tranches. Prior to the Termination Date, the Administrative Agent, on the Purchaser's behalf, will choose the applicable CP Tranche Periods in consultation with the Seller. The applicable Earned Discount Rate may be different for each Asset Tranche. The maturity of each Asset Tranche may also be different. The Purchaser's Total Investment and aggregate of the CP Discounts for the Commercial Paper Notes then outstanding (if applicable) shall be allocated to each Asset Tranche by the Administrative Agent, on the Purchaser's behalf, to reflect the funding sources for the Asset Interest such that the total amount of the Purchaser's Tranche Investments of such Asset Tranches shall equal the Purchaser's Total Investment, and so that: (a) there will be one or more Asset Tranches with an aggregate Purchaser's Tranche Investment equal to the excess of the Purchaser's Total Investment over the aggregate amount allocated at such time pursuant to clause (b) below, which Asset Tranches shall reflect the portion of the Asset Interest funded by Commercial Paper Notes; and (b) there may be one or more Asset Tranches, each with such Purchaser's Tranche Investments selected by the Administrative Agent, on the Purchaser's behalf, reflecting the portion or portions of the Asset Interest funded by outstanding Liquidity Fundings (if any).

Selection of Asset Tranches. The Administrative Agent Administrator shall, from time to time for purposes of computing Earned Discount, divide the Asset Purchased Interest into Asset Tranches. Prior to , and the Termination Date, the Administrative Agent, on the Purchaser's behalf, will choose the applicable CP Tranche Periods in consultation with the Seller. The applicable Earned Discount Rate may be different for each Asset Tranche. The maturity of each Asset Tranche may also be different. The Purchaser's Total Investment and aggregate of the CP Discounts for the Commercial Paper Notes then outstanding (if applicable) shall be allocated to each Asset Tranche by the Administrative Agent, on the Purchaser's behalf, Administrator to reflect the funding sources for the Asset Interest such that the total amount of the Purchaser's Tranche Investments of such Asset Tranches shall equal the Purchaser's Total InvestmentPurchased Interest, and so that: (a) there will be one or more Asset Tranches with Tranches, selected by the Administrator, reflecting the portion of the Purchased Interest funded by outstanding Liquidity Loans, if any; (b) there will be one or more Asset Tranches, selected by the Administrator, reflecting the portion of the Purchased Interest funded by Credit Draws, if any; (c) there will be one or more Asset Tranches, selected by the Administrator, reflecting the portion of the Purchased Interest funded by Concentration Draws, if any; and (d) there will be an aggregate Purchaser's Asset Tranche Investment equal to the excess of the Purchaser's Total Investment over the aggregate amount amounts allocated at such time pursuant to clause CLAUSES (a), (b) belowand (c) above, which Asset Tranches Tranche shall reflect the portion of the Asset Purchased Interest funded by Commercial Paper Notes; and (b) there may be one . The Purchaser confirms that it is its intention to allocate all or more Asset Tranches, each with such Purchaser's Tranche Investments selected by the Administrative Agent, on the Purchaser's behalf, reflecting the portion or portions substantially all of the Purchased Interest to the Asset Interest Tranche funded by outstanding Liquidity Fundings (if any).Commercial Paper Notes; provided that the

Selection of Asset Tranches. The Administrative Agent Administrator shall, from --------------------------- time to time for purposes of computing Earned Discount, divide the Asset Senior Interest into Asset Tranches. Prior to , and the Termination Date, the Administrative Agent, on the Purchaser's behalf, will choose the applicable CP Tranche Periods in consultation with the Seller. The applicable Earned Discount Rate may be different for each Asset Tranche. The maturity of each Asset Tranche may also be different. The Purchaser's Total Senior Investment and aggregate of the CP Discounts for the Commercial Paper Notes then outstanding (if applicable) shall be allocated to each Asset Tranche by the Administrative Agent, on the Purchaser's behalf, Administrator to reflect the funding sources for the Asset Interest such that the total amount of the Purchaser's Tranche Investments of such Asset Tranches shall equal the Purchaser's Total InvestmentSenior Interest, and so that: (a) there will be one or more Asset Tranches with an aggregate Purchaser's Tranches, selected by the Administrator, reflecting the portion of the Senior Interest funded by Liquidity Purchases; (b) there will be one or more Asset Tranches, selected by the Administrator, reflecting the portion of the Senior Interest funded by Credit Draws; and (c) there will be a single Asset Tranche Investment equal to the excess of the Purchaser's Total Senior Investment over the aggregate amount amounts allocated at such time pursuant to clause clauses (a) and (b) belowabove, which Asset Tranches Tranche shall reflect ------- --- --- the portion of the Asset Senior Interest funded by Commercial Paper Notes; and (b) there may provided, that after the occurrence of the Transfer Date, all Asset Tranches will be one or more Asset Tranches, each with such Purchaser's Tranche Investments selected by the Administrative Agent, on the Purchaser's behalf, reflecting the portion or portions of the Asset Interest Liquidity Agent and will be funded solely by outstanding Liquidity Fundings (if any)Purchases.