Transferor Interest definition

Transferor Interest has the meaning specified in the Transfer Agreement.

Transferor Interest for any Payment Date means the aggregate undivided beneficial interest represented by the Transferor Certificate in the subtrust created by the Trust Supplement under which the Notes are issued, calculated as the excess of (i) the Loan Balance as of the close of business on the day before the date of determination over (ii) the Note Principal Balance on the date of determination (after giving effect to the distribution of all amounts actually distributed on the Notes on the date of determination).

Transferor Interest has the meaning specified in the Indenture.

Examples of Transferor Interest in a sentence

• The Company shall have the option (the “Company Purchase Option”) to purchase the Transferor Interest subject to approval by a majority of the Class A Members.

• Upon the termination of the Transferor’s obligations and responsibilities with respect to the Trust pursuant to Section 12.01 and the surrender, if applicable, of any certificated Transferor Certificate, the Trustee shall distribute to the Holder of the Transferor Certificate any Receivables and Interchange and cash remaining in the Trust in respect of the Transferor Interest.

• Discover Funding as the Holder of the Transferor Certificate shall promptly notify the Rating Agencies of any exchange of Investor Certificates for Transferor Interest pursuant to this Section 6.14.

• In the event that such an exclusion of Receivables from the calculation of the Transferor Interest would cause the Transferor Interest to be a negative number on the date of purchase of such Receivables, Discover Funding as the Holder of the Transferor Certificate shall make a deposit in the Collections Account in immediately available funds in an amount equal to the amount by which the Transferor Interest would be reduced below zero.

• Simultaneously with such cancellation, the Class Investor Interest of the applicable Class and the Series Investor Interest of the Series under which such Investor Certificates were issued shall be reduced, and the Transferor Interest shall be increased, by the aggregate Class Investor Interest represented by such cancelled Investor Certificates, in each case as of the end of the related Due Period.

More Definitions of Transferor Interest

Transferor Interest means, on any date of determination, the aggregate amount of Principal Receivables at the end of the day immediately prior to such date of determination, minus the Aggregate Invested Amount at the end of such day.

Transferor Interest shall have the meaning specified in Section 4.01(a).

Transferor Interest. As defined in the Trust Agreement.

Transferor Interest means, with respect to Asset Pool One, the interest in Asset Pool One not represented by the issued and Outstanding Asset Pool One Notes.

Transferor Interest for any Payment Date means the aggregate undivided beneficial interest represented by the Transferor Certificate in the Trust (other than the right to distributions resulting from Section 8.03(a)(xiii)), calculated as the sum of the Allocated Transferor Interest for each Loan Group.

Transferor Interest. As defined in Section 3.2.

Transferor Interest means either the uncertificated interest in the Transferor Interest or, if the Transferor elects to evidence its interest in the Transferor Interest in certificated form, a certificate executed and delivered by the Issuer and authenticated by the Owner Trustee substantially in the form of Exhibit B to the Trust Agreement. The Transferor Interest is an “obligation” of the Issuer, as such term is used in the FDIC Rule, and the holders of the Transferor Interest are “investors,” as such term is used in the FDIC Rule.