Common use of PAYMENTS TO THE HOLDER OF THE SELLER CERTIFICATE AND THE MASTER SERVICER Clause in Contracts

PAYMENTS TO THE HOLDER OF THE SELLER CERTIFICATE AND THE MASTER SERVICER. (a) On each Distribution Date, the Trustee as administrator of the Credit Enhancement shall pay or cause to be paid to Greenwood on behalf of the Holder of the Seller Certificate (i) the interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on an amount equal to the positive difference, if any, between (x) the amount on deposit in the Credit Enhancement Account and (y) the Provider Amount and (ii) the positive difference, if any, between (x) the amount of interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on the Provider Amount and (y) the amount paid to the Credit Enhancement Provider on such Distribution Date pursuant to Section 4(a).

Appears in 44 contracts

Samples: Credit Enhancement Agreement (Discover Card Master Trust I), Credit Enhancement Agreement (Discover Card Master Trust I), Credit Enhancement Agreement (Discover Card Master Trust I)

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PAYMENTS TO THE HOLDER OF THE SELLER CERTIFICATE AND THE MASTER SERVICER. (a) On each Distribution Date, the Trustee as administrator of the Credit Enhancement shall pay or cause to be paid to Greenwood Discover Bank on behalf of the Holder of the Seller Certificate (i) the interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on an amount equal to the positive difference, if any, between (x) the amount on deposit in the Credit Enhancement Account and (y) the Provider Amount and (ii) the positive difference, if any, between (x) the amount of interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on the Provider Amount and (y) the amount paid to the Credit Enhancement Provider on such Distribution Date pursuant to Section 4(a).

Appears in 39 contracts

Samples: Credit Enhancement Agreement (Discover Card Master Trust I), Credit Enhancement Agreement (Discover Card Master Trust I), Credit Enhancement Agreement (Discover Bank)

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PAYMENTS TO THE HOLDER OF THE SELLER CERTIFICATE AND THE MASTER SERVICER. (aj) On each Distribution Date, the Trustee as administrator of the Credit Enhancement shall pay or cause to be paid to Greenwood Discover Bank on behalf of the Holder of the Seller Certificate (i) the interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on an amount equal to the positive difference, if any, between (x) the amount on deposit in the Credit Enhancement Account and (y) the Provider Amount and (ii) the positive difference, if any, between (x) the amount of interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on the Provider Amount and (y) the amount paid to the Credit Enhancement Provider on such Distribution Date pursuant to Section 4(a).

Appears in 1 contract

Samples: Credit Enhancement Agreement (Discover Card Master Trust I)

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