Minimum Seller Interest definition

Minimum Seller Interest for any day or Distribution Date shall mean an amount equal to the positive difference, if any, between (i) the Minimum Principal Receivables Balance and (ii) (A) the Aggregate Investor Interest minus (B) the sum of (x) the series pre-funding amounts, if any, for all outstanding series, (y) the Excess Funding Amount (General) and (z) the Excess Funding Amount (SRC), for such day or Distribution Date.

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Minimum Seller Interest for any period means 4% of the average principal receivables for such period. The seller may reduce the Minimum Seller Interest to not less than 2% of the average principal receivables for such period upon satisfaction of the Rating Agency Condition and certain other conditions to be set forth in the master agreement.

Minimum Seller Interest for any period means 4% of the average principal receivables for such period. MBNA may reduce the Minimum Seller Interest to not less than 2% of the average principal receivables for such period upon notification that such reduction will not cause a reduction or withdrawal of the rating of any outstanding investor certificates issued by master trust II that are rated by the rating agencies rating those investor certificates and certain other conditions to be set forth in the master trust II agreement.

Examples of Minimum Seller Interest in a sentence

If on any Business Day the Seller Interest is greater than the Minimum Seller Interest, amounts on deposit in the Excess Funding Account shall be released to the Holder of the Exchangeable Seller Certificate.
On any Business Day following a Business Day on which amounts were held in the Principal Account pursuant to clause (ii) above, any amounts held in the Principal Account pursuant to clause (ii) above shall be paid to the Holder of the Seller Interest when, and only to the extent that, the Seller Interest is greater than the Minimum Seller Interest.
Certain terms pertaining to each Collateral Series will be defined in the applicable Indenture Supplements (but are hereby incorporated by reference into this Series Supplement), including whether or not such Collateral Series is a Principal Sharing Series and the Minimum Seller Interest for such Collateral Series.
On any Determination Date on which no Certificate Series is in an Accumulation Period or Amortization Period, the Servicer shall determine the amount by which the Seller Interest exceeds the Aggregate Minimum Seller Interest on such date and shall instruct the Trustee to withdraw such amount from the Excess Funding Account on the related Distribution Date and pay such amount to the Holder of the Exchangeable Seller Certificate.
Notwithstanding any other provision of this Section 2.02(b), a re- transfer of a Defective Mortgage Loan to the Servicer pursuant to this Section that would cause the Seller Certificate Principal Balance to be less than the Minimum Seller Interest shall not occur if either the Seller fails to convey an Eligible Substitute Mortgage Loan or to deposit into the Certificate Account any related Transfer Deposit Amount required by this Section 2.02(b) with respect to the transfer of such Defective Mortgage Loan.

More Definitions of Minimum Seller Interest

Minimum Seller Interest shall have the meaning specified in Section 4 ----------------------- hereof.

Minimum Seller Interest for Series 1999-1 shall mean zero.

Minimum Seller Interest means 4% (or such other percentage as specified in the related Supplement) of the Average Principal Receivables; provided, however, that the Seller may reduce the Minimum Seller Interest upon (w) delivery to the Trustee of a Tax Opinion with respect to such reduction, (x) 30 day’s prior notice to the Trustee, each Rating Agency and any Credit Enhancement Provider entitled to receive such notice pursuant to the relevant Supplement, (y) written confirmation from the Rating Agency that such reduction will not result in the reduction or withdrawal of the respective ratings of each Rating Agency for any Series outstanding and (z) delivery to the Trustee and each such Credit Enhancement Provider of an Officer’s Certificate stating that the Seller reasonably believes that such reduction will not, based on the facts known to such officer at the time of such certification, then or thereafter cause a Pay Out Event to occur with respect to any Series; provided further that the Minimum Seller Interest shall not at any time be less than 2%.

Minimum Seller Interest means on any date of determination, 7% or ----------------------- such higher percentage as may be specified in any Supplement of the average Aggregate Principal Receivables for such date of determination.

Minimum Seller Interest with respect to any Series, shall have the meaning specified in the related Supplement or Receivables Purchase Agreement.

Minimum Seller Interest means 4% (or such other percentage as specified in the related Supplement) of the Average Principal Receivables;provided, however,

Minimum Seller Interest means, for Series 2000-VFC, zero.