Series Minimum Principal Receivables Balance means, with respect to the Series established hereby, on any date of determination the sum of (A) (i) if a Fixed Principal Allocation Event has not occurred, the Series Investor Interest on such date of determination, divided by 0.93, (ii) if a Fixed Principal Allocation Event has occurred but the Fully Funded Date has not occurred, the Series Investor Interest as of the date of the occurrence of the Fixed Principal Allocation Event, divided by 0.93 or (iii) on and after the Fully Funded Date, if any, zero, and (B) (x) the product of (i) the sum of (1) the amount on deposit in the Series Principal Funding Account on such date of determination and (2) for any date of determination during (x) the Early Accumulation Period, if any, the Estimated Principal Distribution Amount for the next Distribution Date and (y) for any date of determination during the Accumulation Period, the amount specified in the Master Servicer's notice of its election to commence the Accumulation Period as the Controlled Accumulation Amount for such Distribution Date, and (ii) a fraction the numerator of which is the Estimated Investment Shortfall and the denominator of which is the Estimated Yield, in each case on such date of determination, divided by (y) 0.93; provided, however, that Greenwood on behalf of the Holder of the Seller Certificate may, upon 30 days' prior notice to the Trustee, the Rating Agencies and the Credit Enhancement Provider, reduce the Series Minimum Principal Receivables Balance by increasing the divisors set forth above, subject to the condition that Greenwood on behalf of the Holder of the Seller Certificate shall have been notified by the Rating Agencies that such reduction would not result in the lowering or withdrawal of the rating of any Class of any Series then outstanding, and provided, further, that the divisors set forth above may not be increased to more than 0.98.
Series Minimum Principal Receivables Balance means, with respect to the Series established hereby, on any Determination Date, the greater of (i) the Series Investor Interest minus Supplemental Cash on such Determination Date, divided by .909, or (ii) if a Minimum Receivables Trigger has occurred, the Series Investor Interest as of the first day of the Due Period prior to the occurrence of the Minimum Receivables Trigger minus the following:
Series Minimum Principal Receivables Balance with respect to any Series shall have the meaning specified in the applicable Series Supplement.
More Definitions of Series Minimum Principal Receivables Balance
Series Minimum Principal Receivables Balance means, for this series, on any Determination Date, greater of:
Series Minimum Principal Receivables Balance means, with respect to the Series established hereby, on any date of determination (i) if a Fixed Principal Allocation Event has not occurred for any Senior Series, the Series Investor Interest on such date of determination, divided by 0.93, or (ii) the sum of (A) for each Senior Series for which a Fixed Principal Allocation Event has occurred, the Available Subordinated Amount of this Series for such Senior Series as of the date of the occurrence of the applicable Fixed Principal Allocation Event and (B) the Available Subordinated Amount of this Series for each Senior Series for which a Fixed Principal Allocation Event has not occurred on such date of determination, divided by 0.93; provided, however, that Discover Bank on behalf of the Holder of the Seller Certificate may, upon 30 days’ prior notice to the Trustee and the Rating Agencies, reduce the Series Minimum Principal Receivables Balance by increasing the divisors set forth above, subject to the condition that Discover Bank on behalf of the Holder of the Seller Certificate shall have been notified by the Rating Agencies that such reduction would not result in the lowering or withdrawal of the rating of any Class of any Series then outstanding, and provided, further, that the divisors set forth above may not be increased to more than 0.98.
Series Minimum Principal Receivables Balance means, with respect to the Series established hereby, on any date of determination the sum of (A) (i) if a Fixed Principal Allocation Event has not occurred, the Series Investor Interest on such date of determination, divided by 0.93, (ii) if a Fixed Principal Allocation Event has occurred but the Fully Funded Date has not occurred, the Series Investor Interest as of the date of the occurrence of the Fixed Principal
Series Minimum Principal Receivables Balance means, with respect to the Series established hereby, on any Determination Date, the greater of (i) the Series Investor Interest minus Supplemental Cash on such Determination Date, divided by .909, or (ii) if a Minimum Receivables Trigger has occurred, the Series Investor Interest as of the first day of the Due Period prior to the occurrence of the Minimum Receivables Trigger minus the following: (a) Supplemental Cash as of the first day of the Due Period prior to the occurrence of the Minimum Receivables Trigger; and (b) the series investor interest (less supplemental cash) of any new Series issued after the date of such Minimum Receivables Trigger in the Group to which the Series established hereby belongs; provided that the controlled accumulation period or controlled amortization period, as applicable, for such new Series commences after the latest Class Expected Final Payment Date for any Class of the Series established hereby. The series investor interest for a new Series used in this clause (b) shall be as adjusted to deduct any portion of such series investor interest used, in the discretion of the Servicer, to determine the series minimum principal receivables balance for any other Series in the Group to which the Series established hereby belongs. The Seller may, upon 30 days' prior notice to the Trustee, the Rating Agencies and the Third Party Credit Enhancement Provider, if any, reduce the Series Minimum Principal Receivables Balance by increasing the divisor set forth above, subject to the condition that the Seller shall have been notified by the Rating Agencies that such reduction would not result in a Ratings Event for any Series then outstanding; and provided, further, that the divisor used in the calculation of Series Minimum Principal Receivables Balance may not be increased to more than .980.
Series Minimum Principal Receivables Balance means, with respect to the Series established hereby, on any date of determination the sum of (A) (i) if a Fixed Principal Allocation Event has not occurred, the Series Investor Interest on such date of determination, divided by 0.93, (ii) if a Fixed Principal Allocation Event has occurred but the Fully Funded Date has not occurred, the Series Investor Interest as of the date of the occurrence of the Fixed Principal Allocation Event, divided by 0.93 or (iii) on and after the Fully Funded Date, if any, zero, and (B) (x) the product of (i) the sum of (1) the amount on deposit in the Series Principal Funding
Series Minimum Principal Receivables Balance means, with respect to the Series established hereby, on any date of determination, the Series Investor Interest on such date of determination, divided by 0.93; provided, however, that Discover Bank on behalf of the Holder of the Seller Certificate may, upon 30 days’ prior notice to the Trustee and the Rating Agencies, reduce the Series Minimum Principal Receivables Balance by increasing the divisors set forth above, subject to the condition that Discover Bank on behalf of the Holder of the Seller Certificate shall have been notified by the Rating Agencies that such reduction would not result in the lowering or withdrawal of the rating of any Class of any Series then outstanding, and provided, further, that the divisors set forth above may not be increased to more than 0.98.
Series Minimum Principal Receivables Balance means, with respect to the Series established hereby, on any date of determination the sum of (A) (i) if a Fixed Principal Allocation Event has not occurred, the Series Investor Interest on such date of determination, divided by 0.93, (ii) if a Fixed Principal Allocation Event has occurred but the Fully Funded Date has not occurred, the Series Investor Interest as of the date of the occurrence of the Fixed Principal Allocation Event, divided by 0.93 or (iii) on and after the Fully Funded Date, if any, zero, and (B) (x) the product of (i) the sum of (1) the amount on deposit in the Series Principal Funding Account on such date of determination and (2) for any date of determination during (x) the Early Accumulation Period, if any, the Estimated Principal Distribution Amount for the next Distribution Date and (y) for any date of determination during the Accumulation Period, the amount specified in the Master Servicer's notice of its election to commence the Accumulation Period as the Controlled Accumulation Amount for such Distribution Date, and (ii) a fraction the numerator of which is the Estimated Investment Shortfall and the denominator of which is the