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
See Section 1 for a calculation of the Transferor Interest percentage.
For Section 1, the ending balances for the Investor Interest and the Transferor Interest are shown after any principal payments to be made to the holders of DiscoverSeries Notes on this Distribution Date.
The Transferor will also benefit directly from lower default rates, since lesser Default Amounts will be allocated to the Transferor Interest.
This will result in larger amounts of Excess Spread and, generally, larger distributions to the Transferor in respect of the Transferor Interest.
Such increased amounts of Excess Spread will generally increase the distributions to the Transferor in respect of the Transferor Interest.
More Definitions of Transferor Interest
Transferor Interest is defined in Section 4.05(a).
Transferor Interest. As defined in the Trust Agreement.
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 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 Interests for each Loan Group.
Transferor Interest means, on any date of determination, the aggregate amount of Principal Receivables and the principal amounts on deposit in the Excess Funding Account, any Principal Funding Account and any other Series Account (if so provided in the applicable Supplement) at the end of the day immediately prior to such date of determination, minus the Aggregate Investor Interest at the end of such day, minus the aggregate Enhancement Invested Amounts (if such amounts are not included in the Investor Interest in the applicable Supplement), if any, for each Series outstanding at the end of such day.
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.