Seller Interest definition

Seller Interest means, at any time, an undivided percentage ownership interest of Seller in the Receivables, Related Security and all Collections with respect thereto equal to (i) one, minus (ii) the aggregate of the Purchaser Interests.

Seller Interest is defined in the Pooling and Servicing Agreement.

Seller Interest means the interest in the trust not represented by the certificates of any series.

Examples of Seller Interest in a sentence

• The Seller Interest shall not represent any interest in the Collection Account, the Finance Charge Account, the Principal Account, the Principal Funding Account, the Reserve Account, the Interest Reserve Account or the Distribution Account, except as specifically provided in this Article IV.

• For greater certainty, the foregoing shall not relieve the Bank from any failure to make or direct any payment due by the Bank under any of the Transaction Documents, in any capacity other than as Cash Manager, including without limitation in its capacity as Servicer, Seller, Interest Rate Swap Provider, Covered Bond Swap Provider or Limited Partner of the Guarantor.

• The Seller Interest does not provide credit enhancement for your Series or any other Series.

• The remainder of the servicing fee will be paid by the holder of the Seller Interest or other series (as provided in the related series supplements) or, to the extent of any insufficiency of Servicer Interchange as described above, not be paid.

• If the Servicer adjusts the amount of any Principal Receivable because of transactions occurring in respect of a rebate or refund to a cardholder, or because such Principal Receivable was created in respect of merchandise which was refused or returned by a cardholder, then the amount of the Seller Interest in the related Trust will be reduced, on a net basis, by the amount of the adjustment.

More Definitions of Seller Interest

Seller Interest means, with respect to any Trust Distribution Date or Distribution Date, the aggregate amount of Principal Receivables in the Trust at the end of the related Due Period minus the Aggregate Investor Interest at the end of such day; provided, however, that, except for purposes of determining whether Discover Bank on behalf of the Holder of the Seller Certificate shall make a deposit pursuant to the fourth sentence of Section 2.07(b), the Seller Interest shall in no event be less than zero.

Seller Interest means, on any date of determination, the Aggregate --------------- Principal Receivables at the end of the day immediately prior to such date of determination, minus the Aggregate Investor Interest at the end of such day. -----

Seller Interest means the interest of the Seller or its assigns in the --------------- Issuer and the Receivables, which entitles the Seller or its assigns to receive the various amounts specified in the Transaction Documents to be paid or transferred to the holder(s) of the Seller Interest.

Seller Interest means, on any date of determination, the aggregate amount of Principal Receivables and the principal amount on deposit in any Principal Funding Account (as defined in any 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 any, for each Series outstanding at the end of such day, minus the aggregate Collateral Interests not included in the Aggregate Investor Interests, if any, for each Series outstanding at the end of such day.

Seller Interest means at any time the aggregate amount of Principal Receivables in the Trust plus the amounts on deposit in the Excess Funding Account minus the Aggregate Investor/Purchaser Interest. It is understood and agreed that the Seller Interest may be less than zero and expressed as a negative number.

Seller Interest means the interest of the Seller in the Trust, which --------------- shall be in an amount from time to time equal to the Seller Amount.

Seller Interest means the interest in master trust II not represented by the investor certificates issued and outstanding under master trust II or the rights, if any, of any credit enhancement providers to receive payments from master trust II.