Additional Amortization Events. If any one of the following events shall occur:
(a) after giving effect to payments and distributions on the Class Expected Final Payment Date or the Class Final Maturity Date, as applicable, with respect to any Class, the Class Invested Amount for such Class is not reduced to zero;
(b) if applicable, following either (i) the withdrawal or reduction of the commercial paper or certificate of deposit rating of any Interest Rate Cap Provider to below the ratings specified in the Series Term Sheet (or, in either case, such lower rating as the applicable Rating Agency has allowed) or (ii) notice from either Rating Agency that any Qualified Substitute Cap Arrangement or any other arrangement established pursuant to Section 15 is no longer satisfactory to such Rating Agency, the Master Servicer shall fail, within the applicable time period specified in Section 15, to (x) obtain Replacement Class Interest Rate Caps or Qualified Substitute Cap Arrangements or (y) cause the Interest Rate Cap Provider to pledge securities as collateral securing the obligations of the Interest Rate Cap Provider or establish any other arrangement as provided in Section 15, in each case in a manner satisfactory to the Trustee and the Rating Agencies (such that neither Rating Agency will reduce or withdraw the ratings of the Investor Certificates of the Series established hereby); or
(c) if the amount of Principal Receivables in the Trust at the end of any Due Period for three consecutive Due Periods of the Early Accumulation Period shall be less than the Minimum Principal Receivables Balance and Discover Bank shall have failed to assign Receivables in Additional Accounts or Participation Interests to the Trust in at least the amount of the deficiency by the tenth day of the calendar month of the following Due Period; an Amortization Event shall occur with respect to the Investor Certificates of the Series established hereby, immediately upon the occurrence of such event. If an Amortization Event described in this Section 20 shall occur, this Section 20 constitutes written notice by the Trustee and not less than 51% of the Class Invested Amount of each Class of the Series established hereby to the Master Servicer and the Sellers that such Amortization Event has occurred. No additional notice of any kind, which is hereby waived by the Sellers and the Master Servicer, shall be required as a condition of the occurrence of any Amortization Event described in this Section 20. In addition, the...
Additional Amortization Events. 63 SECTION 22. Early Accumulation Events; Additional Amortization Events.................................................65 SECTION 23. Purchase of Investor Certificates and Series Termination..................................................66 SECTION 24.
Additional Amortization Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Series 1998-7 Certificateholders, be deemed to be an Amortization Event solely with respect to Series 1998-7:
(a) on any Determination Date, the Class B Invested Amount on the related Distribution Date will be reduced to less than 1% of the Initial Invested Amount;
(b) on the last day of any Due Period during the Accumulation Period the product of (i) the total amount of Principal Receivables as of such last day, (ii) the Series 1998-7 Allocation Percentage (expressed as a decimal) for such Due Period and (iii) the excess (expressed as a decimal) of 100% over the Floating Allocation Percentage for such Due Period, shall fail to equal at least 100% of the Class A Principal Funding Account Balance on such day;
(c) the Portfolio Yield for any Due Period during the Accumulation Period shall be less than the weighted average of the Certificate Rates for all outstanding Series included in Group One as of the last day of such Due Period;
(d) the Class A Invested Amount shall not be paid in full on the Class A Expected Final Payment Date or the Class B Invested Amount shall not be paid in full on the Class B Expected Final Payment Date;
Additional Amortization Events. 63 SECTION 22.
Additional Amortization Events. 61 ARTICLE VII Optional Repurchase; Additional Issuances; Accumulation Period
Additional Amortization Events. The occurrence of any of the following events shall be deemed to be an Early Amortization Event solely with respect to Series 1996-1:
(a) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 20%;
(b) on any Determination Date, the Available Subordinated Amount for the next Distribution Date will be less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on the next Distribution Date;
(c) any Service Default with respect to Series 1996-1 occurs;
(d) on any Determination Date, as of the last day of the preceding Collection Period, the aggregate amount of Principal Receivables relating to Used Vehicles exceeds 20% of the Pool Balance on such last day;
(e) any Carry-over Amount or Additional Carry-over Amount is outstanding on six consecutive Distribution Dates;
(f) the outstanding principal amount of the Series 1996-1 Certificates is not repaid by the Expected Payment Date;
(g) the Trust shall file a petition commencing a voluntary case under any chapter of the Federal bankruptcy laws; or the Trust shall file a petition or answer or consent seeking reorganization, arrangement, adjustment, or composition under any other similar applicable Federal law, or shall consent to the filing of any such petition, answer, or consent; or the Trust shall appoint, or consent to the appointment of, a custodian, receiver, liquidator, trustee, assignee, sequestrator or other similar official in bankruptcy or insolvency of it or of any substantial part of its property; or the Trust shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; and
(h) any order for relief against the Trust shall have been entered by a court having jurisdiction in the premises under any chapter of the Federal bankruptcy laws, and such order shall have continued undischarged or unstayed for a period of 60 days; or a decree or order by a court having jurisdiction in the premises shall have been entered approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of the Trust under any other similar applicable Federal law, and such decree or order shall have continued undischarged or unstayed for a period of 120 days; or a decree or order of a court having jurisdiction in the premises for the appointment of a custodian, receiver, liquidator, tr...
Additional Amortization Events. The occurrence of any of the following events shall be deemed to be an Early Amortization Event solely with respect to Series 2000-B:
(a) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 20%;
(b) on any Determination Date, the Available Subordinated Amount for the next Distribution Date will be less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on the next Distribution Date;
(c) any Service Default with respect to Series 2000-B occurs;
Additional Amortization Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Series 1996-1 Certificateholders, be deemed to be an Early Amortization Event solely with respect to Series 1996-1:
(a) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 20%;
(b) on any Determination Date, the Available Subordinated Amount for the next Distribution Date will be less than the Required Subordinated Amount on such Determination Date, after giving effect to the distributions to be made on the next Distribution Date;
(c) any Servicer Default with respect to Series 1996-1 occurs;
(d) on any Determination Date, as of the last day of the preceding Collection Period, the aggregate amount of Principal Receivables relating to Used Vehicles exceeds 10% of the Pool Balance on such last day;
(e) the Interest Rate Swap is terminated in accordance with its terms; or
(f) the outstanding principal amount of the Certificates is not repaid by the Expected Payment Date.
Additional Amortization Events. If any one of the following events shall occur:
(a) after giving effect to payments and distributions on the Class Expected Final Payment Date or the Class Final Maturity Date, as applicable, with respect to any Class, the Class Invested Amount for such Class is not reduced to zero;
Additional Amortization Events. 52 SECTION 21. Purchase of Investor Certificates and Series Termination . . . 54 SECTION 22.
