Obligor Concentration Limit. At any time, in relation to the aggregate Unpaid Balance of Receivables owed by any single Obligor and its Affiliated obligors (if any):
Obligor Concentration Limit. At any time, in relation to the aggregate Outstanding Balance of Receivables owed by any single Obligor and its Affiliates (if any), the applicable concentration limit for Obligors who have short term unsecured debt ratings currently assigned to them by S&P and Moody's (or in the absence thereof, the equivalent long term unsecured senior debt ratings), shall be determined according to the following table: ---------------------- ---------------------- ------------------- A-1+ P-1 10% ---------------------- ---------------------- ------------------- A-1 P-1 8% ---------------------- ---------------------- ------------------- A-2 P-2 6% ---------------------- ---------------------- ------------------- A-3 P-3 3% ---------------------- ---------------------- ------------------- Below A-3 or Not Rated Below P-3 or Not Rated The Unrated Obligor by either S&P or by either S&P or Concentration Limit Moody's Moody's ---------------------- ---------------------- ------------------- provided, however, that (i) if any Obligor has a split rating, the applicable rating will be the lower of the two, (ii) if any Obligor is not rated by either S&P or Moody's, the applicable Obligor Concentration Limit shall be the one set forth in the last line of the table above, and (iii) subject to satisfaction of the Rating Agency Condition and/or an increase in the percentage set forth in clause (a)(i) of the definition of "Required Reserve," upon Borrower's request from time to time, the Agent may agree to a higher percentage of Eligible Receivables for a particular Obligor and its Affiliates (each such higher percentage, a "Special Concentration Limit"), it being understood that any Special Concentration Limit may be cancelled by the Agent upon not less than five (5) Business Days' written notice to the Loan Parties.
Obligor Concentration Limit means, at any time, in relation to the aggregate Unpaid Balance of Receivables owed by any single Obligor and its Affiliated Obligors (if any) (provided that the Servicer may deduct from such Receivables the Unpaid Balance of Receivables of an Obligor and its affiliated Obligors that the Servicer can specifically identify as not being Eligible Receivables), the applicable concentration limit set forth in the chart below (unless the Agent from time to time upon the Borrower’s request agrees to a higher percentage of Eligible Receivables for a particular Obligor and its Affiliates) and determined for Obligors based on their short term unsecured debt ratings (or, in the absence of such a rating, the equivalent long term unsecured senior debt rating as specified below) currently assigned to them by S&P or Moody’s; provided, however, that (a) if such Obligor has a split rating, the applicable rating will be the lower of the two, (b) if such Obligor is rated by only S&P, the applicable rating will be deemed to be one ratings tier below the actual rating by S&P, and (c) if such Obligor is rated by only Moody’s, the applicable rating will be deemed to be one ratings tier below the actual rating by Moody’s, it being understood that if Moody’s has assigned a P-1 rating to such Obligor and S&P has not rated it, the applicable rating will be P-2: S&P Long-Term Moody’s Long-Term S&P Short-Term Moody’s Short-Term Allowable % of Rating Rating Rating Rating Eligible Receivables AAA to AA- Aaa to Aa2 A-1+ P-1 10% A+ to A A-1 8% A- to BBB+ A3 to Xxx0 X-0 P-2 6% BBB-BBB- Baa2 to Xxx0 X-0 P-3 3% S&P Long-Term Moody’s Long-Term S&P Short-Term Moody’s Short-Term Allowable % of Rating Rating Rating Rating Eligible Receivables Below BBB- or Not Rated Below Baa3 or Not Rated Below A-3 or Not Rated Below P-3 or Not Rated 2%
Examples of Obligor Concentration Limit in a sentence
As of any date, the sum of the amounts by which the aggregate Unpaid Balance of Receivables of each Obligor exceeds the Obligor Concentration Limit for such Obligor.
If no Obligor Credit Event has occurred, the Concentration Limit for a Special Obligor shall be 25%; provided, however that if the ratio of (i) the Unpaid Balance of Receivables owing from the Special Obligor which are greater than 60 days past due to (ii) the aggregate Unpaid Balance of Receivables owing from the Special Obligor shall be 35% or greater for two consecutive Due Periods, the Administrator may, in its sole discretion, reduce the Special Obligor Concentration Limit to 10%.
NET POOL BALANCE: At any time, the aggregate Outstanding Balance of all Eligible Receivables at such time reduced by (i) the aggregate amount by which the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates exceeds the Obligor Concentration Limit for such Obligor and (ii) the Contractual Dilution Reserve.
At any time, the aggregate Outstanding Balance of all Eligible Receivables at such time reduced by (i) the aggregate amount by which the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates exceeds the Obligor Concentration Limit for such Obligor and its Affiliates (ii) the aggregate Budget Plan Receivable Liability Amount and (iii) the Dual Month Revenue Adjustment.
EXHIBIT C to First Amendment to Receivables Loan and Security Agreement {S2487070; 11} SCHEDULE Ito Existing Loan Agreement LIST OF SPECIAL OBLIGORS AND SPECIAL OBLIGOR CONCENTRATION LIMITS Special Obligor Special Obligor Concentration Limit as of Closing Date Wal-Mart Stores, Inc.
More Definitions of Obligor Concentration Limit
Obligor Concentration Limit means, at any time, in relation to the aggregate Outstanding Balance of Receivables owed by any single Obligor and its Affiliates (if any), the applicable concentration limit shall be determined as follows: (a) for Obligors who have short term unsecured debt ratings currently assigned to them by S&P and Moody's (or in the absence thereof, the equivalent long term unsecured senior debt ratings), the applicable concentration limit shall be determined according to the following table: S&P Rating Xxxxx'x Rating Allowable % of Eligible Receivables A-1 P-1 8% A-2 P-2 6% A-3 P-3 3% Below A-3 or Not Rated by either S&P or Moody's Below P-3 or Not Rated by either S&P or Moody's 3% provided, however, that (i) if any Obligor has a split rating, the applicable rating will be the lower of the two, (ii) if any Obligor is not rated by either S&P or Moody's, the applicable Obligor Concentration Limit shall be the one set forth in the last line of the table above, and (iii) subject to satisfaction of the Rating Agency Condition and/or an increase in the percentage set forth in clause (a)(i) of the definition of "Required Reserve," upon the Seller's request from time to time, the Administrative Agent may agree to a higher percentage of Eligible Receivables for a particular Obligor and its Affiliates (each such higher percentage, a "Special Concentration Limit"), it being understood that any Special Concentration Limit may be cancelled by the Administrative Agent upon not less than five (5) Business Days' written notice to the Seller Parties; provided that the Special Concentration Limit forUnishippersshall be 5.5% until such time that it is cancelled by the Administrative Agent pursuant hereto.
Obligor Concentration Limit means, at any time:
Obligor Concentration Limit means, at any time, in relation to the aggregate Outstanding Balance of Receivables owed by any single Obligor and its Affiliates (if any), the applicable concentration limit shall be determined as follows for Obligors who have short term unsecured debt ratings currently assigned to them by S&P and Moody's (or in the absence thereof, the equivalent long term unsecured senior debt ratings), the applicable concentration limit shall be determined according to the following table:
Obligor Concentration Limit means, at any time, in relation to the aggregate Outstanding Balance of Receivables owed by any single Obligor and its Affiliates (if any), the applicable concentration limit shall be determined as follows for Obligors who have short term unsecured debt ratings currently assigned to them by S&P and Xxxxx’x (or in the absence thereof, the equivalent long term unsecured senior debt ratings), the applicable concentration limit shall be determined according to the following table: S&P Rating Xxxxx’x Rating Allowable % of Eligible Receivables A-1+ P-1 15.0 % A-1 P-1 8.0 % A-2 P-2 7.0 % A-3 P-3 4.0 % Below A-3 or Not Rated by either S&P or Xxxxx’x Below P-3 or Not Rated by either S&P or Xxxxx’x 3.0 % ; provided, however, that (a) if any Obligor has a split rating, the applicable rating will be the lower of the two, (b) if any Obligor is not rated by either S&P or Xxxxx’x, the applicable Obligor Concentration Limit shall be the one set forth in the last line of the table above, and (c) subject to satisfaction of the Rating Agency Condition and/or an increase in the percentage set forth in clause (a)(i) of the definition of “Required Reserve”, upon Borrower’s request from time to time, the Administrative Agent may agree to a higher percentage of Eligible Receivables for a particular Obligor and its Affiliates (each such higher percentage, a “Special Concentration Limit”), it being understood that any Special Concentration Limit may be cancelled by the Administrative Agent upon not less than five (5) Business Days’ written notice to the Loan Parties.
Obligor Concentration Limit means, with respect to any Obligor at any time, the product of the Obligor Concentration Factor, if any, for such Obligor (treating each Obligor and its Affiliates as if they were a single Obligor), multiplied by the Total Eligible Receivables Balance at such time.
Obligor Concentration Limit means, at any time, in relation to the aggregate Outstanding Balance of Receivables owed by any single Obligor and its Affiliates (if any), the applicable concentration limit shall be determined as follows for Obligors who have short term unsecured debt ratings currently assigned to them by S&P and Moody’s (or in the absence thereof, the equivalent long term unsecured senior debt ratings), the applicable concentration limit shall be determined according to the following table: S&P Rating Xxxxx’x Rating Allowable % of Eligible Receivables A-1+ P-1 10% A-1 P-1 8% A-2 P-2 6% A-3 P-3 5% Below A-3 or Not Rated by either S&P or Moody’s Below P-3 or Not Rated by either S&P or Moody’s 5%
Obligor Concentration Limit means, at any time, in relation to the aggregate Outstanding Balance of Receivables owed by any single Obligor and its Affiliates (if any), the applicable concentration limit shall be determined as follows for Obligors who have short term unsecured debt ratings currently assigned to them by S&P and/or Moody’s (or in the absence thereof, the equivalent long term unsecured senior debt ratings), the applicable concentration limit shall be determined according to the following table: Allowable % of Eligible S&P Rating Xxxxx’x Rating Receivables A-1 P-1 11.0016.00% A-2 P-2 6.008.00% A-3 P-3 3.005.00% Below A-3 or not Below P-3 or not rated by either S&P rated by either S&P or Moody’s or Moody’s 2.503.00% ; provided that, (a) if any Obligor is rated by both S&P and Moody’s and has a split rating, the applicable rating will be the lower of the two, (b) if any Obligor is not rated by either S&P or Moody’s, the applicable Obligor Concentration Limit shall be the one set forth in the last line of the table above, and (c) if any Obligor is rated by only one of S&P and Moody’s, the applicable rating will be the rating assigned to such Obligor by S&P or Moody’s, as applicable and (d) subject to satisfaction of the Rating Agency Condition and an increase in the percentage set forth in clause (a)(i) of the definition of “Required Reserve,” upon Seller’s request from time to time, the Administrator and each Purchaser Agent may agree to a higher percentage of Eligible Receivables for a particular Obligor and its Affiliates (each such higher percentage, a “Special Concentration Limit”), it being understood that any Special Concentration Limit may be cancelled by the Administrator or any Purchaser Agent upon not less than five (5) Business Days’ written notice to the Seller. As of November 14, 2006, Longs Drug Stores Corporation,April 30, 2009, Medco Health Solutions Inc., and Xxxxxx Permanente and Walgreen Co. shall have a Special Concentration Limit of 6.10%, 5.75%, and 4.90% and 15.00%, respectively.