Applicable Concentration Percentage means (a) in the case of Wal-Mart, the percentage set forth below in the column headed “Wal-Mart Concentration Limit” and (b) in the case of each other Account Debtor, the percentage set forth in the column headed “General Concentration Limit”, in each case, based on the ratings set forth below and determined from time to time as set forth herein: S&P’s Short Term Debt Rating for such Account Debtor S&P’s Long Term Debt Implied Rating for such Account Debtor Wal-Mart Concentration Limit General Concentration Limit A-1+ > AA- 55.0% 38.0% A-1 > A- < AA- 45.0% 33.0% A-2 > BBB < AA- 33.0% 28.0% A-3 BBB- 18.0% 18.0% < A-3 or unrated < BBB- or unrated 7.0% 7.0% If S&P’s short term debt rating for an Account Debtor and S&P’s long term debt implied rating for such Account Debtor are in different rows in the chart above, then the level applicable to the lower rating shall apply. For the period from the Original Closing Date to the date immediately prior to the Closing Date, the ratings above for each Account Debtor (and therefore the Applicable Concentration Percentage for such Account Debtor) shall be determined as set forth in the Original Agreement. As of the Closing Date, the ratings above for each Account Debtor (and therefore the Applicable Concentration Percentage for such Account Debtor) shall be determined from a certificate delivered by the Borrower on the Closing Date. Thereafter, the ratings above for each Account Debtor (and therefore the Applicable Concentration Percentage for such Account Debtor) shall be determined from the information provided by the Borrower pursuant to Section 5.01(a)(iv)(A) (or, if the Borrower fails to provide such information, as determined by the Administrative Agent (if requested by the Required Lenders)). Any change in the Applicable Concentration Percentage shall become effective on the Business Day after the Administrative Agent receives (or obtains) such information.
Applicable Concentration Percentage for any Obligor means at any time (i) 12.0% if (A) its Rated Long Term Debt is rated at least AA- or Aa3 or its Rated Short Term Debt is rated at least A-1+ or P-1, in each case by Standard & Poor's or Xxxxx'x, respectively or (B) such Obligor is a Designated Obligor; (ii) 8.0% if its Rated Long Term Debt is rated at least BBB+ or Baa1 or its Rated Short Term Debt is rated at least A-2 or P-2, in each case by Standard & Poor's or Xxxxx'x, respectively; (iii) 6.0% if its Rated Long Term Debt is rated at least Investment Grade; and (iv) the Normal Concentration Percentage if such Obligor has no outstanding Investment Grade Rated Long Term Debt; provided, that the Administrator may at any time, by written notice to the Servicer, reduce the Applicable Concentration Percentage for any Obligor to the Normal Concentration Percentage if the Administrator determines in good faith that the creditworthiness of such Obligor is not sufficient to support a concentration percentage greater than the Normal Concentration Percentage.
Applicable Concentration Percentage means (i) 50% for General Electric Company, its Subsidiaries and/or its Permitted Affiliates, (ii) 50% for Siemens AG, its Subsidiaries and/or its Permitted Affiliates and (iii) 25% for any other account debtor and its Subsidiaries (with each such percentage in (i)-(iii), as applied to a particular account debtor, being subject to reduction by Lender in its Permitted Discretion if the creditworthiness of such account debtor deteriorates).
Examples of Applicable Concentration Percentage in a sentence
Applicable Concentration Percentage: with respect to (a) a Specified Account Debtor, 100%, (b) Tier I Account Debtors, 70%, (c) Tier II Account Debtors, 40% and (d) Tier III Account Debtors, 30%.
More Definitions of Applicable Concentration Percentage
Applicable Concentration Percentage means for: (a) each Investor (other than MSSB and NJCPFB) (i) rated AAA by S&P or Aaa by Xxxxx’x whichever is lower, 20% of the Unfunded Capital Commitment of all Eligible Investors and Designated Eligible Investors, (ii) rated AA+ to AA- by S&P or Aa1 to Aa3 by Xxxxx’x whichever is lower, 15% of the Unfunded Capital Commitment of all Eligible Investors and Designated Eligible Investors, (iii) rated A+ to A- by S&P or A1 to A3 by Xxxxx’x whichever is lower, 10% of the Unfunded Capital Commitment of all Eligible Investors and Designated Eligible Investors, and (iv) rated lower than A- by S&P or A3 by Xxxxx’x or not rated, 5% of the Unfunded Capital Commitment of all Eligible Investors and Designated Eligible Investors; (b) MSSB, the MSSB Concentration Limit; and (c) NJCPFB, 17%.
Applicable Concentration Percentage means on any date of determination (i) if both (x) the Weighted Average Coupon is at least 7.00% and (y) such date is prior to the six-month anniversary of the Closing Date, 30.0% and (ii) otherwise, 15.0%.
Applicable Concentration Percentage means for (a) each Investor rated AAA by S&P or Aaa by Xxxxx’x whichever is lower, 20% of the Unfunded Capital Commitment of all Eligible Investors, (b) each Investor rated AA+ to AA- by S&P or Aal to Aa3 by Xxxxx’x whichever is lower, 20% of the Unfunded Capital Commitment of all Eligible Investors, (c) each Investor rated A+ to A- by S&P or Al to A3 by Xxxxx’x whichever is lower, 15% of the Unfunded Capital Commitment of all Eligible Investors, (d) each Investor rated BBB+ by S&P or Baal by Xxxxx’x whichever is lower, 5% of the Unfunded Capital Commitment of all Eligible Investors and (e) all Other Investors, an aggregate 15% of the Unfunded Capital Commitment of all Eligible Investors.
Applicable Concentration Percentage means (a) for the account debtors, and their Affiliates, set forth on Schedule 1.01(b), the percentage specified on such Schedule and (b) for any other account debtor, 20%. The criteria for Eligible Accounts set forth above may be changed and any new criteria for Eligible Accounts may be established by the Administrative Agent in its reasonable discretion based on either (A) an event, condition or other circumstance arising after the date hereof or (B) an event, condition or other circumstance existing on the date hereof to the extent the Administrative Agent had no written notice thereof from the Borrower prior to the date hereof, which event, condition or other circumstance, in the case of clauses (A) and (B), adversely affects, or could reasonably be expected to adversely affect, the Accounts by an amount that is material, all as reasonably determined by the Administrative Agent. Any Accounts that are not Eligible Accounts shall nevertheless be part of the ABL Collateral.
Applicable Concentration Percentage means (a) 50% for any Account Debtor that is an Investment Grade Company, and (b) 25% for any Account Debtor that is not an Investment Grade Company.
Applicable Concentration Percentage means (a) for the account debtors, and their Affiliates, set forth on Schedule 1.01(b), the percentage specified on such Schedule and (b) for any other account debtor, 20%. The criteria for Eligible Accounts set forth above may be changed and any new criteria for Eligible Accounts may be established by the Co-Collateral Agents in their reasonable discretion. Any Accounts that are not Eligible Accounts shall nevertheless be part of the ABL Collateral.
Applicable Concentration Percentage with respect to (a) a Specified Account Debtor, 100%, (b) Tier I Account Debtors, 70%, (c) Tier II Account Debtors, 40% and (d) Tier III Account Debtors, 30%. All percentages set forth in this definition may be increased or decreased from time to time by Lender in its Permitted Discretion.