Normal Concentration Percentage for any Obligor (other than a Special Obligor) means at any time [*].
Normal Concentration Percentage means, (i) for any Group A Obligor, 12.0%, (ii) for any Group B Obligor, 9.0%, (iii) for any Group C Obligor, 6.0% and (iv) for any Group D Obligor, 3.0%
Normal Concentration Percentage means, at any time, 2.0%.
More Definitions of Normal Concentration Percentage
Normal Concentration Percentage for any Obligor means at any time 2.5% ------------------------------- if such Obligor is not a Special Obligor, or if such Obligor is a Special Obligor, 8% if such Special Obligor is rated A or better by S&P and A2 or better by Xxxxx'x, 6% if such Special Obligor is rated BBB+ or better by S&P and Baa1 or better by Xxxxx'x and 4% if such Special Obligor is not so rated but is rated at least BBB- by S&P and Baa3 by Xxxxx'x."
Normal Concentration Percentage for any Obligor means at any time 3%.
Normal Concentration Percentage means, with respect to any Obligor, (a) the lower of the percentages set forth below opposite the short term unsecured debt rating, if any, currently assigned to such Obligor by S&P or Moody’s at such time (or in the absence of a short term unsecured debt rating from any such rating agency, the long term unsecured senior debt rating currently assigned to such Obligor by S&P or Moody’s at such time) and (b) the higher percentage that the Administrative Agent may (in its sole discretion) agree to from time to time; provided, that as of the Closing Date, the Administrative Agent has agreed, pursuant to the foregoing clause (b), to (i) a Normal Concentration Percentage of 8.00% for whichever Obligor in Category IV that has the greatest aggregate Outstanding Balance of Eligible Receivables of all Obligors in Category IV, (ii) a Normal Concentration Percentage of 8.00% for whichever Obligor in Category IV that has the second greatest aggregate Outstanding Balance of Eligible Receivables of all Obligors in Category IV and (iii) a Normal Concentration Percentage of 5.00% for whichever Obligor in Category IV that has the third greatest aggregate Outstanding Balance of Eligible Receivables of all Obligors in Category IV; and provided, further, that the Administrative Agent may, upon not less than five (5) Business Days’ prior written notice to the Borrower, cancel or reduce any percentage granted pursuant to clause (b) above (including pursuant to the immediately preceding proviso) for any Obligor, in which case the Normal Concentration Percentage for such Obligor(s) shall be determined pursuant to clause (a) above. Category S&P Short Term Rating S&P Long Term Rating Moody’s Short Term Rating Moody’s Long Term Rating Normal Concentration Percentage II A-2 A- to BBB+ P-2 A3 to Baa1 12.50 % III A-3 BBB to BBB- P-3 Baa2 to Baa3 8.33 % IV Below A-3 or Not Rated by S&P Below BBB- or Not Rated by S&P Below P-3 or Not Rated by Moody’s Below Baa3 or Not Rated by Moody’s 2.00 % For the avoidance of doubt, if any Obligor does not have a short term unsecured debt rating or a long term unsecured senior debt rating from at least one of S&P and Moody’s, such Obligor’s Normal Concentration Percentage shall equal the Normal Concentration Percentage for Category IV set forth above subject to clause (b) above. If an Obligor has a short term unsecured debt rating and a long term unsecured senior debt rating from either S&P or Moody’s, the short term unsecured debt rating will be used ...
Normal Concentration Percentage means, at any time, (1) solely during the Waiver Period (a) for any Obligor that is not a Special Obligor or Wal-Mart, 3%; (b) for any Obligor that is a Special Obligor, (i) if such Special Obligor is rated A+ or better by S&P and A1 or better by Mxxxx’x, 12% or (ii) if such Special Obligor is not so rated but is rated at least BBB- by S&P and Baa3 by Mxxxx’x, 6%; or (c) for any Obligor that is Wal-Mart, (i) if Wal-Mart is rated AA or better by S&P and Aa2 or better by Mxxxx’x, 18%, or (ii) if Wal-Mart is not so rated but is rated at least AA- by S&P and Aa3 by Mxxxx’x, 15% or (iii) if Wal-Mart is rated A+ or lower by S&P and A1 or lower by Mxxxx’x, the applicable percentage shall be as set forth for Obligors and Special Obligors in this definition. If the ratings from S&P and Mxxxx’x fall within different categories, the Normal Concentration Percentage shall be based on the category in which the lower of the two ratings falls. If any Obligor is rated only by S&P or only by Mxxxx’x, the Normal Concentration Percentage shall be based on the rating by such Rating Agency without regard to a rating by any other Rating Agency; and
Normal Concentration Percentage means, (i) with respect to Obligors which have senior unsecured debt ratings of “AA-” or higher by S&P or “Aa3” or higher by Moody’s, 10%; (ii) with respect to Obligors not described in clause (i) above and which have senior unsecured debt ratings of “A-1” or “A-” or higher by S&P or “P-1” or “A3” or higher by Moody’s, 5%; (iii) with respect to Obligors not described in clause (i) or (ii) and which have a senior unsecured debt rating of “A -2” or “BBB-“ or higher by S&P and “P-2” or “Baa3” or higher by Moody’s, 3.5%; and (iv) with respect to all other Obligors, 2%. If an Obligor has a senior unsecured credit rating from both S&P and Moody’s, the lower rating will be used for the purposes of this definition; provided that if an Obligor has a senior unsecured credit rating from only one of the agencies (either S&P or Moody’s), such credit rating shall be used subject to the satisfaction of the Rating Agency Condition with respect to the rating agency from which such Obligor does not have a senior unsecured credit rating. With respect to any Special Obligor, the Normal Concentration Percentage may be such other higher percentage as agreed by the Administrative Agent in writing; provided such higher percentage shall only be effective upon satisfaction of the Rating Agency Condition with respect to S&P; provided, further, that the Administrative Agent may for credit reasons reduce or cancel any other higher percentage for any Special Obligor upon three (3) Business Days’ notice to the Servicer.
Normal Concentration Percentage for any Obligor means at any time 2.5% if such Obligor is not a Special Obligor, or if such Obligor is a Special Obligor, 10% if such Special Obligor is rated AA- or better by S&P and Aa3 or better by Moody's, 8% if such Special Obligor is rated A or better by S&P and A2 or better by Moody's, 6% if such Special Obligor is rated BBB+ or better by S&P and Baa1 or better by Moody's and 4% if such Special Obligor is not so rated but is rated at least BBB- by S&P and Baa3 by Moody's.
Normal Concentration Percentage means at any time 2.0% (i) for any Obligor except a Governmental Obligor or (ii) for all Governmental Obligors taken as a whole.