Obligor Concentration Limit definition
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 set forth below 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 long term unsecured senior debt ratings set forth below): Short Term Rating(S&P/▇▇▇▇▇’▇) Long Term Rating(S&P/▇▇▇▇▇’▇) MaximumAllowable % of Eligible Receivables lower than A-3 / lower than P-3 (Non-InvestmentGrade) BB+ or lower / Ba1 or lower (Non-InvestmentGrade) 5.00% 5th A&R Credit and Security Agreement (Smithfield) ; provided, however, that (a) if any Obligor has only received a short term rating or long term rating from one of S&P and ▇▇▇▇▇’▇, such short term rating or long term rating, as applicable, shall apply, (b) if any Obligor has a split short term rating by S&P and ▇▇▇▇▇’▇ or a split long term rating by S&P and ▇▇▇▇▇’▇, the applicable short term rating or long term rating, as applicable, will be the lower of the two, (c) if any Obligor is not rated by either S&P or ▇▇▇▇▇’▇, the applicable Obligor Concentration Limit shall be the one set forth in the last line of the table above, and (d) subject to satisfaction of the Rating Agency Condition, upon ▇▇▇▇▇▇▇▇’s request from time to time, the Agents 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 any Agent on not less than two (2) Business Days’ written notice to the Loan Parties.
Obligor Concentration Limit means, at any time, in relation to the aggregate outstanding principal 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: ---------------------- ---------------------- ----------------------- Allowable % of Eligible S&P Rating Moody's Rating Receivables ---------------------- ---------------------- ----------------------- 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 by either S&P Rated by either S&P or 3% or Moody's Moody's ---------------------- ---------------------- ----------------------- ; 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 Moody's, the applicable Obligor Concentration Limit shall be the one set forth in the last line of the table above, and (c) subject to rating agency approval and/or an increase in the Required Reserve Factor Floor, 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 Borrower.
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.
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.
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.
More Definitions of Obligor Concentration Limit
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 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:
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 means, at any time, in relation to the aggregate Unpaid Net Balance of Private Receivables owed by any single Obligor and its Affiliated Obligors (if any), the applicable concentration limit shall (unless each Co-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, which agreement may be conditioned upon an increase in the percentage set forth in clause (A)(i) of the definition of “Required Reserve” or upon satisfaction of the Rating Agency Condition) be determined as follows for Obligors who have short term unsecured debt ratings currently assigned to them by S&P and ▇▇▇▇▇’▇, the applicable concentration limit shall be determined according to the following table; provided, however, that if such Obligor has a split rating between S&P and ▇▇▇▇▇’▇, the applicable concentration limit shall be determined by the higher of the two debt ratings; provided further that if the two debt ratings are more than one level apart, the applicable concentration limit shall be determined by the debt rating which is one level higher than the lower debt rating: S&P Rating ▇▇▇▇▇’▇ Rating Allowable % of Eligible Receivables A-1+ P-1 13.00% A-1 P-1 13.00% A-2 P-2 13.00% A-3 P-3 6.50% Below A-3 or Not Rated Below P-3 or Not Rated 3.25% “Organic Document” means, relative to any Person, its certificate of incorporation, its by-laws, its partnership agreement, its memorandum and articles of association, its limited liability company agreement and/or operating agreement, share designations or similar organization documents and all shareholder agreements, voting trusts and similar arrangements applicable to any of its authorized Equity Interests. “Originator” means Quest Diagnostics or any its direct or indirect Subsidiaries who is or becomes a “seller” under the Sale Agreement. “Other Patient Pay Amounts” means any portion of a Receivable that is not covered by insurance whether by reason of deductibles or co-insurance agreements or arrangements or otherwise.
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: ; 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 Moody's, the applicable 62 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 or an increase in the percentage set forth in clause (a)(i) of the definition of "REQUIRED RESERVE," upon the 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 five Business Days' notice to the Loan Parties. The Administrative Agent hereby agrees that International Business Machines Corp. shall have a Special Concentration Limit of 11%.
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: