Obligor Overconcentration definition

Obligor Overconcentration means, as of any Determination Date, the excess of (a) the aggregate of all amounts of Eligible Receivables owned by the Trust and generated under accounts receivable with any one Obligor or type of Receivable as of the last day of the Collection Period immediately preceding such Determination Date over (b) 2% of the Eligible Receivables on the last day of such immediately preceding Collection Period; provided, that the Obligor Overconcentration with respect to the following Obligors or types of Receivables, shall be the applicable amount described in clause (a) in excess of the following percentages respectively, of the Eligible Receivables on the last day of such immediately preceding Collection Period: Obligor/Receivable Type Percentage Chrysler 4% Ford 7% General Motors 7% Genuine Parts 4% Caterpillar 3% Canadian Receivables 6% OEM Export Receivables 5%
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Obligor Overconcentration unless otherwise specified in the Supplement for a Series, on any Determination Date shall mean (i) the excess of (a) the aggregate of all amounts of Receivables owned by the Trust and generated under accounts receivable with any one Obligor as of the last day of the Collection Period immediately preceding such Determination Date over (b) 2% of the Pool Balance on the last day of such immediately preceding Collection Period; provided, that the Obligor Overconcentration with respect to General Motors Corporation, Ford Motor Company and Genuine Parts Company (so long as the short-term debt of General Motors Corporation and Ford Motor Company and Genuine Parts Company shall be rated A-1 or higher by Standard & Poor's or other conditions established by each Rating Agency have been satisfied) shall be the applicable amount described in clause (a) in excess of 10%, 7% and 5%, respectively, of the Pool Balance on the last day of such immediately preceding Collection Period; provided, however, that the Seller may adjust (a) the amount of the Obligor Overconcentrations specified, And (b) the Obligors included in, the preceding proviso if such adjustment does not cause any Rating Agency to lower or withdraw its rating of any Series of Certificates and (ii) the excess of (x) the aggregate of all amounts of Receivables owned by the Trust that are denominated in Canadian dollars as of the last day of the Collection Period immediately preceding such Determination Date over (y) 5% of the Net Pool Balance on the last day of such immediately preceding Collection Period; provided, that the Seller may adjust the percentage of Canadian dollar-denominated Receivables permitted in clause (y) above if such adjustment does not cause any Rating Agency to lower or withdraw its rating of any Series of Certificates.
Sample 1
Obligor Overconcentration means, as of any Report Date, the excess of (a) the aggregate of all amounts of Eligible Receivables owned by the Seller and generated under accounts receivable with any one Obligor or type of Receivable as of the last day of the Collection Period immediately preceding such Report Date over (b) 2% of the Eligible Receivables on the last day of such immediately preceding Collection Period; provided that the Obligor Overconcentration with respect to the following Obligors or types of Receivables, shall be the applicable amount described in clause (a) in excess of the following percentages respectively, of the Eligible Receivables on the last day of such immediately preceding Collection Period: Obligor/Receivable Type Percentage ----------------------- ---------- Chrysler 4% Ford 7% General Motors 7% Caterpillar 3% Canadian Receivables 6% OEM Export Receivables 5% ; provided, further, that the Obligor Overconcentration with respect to Genuine Parts shall be an amount equal to the lesser of (i) $11,000,000 and (ii) the applicable amount described in clause (a) in excess of 6% of the Eligible Receivables on the last day of such immediately preceding Collection Period; provided, further, that the Obligor Overconcentration with respect to Autozone shall be an amount equal to the lesser of (x) 15,000,000 and (y) the applicable amount described in clause (a) in excess of 9% of the Eligible Receivables on the last day of such immediately preceding Collection Period.
Sample 1

More Definitions of Obligor Overconcentration

Obligor Overconcentration means, as of any Report Date or Interim Report Date, the excess of (a) the aggregate of all amounts of Eligible Receivables owned by the Seller and generated under accounts receivable with any one Obligor or type of Receivable as of the last day of the Collection Period immediately preceding such Report Date or Interim Report Date over (b) 3.0% of the Eligible Receivables on the last day of such immediately preceding Collection Period; provided that the Obligor Overconcentration with respect to the following Obligors or types of Receivables, shall be the applicable amount described in clause (a) in excess of the following percentages respectively, of the Eligible Receivables on the last day of such immediately preceding Collection Period: Obligor/Receivable Type Percentage ----------------------- ---------- Chrysler 7% Ford 7% General Motors 7% Auto Zone 7% Genuine Parts 6% Canadian Receivables 6% provided, further, that, other that with respect to Genuine Parts, on or after the date of any downgrade of the short-term debt rating or long-term debt rating of any Obligor referenced in the immediately preceding table by S&P or Xxxxx'x, either Co-Agent, in its sole discretion, by written notice to the Seller and the Servicer, may decrease the percentage relating to such Obligor in the immediately preceding table to a percentage that is mutually agreed upon by the Co-Agents in their sole discretion (for the avoidance of doubt, any reduction in a modifier (e.g. "+", "1", "2" or "3") to a short-term debt rating or long-term debt rating shall constitute a downgrade by S&P or Xxxxx'x, as applicable); provided, further, that, with respect to Genuine Parts, on or after the date of the occurrence of any event or condition that may have a material adverse effect on the business, assets, property, condition (financial or otherwise) or prospects of Genuine Parts, either Co-Agent, in its sole discretion, by written notice to the Seller and the Servicer, may decrease the percentage relating to Genuine Parts in the immediately preceding table to a percentage that is mutually agreed upon by the Co-Agents in their sole discretion.
Sample 1

Related to Obligor Overconcentration

  • Overconcentration Amount means as of any date of calculation of the Effective Leverage Ratio for the Fund, an amount equal to the sum of (without duplication):

  • 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: Allowable % of S&P Rating Xxxxx'x Rating Eligible 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 by either Below P-3 or Not Rated by S&P or Moody's either S&P or Moody's 2.5% -------------------------------------------------------------------------------------------- ; 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%.

  • Finance Charge Receivables means Receivables created in respect of periodic finance charges, late fees, returned check fees and all other similar fees and charges billed or accrued and unpaid on an Account.

  • Eligible Receivables means and include with respect to each Borrower, each Receivable of such Borrower arising in the Ordinary Course of Business and which Agent, in its sole credit judgment, shall deem to be an Eligible Receivable, based on such considerations as Agent may from time to time deem appropriate. A Receivable shall not be deemed eligible unless such Receivable is subject to Agent’s first priority perfected security interest and no other Lien (other than Permitted Encumbrances), and is evidenced by an invoice or other documentary evidence satisfactory to Agent. In addition, no Receivable shall be an Eligible Receivable if:

  • Obligor Percentage means, at any time of determination, for each Obligor, a fraction, expressed as a percentage, (a) the numerator of which is the aggregate Outstanding Balance of the Eligible Receivables of such Obligor less the amount (if any) then included in the calculation of the Excess Concentration with respect to such Obligor and (b) the denominator of which is the aggregate Outstanding Balance of all Eligible Receivables at such time.

  • Principal Receivables means all Receivables other than Finance Charge Receivables. In calculating the aggregate amount of Principal Receivables on any day, the amount of Principal Receivables shall be reduced by the aggregate amount of credit balances in the Accounts on such day.

  • Excess Concentration Amount means, on any date of determination, the sum of, without duplication,

  • Concentration Percentage means (i) for any Group A Obligor, 10.00%, (ii) for any Group B Obligor, 8.00%, (iii) for any Group C Obligor, 6.00% and (iv) for any Group D Obligor, 4.00%.

  • Ineligible Receivables shall have the meaning specified in subsection 2.05(a).

  • Final Collection Date means the date on or following the Termination Date on which the Outstanding Loan Amount has been reduced to zero and all other Borrower Obligations have been paid in full.

  • Concentration Limit means at any time for any Obligor, the product of (i) such Obligor’s Specified Concentration Percentage, times (ii) the aggregate Unpaid Balance of the Eligible Receivables included in the Receivables Pool at the time of determination.

  • Eligible Credit Card Receivables means at the time of any determination thereof, each Credit Card Receivable that satisfies the following criteria at the time of creation and continues to satisfy such criteria at the time of such determination: such Credit Card Receivable (i) has been earned by performance and represents the bona fide amounts due to a Loan Party from a Credit Card Issuer or Credit Card Processor, and in each case is originated in the ordinary course of business of such Loan Party, and (ii) in each case is not ineligible for inclusion in the calculation of the Borrowing Base, pursuant to any of clauses (a) through (g) below. Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, an Account shall indicate no Person other than a Loan Party as payee or remittance party. In determining the amount to be so included, the face amount of an Account shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that a Loan Party may be obligated to rebate to a customer, a Credit Card Issuer or Credit Card Processor pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Account but not yet applied by the Loan Parties to reduce the amount of such Credit Card Receivable. Except as otherwise agreed by the Agent, any Credit Card Receivable included within any of the following categories shall not constitute an Eligible Credit Card Receivable:

  • Excess Concentration means the sum of the following amounts, without duplication:

  • Principal Receivable means each Receivable other than Finance Charge -------------------- Receivables and Receivables in Defaulted Accounts. A Principal Receivable shall be deemed to have been created at the end of the day on the Date of Processing of such Receivable. In calculating the aggregate amount of Principal Receivables on any day, the amount of Principal Receivables shall be reduced by the aggregate amount of credit balances in the Accounts on such day. Any Principal Receivables which Seller is unable to transfer as provided in Section 2.5(c) of -------------- the Transfer and Servicing Agreement shall not be included in calculating the aggregate amount of Principal Receivables.

  • Ineligible Receivable shall have the meaning specified in subsection 2.04(d)(iii).

  • Eligible Account Receivable means an Account Receivable owing to the Company or any Domestic Subsidiary which meets the following requirements:

  • Credit Card Receivables means each “payment intangible” (as defined in the UCC) together with all income, payments and proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to a Loan Party resulting from charges by a customer of a Loan Party on credit or debit cards issued by such Credit Card Issuer in connection with the sale of goods by a Loan Party, or services performed by a Loan Party, in each case in the ordinary course of its business.

  • Collection Period means, with respect to any Payment Date, the period commencing on the first day of the calendar month immediately preceding the month in which such Payment Date occurs (and, in the case of the first Collection Period, the period from (but excluding) the Cutoff Date) and ending on the last day of the calendar month immediately preceding the month in which such Payment Date occurs.

  • Yield Supplement Overcollateralization Amount means, with respect to any calendar month and the related Payment Date, or with respect to the Closing Date, the aggregate amount by which the Principal Balance as of the last day of the related Collection Period or the Cutoff Date, as applicable, of each of the related Receivables with an APR as stated in the related contract of less than the Required Rate, other than Defaulted Receivables, exceeds the present value, calculated by using a discount rate equal to the Required Rate, of each scheduled payment of each such Receivables assuming such scheduled payment is made on the last day of each month and each month has 30 days.

  • Concentration Limits has the meaning given to such term in Section 5.03(a) hereof.

  • Baseline concentration means that ambient concentration level that exists in the baseline area at the time of the applicable minor source baseline date. A baseline concentration is deter- mined for each pollutant for which a minor source baseline date is estab- lished and shall include:

  • Eligible Accounts Receivable means only such accounts receivable of the Borrower as the Bank, in its sole discretion, shall deem eligible. Without limiting the discretion of the Bank to consider any account receivable not to be an Eligible Account Receivable, and by way of example only of the types of accounts receivable that the Bank will consider not to be Eligible Accounts Receivable, notwithstanding any earlier classification of eligibility, the following accounts receivable shall not be considered Eligible Accounts Receivable: (i) any account receivable which is not paid in full within 90 days after it is created; (ii) any account receivable as to which any warranty is breached; (iii) any account receivable as to which the account debtor or other obligor disputes liability or makes any claim; (iv) any account receivable owed by any officer, director or shareholder of the Borrower or any of their relatives or any partnership, corporation, association, joint venture or other business entity wholly or partly owned or controlled directly or indirectly by the Borrower or any of them or any of their relatives; (v) any account receivable owed by any person as to whom a petition in bankruptcy or other application for relief is filed under any bankruptcy, reorganization, receivership, moratorium, insolvency or s law; (vi) any account receivable owed by any person who makes an assignment for the benefit of creditors, becomes insolvent, fails, suspends business, or goes out of business; (vii) any account receivable owed by the United States government or any agency of the United States government; (viii) any account receivable owed by any person if 10% or more in amount of the accounts receivable owed by such person to the Borrower are considered ineligible; (ix) consignment receivables; (x) bonded receivables; (xi) any account receivable constituting a retainage; (xii) any account receivable for goods which have not been shipped or work which has not been fully performed; (xiii) any account receivable owed by any person outside the United States of America, except account debtors approved in writing by the Bank (approved foreign account debtors are described on Exhibit B) ; (xiv) any account receivable owed by any person with whose creditworthiness the Bank becomes dissatisfied; and (xv) any account receivable in which the Bank does not have a perfected security interest constituting a first hen. In the event the Borrower owes any amount to any person that owes an account receivable to the Borrower, such amount owed by the Borrower shall be deducted from that portion of the account receivable which would otherwise qualify as an Eligible Account Receivable and only the difference thereof shall be considered an Eligible Account Receivable. No account receivable which does not qualify as an Eligible Account Receivable shall be considered an Eligible Account Receivable unless the Bank, upon the written request of the Borrower, states in writing that such account receivable is to be considered an Eligible Account Receivable.

  • Excess Finance Charge Collections means collections of Finance Charge Receivables and certain other amounts allocable to the Certificateholders’ Interest of any Excess Allocation Series in excess of the amounts necessary to make required payments with respect to such series (including payments to the provider of any related Series Enhancement) that are payable out of collections of Finance Charge Receivables.

  • Servicing Base Amount shall have the meaning specified in Section 3.01.

  • Master Servicer Collection Account The trust account or accounts created and maintained pursuant to Section 4.02, which shall be denominated "JPMorgan Chase Bank, as Trustee f/b/o holders of Structured Asset Mortgage Investments II Inc., Bear Xxxxxxx ALT-A Trust 2004-8, Mortgage Pass-Through Certificates, Series 2004-8 - Master Servicer Collection Account," and which shall be an Eligible Account.

  • Net Receivables Pool Balance means, at any time: (a) the Outstanding Balance of Eligible Receivables then in the Receivables Pool minus (b) the Excess Concentration.