User Concentration Limits definition
User Concentration Limits. Except with the consent of the Global Requisite Majority (i) no more than 15% of the Adjusted Equipment Value of all items of Eligible Equipment (after giving effect to the aggregate Accumulated Depreciation, any Casualty Losses, any Major Repairs and any Replacement Equipment calculated with respect to such Eligible Equipment as of the end of the immediately preceding Collection Period) may be leased to any one lessee (unless (A) such lessee is rated at least BBB by S&P or Baa3 by Moody’s or Dynamar 3 by Dynamar BV, (B) such lessee is APL, in which case up to 20% of the Adjusted Equipment Value of all items of Eligible Equipment (after giving effect to the aggregate Accumulated Depreciation, any Casualty Losses, any Major Repairs and any Replacement Equipment calculated with respect to such Eligible Equipment as of the end of the immediately preceding Collection Period) may be leased to any such lessee or APL, as the case may be) and (ii) no more than 40% of the Adjusted Equipment Value of all items of Eligible Equipment (after giving effect to the aggregate Accumulated Depreciation, any Casualty Losses, any Major Repairs and any Replacement Equipment calculated with respect to such Eligible Equipment as of the end of the immediately preceding Collection Period) may be leased to any three lessees (unless any one of such three lessees is APL or rated at least BBB by S&P or Baa3 by Moody’s or Dynamar 3 by Dynamar BV, in which case up to 45% of the Adjusted Equipment Value of all items of Eligible Equipment (after giving effect to the aggregate Accumulated Depreciation, any Casualty Losses, any Major Repairs and any Replacement Equipment calculated with respect to such Eligible Equipment as of the end of the immediately preceding Collection Period) may be leased to any three lessees). For purposes of this definition, a User and all Affiliates of such User shall be considered one “User.”
Examples of User Concentration Limits in a sentence
The 2007-B SUBI Holder hereby acknowledges and agrees that it shall not use selection procedures that identify any Reallocated Equipment and any other Reallocated Assets as being more or less desirable or valuable than other comparable equipment and leases owned by the Trust (except that the 2007-B SUBI Holder may select such items of Equipment and the Related Assets that are in excess of the Concentration Limits (as defined in the Indenture) or the User Concentration Limits (as defined in the Indenture)).