Asset Based Receivable Overconcentration definition

Asset Based Receivable Overconcentration on any Determination Date shall mean the excess of (a) the aggregate of all amounts of Principal Receivables in Accounts created pursuant to Asset Based Lending Financing Agreements on the last day of the Collection Period immediately preceding such Determination Date over (b) 15% of the Pool Balance on the last day of such immediately preceding Collection Period or, if the Rating Agency Condition is satisfied, such larger percentage of such Pool Balance as is stated in the notice from each Rating Agency in connection with the satisfaction of such Rating Agency Condition.
Sample 1
Asset Based Receivable Overconcentration on any Distribution Date shall ---------------------------------------- mean the excess of (a) the aggregate of all amounts of Principal Receivables in Accounts for Asset-Based Receivables on the last day of the Monthly Period immediately preceding such Distribution Date over (b) the Asset-Based Percentage of the Principal Receivables on the last day of such immediately preceding Monthly Period. Subject to adjustment as described below, the "Asset-Based Percentage" will initially be 10%; beginning on the June 1996 Distribution Date, provided that the Asset-Based Receivables Test is satisfied on such Distribution Date, the Asset-Based Percentage will be 15%; beginning on the December 1996 Distribution Date, provided that the Asset-Based Receivables Test is satisfied on such Distribution Date, the Asset-Based Percentage will be 20%. If on the June 1996 Distribution Date the Asset-Based Receivables Test is not satisfied, the Asset-Based Percentage will be 10% until the Asset-Based Receivables Test is satisfied for three consecutive Distribution Dates; upon such satisfaction of the Asset-Based Receivables Test, the Asset-Based Percentage will be 15% (until the December 1996 Distribution Date) or 20% (if such satisfaction of the Asset- Based Receivables Test occurs after the December 1996 Distribution Date). If on the December 1996 Distribution Date the Asset-Based Receivables Test is not satisfied, the Asset-Based Percentage will continue to be 10% or 15%, as applicable, until the Asset-Based Receivables Test is satisfied for three consecutive Distribution Dates; upon such satisfaction of the Asset-Based Receivables Test, and for each Distribution Date thereafter, the Asset-Based Percentage will be 20%. In addition, on any Distribution Date before the Distribution Date on which the Asset-Based Percentage is 20%, if the Asset-Based Receivables Test is not satisfied on such Distribution Date (such Distribution Date, the "Test Date"), then the Asset-Based Percentage for such Distribution Date and each Distribution Date thereafter (until the Distribution Date on which the Asset-Based Receivables Test has been satisfied for three consecutive Distribution Dates) shall be the percentage equal to a fraction, the numerator of which is the aggregate of all amounts of Principal Receivables in Accounts for Asset-Based Receivables on the last day of the Monthly Period immediately preceding the Test Date and the denominator of which is the Aggregate Principal Receivables on...
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Asset Based Receivable Overconcentration on any Determination Date shall mean the excess of (a) the aggregate of all amounts of Principal Receivables in Accounts created pursuant to Asset Based Lending Financing Agreements on the last day of the Collection Period immediately preceding such Determination Date over (b) 20% of the Pool Balance on the last day of such immediately preceding Collection Period or, if the Rating Agency Condition is satisfied, such larger percentage of such Pool Balance as is stated in the applicable notice from each applicable Rating Agency in connection with the satisfaction of such Rating Agency Condition.
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More Definitions of Asset Based Receivable Overconcentration

Asset Based Receivable Overconcentration on any Distribution Date shall mean the excess of (a) the aggregate of all amounts of Principal Receivables in Accounts for Asset-Based Receivables on the last day of the Monthly Period immediately preceding such Distribution Date over (b) the Asset-Based Percentage of the Principal Receivables on the last day of such immediately preceding Monthly Period. Subject to adjustment as described below, the "Asset-Based Percentage" will be 10% until the date six months after the Closing Date; thereafter, once certain performance tests are met, 15% until the date one year after the Closing Date; and thereafter, once certain performance tests are met, 20%. Notwithstanding the above, in the case of such Overconcentration, the percentage in clause (b) may be increased by the Transferor, without the consent of any Certificateholder, to a level acceptable to each Rating Agency without any reduction or withdrawal of its rating of the Class A, Class B or Class C Certificates (but which may involve an adjustment, upward or downward, of the Class D Invested Amount).
Sample 1

Related to Asset Based Receivable 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):

  • 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:

  • Principal Receivables means all Receivables other than Finance Charge Receivables.

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

  • 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.

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

  • 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.

  • Purchased Receivables means all those accounts, receivables, chattel paper, instruments, contract rights, documents, general intangibles, letters of credit, drafts, bankers acceptances, and rights to payment, and all proceeds thereof (all of the foregoing being referred to as "receivables"), arising out of the invoices and other agreements identified on or delivered with any Invoice Transmittal delivered by Seller to Buyer which Buyer elects to purchase and for which Buyer makes an Advance.

  • Excluded Receivables means, as of any date of determination, all accounts receivable referred to in Item 1 of Schedule 7.01.

  • 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):

  • 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.

  • 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.

  • Receivables Pool means, at any time of determination, all of the then outstanding Receivables transferred (or purported to be transferred) to the Borrower pursuant to the Purchase and Sale Agreement prior to the Termination Date.

  • Purchased Receivable means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer pursuant to Sections 4.2, 4.4(c) or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a).

  • 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 meet the same 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 Borrower from a credit card payment processor and/or credit card issuer, and in each case originated in the ordinary course of business of such Borrower, and (ii) is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (k) below. Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, an Account shall indicate no Person other than a Borrower 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 Borrower may be obligated to rebate to a customer, a credit card payment processor, or credit card issuer 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. Any Credit Card Receivables meeting the foregoing criteria shall be deemed Eligible Credit Card Receivables but only as long as such Credit Card Receivable is not included within any of the following categories, in which case such Credit Card Receivable shall not constitute an Eligible Credit Card Receivable:

  • Net Receivables Balance means, at any time, the aggregate Outstanding Balance of all Eligible Receivables at such time reduced by the aggregate amount by which the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates exceeds the Concentration Limit for such Obligor.

  • Transferred Receivable means a Purchased Receivable or a Contributed Receivable.

  • Unbilled Receivable means, at any time, any Receivable as to which the invoice or xxxx with respect thereto has not yet been sent to the Obligor thereof.

  • Eligible Receivable means, at any time, a Receivable:

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

  • Eligible Unbilled Receivable means, at any time, any Unbilled Receivable if (a) the related Originator has recognized the related revenue on its financial books and records under GAAP, and (b) not more than thirty (30) days have expired since the date such Unbilled Receivable arose.

  • Scheduled Receivables Payment means, with respect to any Collection Period for any Receivable, the amount set forth in such Receivable as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor’s obligation under a Receivable with respect to a Collection Period has been modified so as to differ from the amount specified in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the Servicemembers Civil Relief Act or (iii) modifications or extensions of the Receivable permitted by Section 4.2(b), the Scheduled Receivables Payment with respect to such Collection Period shall refer to the Obligor’s payment obligation with respect to such Collection Period as so modified.

  • Subsequent Receivables means the Receivables transferred to the Issuer pursuant to Section 2.2, which shall be listed on Schedule A to the related Subsequent Transfer Agreement.

  • 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 Inc., Bear Stearns ARM Trust, Mortgage Pass- Thrxxxx Xxrtificates, Series 2003-1 - Master Servicer Collection Account." The Master Servicer Collection Account shall be an Eligible Account.

  • Defaulted Receivables means any Receivable (a) on which any installment is unpaid more than sixty (60) days past its original due date or (b) where the Servicer’s records show that the Obligor has suffered an Insolvency Event.

  • 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.