Concentration Discount Amount definition
Concentration Discount Amount means, with respect to any Obligor and as of any date of determination after giving effect to all Eligible Receivables to be transferred on such date, the amount by which the Outstanding Balance of Eligible Receivables owing by such Obligor exceeds (i) three percent (3%) multiplied by (ii) the Outstanding Balance of all Eligible Receivables on such date; provided, that, (a) with respect to PlanetGov, Inc., the percentage referenced in clause (i) above shall be five percent (5%) rather than three percent (3%), (b) with respect to IBM Credit Corporation and Deutsche Financial Services, the percentage referenced in clause (i) above shall be fifteen percent (15%) rather than three percent (3%) if and so long as (1) the current public rating of such Obligor’s senior, unsecured and unguaranteed short-term indebtedness is not less than A-1 by S&P and P-1 by ▇▇▇▇▇’▇ and (2) the current public rating of such Obligor’s senior, unsecured and unguaranteed long-term indebtedness is not less than A- by S&P and A3 by ▇▇▇▇▇’▇, (c) with respect to Sun Microsystems, Inc., the percentage referenced in clause (i) above shall be ten percent (10%) rather than three percent (3%) if and so long as Sun Microsystems, Inc.’s senior, unsecured and unguaranteed (x) short-term indebtedness has been rated not less than A-2 by S&P and (y) either (A) short-term indebtedness has been rated not less than P-2 by ▇▇▇▇▇’▇ or (B) long-term indebtedness has been rated not less than BBB by S&P or Baa2 by ▇▇▇▇▇’▇, (d) with respect to Best Buy, Co., Inc. the percentage referenced in clause (i) above shall be ten percent (10%) rather than three percent (3%) if and so long as Best Buy, Co., Inc.’s senior, unsecured and unguaranteed long-term indebtedness has been rated not less than BBB- by S&P and Baa3 by ▇▇▇▇▇’▇, (e) with respect to Dell, the percentage referenced in clause (i) above shall be fifteen percent (15%) rather than three percent (3%) if and so long as Dell’s senior, unsecured and unguaranteed long-term indebtedness has been rated not less than BBB+ by S&P and Baa1 by ▇▇▇▇▇’▇ and (f) with respect to TransAmerica Corporation, the percentage referenced in clause (i) above shall be five percent (5%) rather than three percent (3%). The percentage referenced in clause (i) with respect to any Obligor (including PlanetGov, Inc., TransAmerica Corporation, Dell, Best Buy, Co., Inc., Sun Microsystems, Inc., IBM Credit Corporation and Deutsche Financial Services) may be changed at any time in the re...
Concentration Discount Amount means, with respect to (i) Levi Strauss, Levi Strauss Canada, Levi Strauss Europe and the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇reof (collective▇▇, ▇▇e "Levi Strauss Obligors"), 5.0% and (ii) any Obligor that is no▇ ▇ ▇▇▇i Strauss Obligor, and as of any date of determination ▇▇▇▇▇▇f, the percentage of the aggregate Outstanding Balance at such time of all Eligible Receivables set forth in the table below based upon the Senior Unsecured Short-Term Debt Rating (or, in the absence of such rating, the equivalent Senior Unsecured Long-Term Debt Rating) assigned to such Obligor at such time by S&P and Moody's (and, if such Obligor is rated by both agencies and ▇▇▇ a split rating, the applicable rating will be the lower of the two): ----------------------- ------------------------- --------------------- MINIMUM S&P RATING MINIMUM MOODY'S RATING APPLICABLE PERCENTAGE ----------------------- ------------------------- --------------------- A-1+ or AA- P-1 or Aa3 15.0% ----------------------- ------------------------- --------------------- A-1 or A+ P-1 or A1 15.0% ----------------------- ------------------------- --------------------- A-2 or BBB+ P-2 or Baa1 10.0% ----------------------- ------------------------- --------------------- Below A-2 or BBB+ Below P-2 or Baa1 5.0% or not rated by or not rated by either S&P or Moody's either S&P or Moody's ----------------------- ------------------------- --------------------- If an Obligor has neither a Senior Unsecured Short-Term Debt Rating or a Senior Unsecured Long-Term Debt Rating by either S&P or Moody's, then such Obligor's Concentration Discount Amount will be ▇.▇% of the aggregate Outstanding Balance at such time of all Eligible Receivables. The percentages referenced above may be changed with respect to any or all Obligors at any time at the sole discretion of the Operating Agent.
Concentration Discount Amount. With respect to any Obligor and as of any date of determination after giving effect to all Eligible Receivables plus the Eligible Accruals to be transferred on such date, the amount by which the Outstanding Balance of Eligible Receivables plus the Eligible Accruals owing by such Obligor exceeds the product of (i) the Concentration Discount Percentage for such Obligor multiplied by (ii) the Outstanding Balance of all Eligible Receivables plus the Eligible Accruals on such date.
More Definitions of Concentration Discount Amount
Concentration Discount Amount means, with respect to any Obligor, and as of any date of determination after giving effect to all Eligible Receivables to be transferred on such date, the amount by which the Outstanding Balance of Eligible Receivables owing by such Obligor exceeds the product of (a) the Outstanding Balance of all Eligible Receivables on such date and (b) (i) if neither clause (ii) or clause (iii) below are applicable, the percentage of the Outstanding Balance of Eligible Receivables set forth in Table I below based upon the senior long-term unsecured debt rating assigned to such Obligor at such time by S&P and ▇▇▇▇▇’▇ (and, if such Obligor is rated by both agencies and has a split rating, the applicable rating will be the lower of the two), (ii) if clause (iii) below is not applicable, if a Credit Default Swap has been purchased by MRFC with respect to such Obligor, which Credit Default Swap is in full force and effect and in the amount and otherwise on terms and in form and substance acceptable to the Administrative Agent, and with respect to which a Required Credit Default Swap Assignment is in full force and effect, the percentage of the Outstanding Balance of Eligible Receivables equal to the lesser of (A) the percentage of the Outstanding Balance of Eligible Receivables set forth in Table II below set forth below based upon the senior long-term unsecured debt rating assigned to
Concentration Discount Amount means, with respect to any Obligor, and as of any date of determination after giving effect to all Eligible Receivables to be transferred on such date, the amount by which the Outstanding Balance of Eligible Receivables owing by such Obligor exceeds the product of (a) the percentage set forth in the table below based upon the short-term unsecured debt rating assigned to such Obligor's short-term debt at such time by S&P and ▇▇▇▇▇'▇ (and, if such Obligor is rated by both agencies and has a split rating (except for an A-1+/P-1 rating), the applicable rating will be the lower of the two) and (b) the Outstanding Balance of all Eligible Receivables on such date.
Concentration Discount Amount means, with respect to any Obligor, on any ----------------------------- date after giving effect to all Eligible Receivables to be purchased on such date, the amount by which the Outstanding Balance of Eligible Receivables payable by such Obligor exceeds the lesser of either (a) the dollar amount (if any) set forth on Schedule 1 to the Purchase Agreement, or (b) the product of (i) such Obligor's percentage set forth on Schedule 1 to the Purchase Agreement and (ii) the Outstanding Balance of all Transferred Receivables that are Eligible Receivables on such date. The Concentration Discount Amount may be changed at any time at the sole discretion of the Operating Agent and upon satisfaction of the Rating Agency Condition.
Concentration Discount Amount means, with respect to any Obligor, and as of any date of determination after giving effect to all Eligible Receivables to be transferred on such date, (a) the amount by which the Outstanding Balance of Eligible Receivables owing by such Obligor exceeds the larger of (i) the percentage of the Outstanding Balance of Eligible Receivable set forth in the table below based upon the short-term unsecured debt rating (or, in the absence of such rating, the equivalent long-term unsecured senior debt rating) assigned to them at such time by S&P and ▇▇▇▇▇'▇ (and, if such Obligor is rated by both agencies and has a split rating (except for an A-1+/P-1 rating), the applicable rating will be the lower of the two) and (ii) the Special Limit, if any, applicable to such Obligor, multiplied by (b) the Outstanding Balance of all Eligible Receivables on such date. S&P RATING ▇▇▇▇▇'▇ RATING ALLOWABLE % OF ELIGIBLE RECEIVABLES A-1+ P-1 10.0% A-1 P-1 8.0% A-2 P-2 6.0% A-3 P-3 3.0% Below A-3 or Not Rated by either S&P or ▇▇▇▇▇'▇ Below P-3 or Not Rated by either S&P or ▇▇▇▇▇'▇ 3.0% If the Special Limit for National Rx is revoked as indicated in subsection (i)(A) of the definition of "Special Limit", the Concentration Discount Amount for National Rx will be based on the Merck short-term unsecured senior debt ratings and the associated Concentration Limits in the table appearing above. If the Special Limit for National Rx is revoked as indicated in subsection (i)(B) of the definition of "Special Limit", the Concentration Discount Amount for National Rx will be based on the short-term unsecured senior debt ratings of National Rx and the associated Concentration Limits in the table appearing above. If the Special Limit for any other Obligor is revoked at any time, such Obligor's Concentration Discount Amount will be based on its short-term unsecured senior debt rating per the table above.
Concentration Discount Amount means, with respect to any ----------------------------- Obligor and as of any date of determination after giving effect to all Eligible Receivables to be transferred on such date, the amount by which the Outstanding Balance of Eligible Receivables owing by such Obligor exceeds the lesser of (a) the dollar amount (if any) set forth on Annex 1 to the Purchase Agreement, and ------- (b) (i) the applicable short-term debt rating percentage for such Obligor as set forth on Annex 1 to the Purchase Agreement multiplied by (ii) the Outstanding ------- ------------- Balance of all Eligible Receivables on such date. The dollar amount (if any) or percentage referenced in clauses (a) and (b)(i) above, respectively, with ----------- ------ respect to any Obligor may be changed at any time at the sole discretion of the Operating Agent and, in the case of an increase only, upon satisfaction of the Rating Agency Condition with respect thereto.
Concentration Discount Amount. Excess Liquidity", "Facility Termination Date," "Final Purchase Date", "Maximum Purchase Limit", "Purchase Discount Rate Cap", "Receivables Availability", "Related Documents" and "Reserves" and "Unused Facility Fee" and by substituting in lieu thereof the following new respective definitions of such terms:
Concentration Discount Amount. , "Discount Reserve", "Eligible Receivable", "Investment Base", "Purchase Discount Rate", "Reserve", "Special Limit" or "Termination Event", (G) amend or modify any defined term (or any defined term used directly or indirectly in any such defined term) used in clauses (A) through (F) above in any manner that would circumvent the intention of the restrictions set forth in such clauses, or (H) otherwise materially affect the rights of any Purchaser or Purchaser Agent hereunder.