Contra Account Amount definition
Contra Account Amount means, at any time of determination and with respect to any Obligor, an amount equal to the lesser of (a) the Contra Amount at such time with respect to such Obligor, if any, and (b) the aggregate Outstanding Balance of all Pool Receivables that are Eligible Receivables, an Obligor of which is such Obligor.
Contra Account Amount means, at any time of determination and with respect to any Obligor, an amount equal to the lesser of (i) the Contra Amount at such time with respect to such Obligor and (ii) the Outstanding Balance of all Pool Receivables, the Obligor of which is such Obligor.
Contra Account Amount means, on any date of determination, an amount equal to (i) during any Level 1 Ratings Period, the aggregate balance of Contra Accounts with respect to the fifteen (15) largest Obligors (based on the Outstanding Balance of Receivables and the outstanding payables balance as described below) as of such date of determination or (ii) during any Level 2 Ratings Period or Level 3 Ratings Period, the aggregate balance of all Contra Accounts with respect to all Obligors (and any subsidiaries thereof). For the purposes of calculating the Contra Account Amount specified in clause (i) above in respect of determining Eligible Receivables Balance, the Contra Account Amount shall be the sum of the following: —(x) for each of the top fifteen (15) largest Obligors based on the Outstanding Balance of Receivables, the lesser of (A) such Obligor’s payables balance and (B) such Obligor’s Outstanding Balance of Receivables
More Definitions of Contra Account Amount
Contra Account Amount means, at any time of determination and with respect to any Obligor, an amount equal to (i) at any time prior to the occurrence of a Level 1 Ratings Event (a) if such Obligor has a formal netting arrangement with any Originator or any of its Affiliates (to the extent such arrangement permits such Obligor or any of its Affiliates to offset amounts owed in respect of Receivables against amounts owed by an Originator or an Affiliate of any Originator to such Obligor or any of its Affiliates), the lesser of (I) the Contra Amount at such time with respect to such Obligor and (II) the Outstanding Balance of all Pool Receivables, the Obligor of which is such Obligor or (b) if neither such Obligor nor any of its Affiliates has a formal netting arrangement with any Originator or any of its Affiliates, zero ($0) and (ii) at any time on or after the occurrence of a Level 1 Ratings Event, the lesser of (a) the Contra Amount at such time with respect to such Obligor, if any, and (b) the Outstanding Balance of all Pool Receivables, the Obligor of which is such Obligor.
Contra Account Amount means the outstanding balance (but not less than $0) of a Pool Receivable that is offset by a corresponding payable due from the Originator (or one of its Affiliates) to the related Obligor (or one of its Affiliates).
Contra Account Amount means, on any date of determination, an amount equal to (i) during any Level 1 Ratings Period, the aggregate balance of Contra Accounts with respect to the fifteen (15) largest Obligors (based on the Outstanding Balance of Receivables and the outstanding payables balance as described below) as of such date of determination or (ii) during any Level 2 Ratings Period or Level 3 Ratings Period, the aggregate balance of all Contra Accounts with respect to all Obligors (and any subsidiaries thereof). For the purposes of calculating the Contra Account Amount specified in clause (i) above in respect of determining Eligible Receivables Balance, the Contra Account Amount shall be the sum of the following: —(x) for each of the top fifteen (15) largest Obligors based on the Outstanding Balance of Receivables, the lesser of (A) such Obligor’s payables balance and (B) such Obligor’s Outstanding Balance of Receivables —(y) for each of the top fifteen (15) largest Obligors based on payables balance (but only to the extent that such Obligors are not included as one of the top fifteen (15) largest Obligors based on Outstanding Balance of Receivables in clause (x) above), the lesser of (C) such Obligor’s payables balance and (D) such Obligor’s Outstanding Balance of Receivables. For the purposes of determining the fifteen (15) largest Obligors only, the Outstanding Balance of Receivables and payables of each Obligor shall be aggregated with the Outstanding Balance of Receivables and payables, if any, of such Obligor’s Affiliates; provided, however, that for purposes of calculating the Contra Account Amount in accordance with clauses (x) and (y) above, the payables balance owed to each specific Obligor only shall be deducted from the Outstanding Balance of Receivables owed by such Obligor without regard to the payables balance, if any, or the Outstanding Balance of Receivables, if any, of such Obligor’s Affiliates.
Contra Account Amount means, at any time of determination and with respect to any Obligor, an amount equal to the lesser of (i) the Contra Amount at such time with respect to such
Contra Account Amount or “Yield and Servicer Reserve”, (H) sell (or consent to the sale of) any Receivables (other than as expressly permitted hereby) or (I) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (A) through (H) above in a manner that would circumvent the intention of the restrictions set forth in such clauses; or
Contra Account Amount means, on any date, an amount equal to the product of (a) the Contra Account Percentage on such date and (b) the Outstanding Balance of all Receivables owned by the Seller as of the close of business on such date.