Dealer Overconcentration definition
Dealer Overconcentration means, for a Determination Date, the excess, if any, of (a) the aggregate principal amount of Receivables originated in all Accounts of a Dealer or a group of affiliated Dealers on the last day of the related Collection Period, over (b) 2% (or 5% in the case of Dealers affiliated with AutoNation, Inc. (or its successors in interest)) of the Pool Balance on the last day of that Collection Period (or, in either case, a higher percentage if the Rating Agency Condition has been satisfied).
Dealer Overconcentration is defined in the Sale and Servicing Agreement.
Dealer Overconcentration on any Determination Date shall mean, with respect to any Dealer or group of affiliated Dealers, the excess of (a) the aggregate of all amounts of Principal Receivables due from such Dealer or group of affiliated Dealers on 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.
Examples of Dealer Overconcentration in a sentence
No service charge shall be made for any registration of transfer or exchange of Investor Certificates or the Dealer Overconcentration Series, but the Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any such transfer or exchange.
For so long as a Dealer Overconcentration exists, Principal Collections, Non-Principal Collections, Defaulted Amounts and Miscellaneous Payments related to an Overconcentrated Dealer shall be allocated in accordance with paragraph (b) of this Section.
For so long as a Dealer Overconcentration exists, the Dealer Overconcentration Percentage of (i) all Principal Collections relating to each Overconcentrated Dealer, (ii) all Non-Principal Collections relating to each Overconcentrated Dealer and (iii) the portion of the Default Amount relating to each Overconcentrated Dealer with respect to each Monthly Period shall each be allocated to the Transferor on each Determination Date.
Dealer Overconcentration Percentage: [•]% or such higher percentage as the Depositor shall select upon satisfaction of the Rating Agency Condition.
Dealer Overconcentration Percentage: 1.0% or such higher percentage as the Depositor shall select upon satisfaction of the Rating Agency Condition.
More Definitions of Dealer Overconcentration
Dealer Overconcentration means, for any Determination Date, the excess, if any, of (a) the aggregate amount of the Issuer's Principal Receivables arising in connection with all the Accounts of a Dealer or a group of affiliated Dealers as of the last day of the related Collection Period, over (b) __% (or __% in the case of Dealers affiliated with _________ (or its successors in interest)) of the Pool Balance as of the last day of such Collection Period (or, in either case, a higher percentage so long as the Rating Agency Condition has been satisfied).
Dealer Overconcentration means, for a Determination Date, the excess, if any, of (a) the aggregate principal amount of Receivables originated in all Accounts of a Dealer or a group of affiliated Dealers on the last day of the related Collection Period, over (b)(i) in the case of Dealers affiliated with AutoNation, Inc., 5%, (ii) in the case of Dealers affiliated with Lithia Motors, Inc., 3%, and (iii) for all other Dealers or groups of affiliated Dealers, 2%, in each case, of the Pool Balance on the last day of that Collection Period (or, in any case, a higher percentage if the Rating Agency Condition has been satisfied).
Dealer Overconcentration means, for any Determination Date, the excess, if any, of (a) the aggregate amount of the Issuer's Principal Receivables arising in connection with all the Accounts of a Dealer or a group of affiliated Dealers as of the last day of the related Collection Period, over (b) 2% (or 5% in the case of Dealers affiliated with AutoNation, Inc. (or its successors in interest)) of the Pool Balance as of the last day of such Collection Period (or, in either case, a higher percentage so long as the Rating Agency Condition has been satisfied).
Dealer Overconcentration on any Determination Date shall mean, with respect to any Dealer or group of affiliated Dealers, the excess of (a) the aggregate of all amounts of Principal Receivables due from such Dealer or group of affiliated Dealers on 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, however, that the percentage specified in clause (b) shall be 4% in the case of either AutoNation, Inc. and its affiliates or United Auto Group, Inc. and its affiliates; provided, further, that the Seller may, upon 10 days' prior notice to the Trustee and each Rating Agency and upon satisfaction of the Rating Agency Condition, increase the percentage specified in clause (b) (including, for the avoidance of doubt, the percentage specified in the immediately preceding proviso).
Dealer Overconcentration means, on any Determination Date, with respect to an Overconcentrated Dealer, the excess, if any, of (a) the portion of the Combined Outstanding Principal Balances that are owed by such Dealer, over (b) the Dealer Concentration Limit with respect to such Dealer.
Dealer Overconcentration shall be determined by the Servicer on each Determination Date. A Dealer Overconcentration shall exist with respect to a Dealer (an "Overconcentrated Dealer") if the aggregate amount of the Principal Receivables owed by such Dealer exceeds the applicable Dealer Concentration Limit. "Dealer Concentration Limit" is a dollar amount calculated as a percentage of the Pool Balance as of the end of each Collection Period (the "Concentration Limit Percentage"). If the Dealer is among the eight Dealers owing the largest amount of Principal Receivables as of the end of a Collection Period (the "Top 8 Dealers"), the Concentration Limit Percentage is currently two and one-half percent (2.5%). If the Dealer is not among the Top 8 Dealers, the Concentration Limit Percentage is currently two percent (2%). The Concentration Limit Percentage for the Top 8 Dealers, as well as the Concentration Limit Percentage for the other Dealers, may be increased or decreased from time to time by the Transferor upon notice to the Trustee and the Servicer without the consent of any Investor Certificateholder if the Rating Agency Condition has been satisfied in connection with that increase or decrease. For purposes of the definitions of Dealer Overconcentration, Overconcentrated Dealer and Top 8 Dealers, a Dealer and all of its Affiliates that are Dealers shall be considered to be a single Dealer. For so long as a Dealer Overconcentration exists, allocations of Principal Collections, Non-Principal Collections, Defaulted Amounts and Miscellaneous Payments related to an Overconcentrated Dealer shall be allocated in accordance with Section 4.5.
Dealer Overconcentration on any Distribution Date shall mean, with ------------------------ respect to any Account with a Dealer, the excess of (a) the aggregate of Principal Receivables in such Account on the last day of the Monthly Period immediately preceding such Distribution Date over (b) 2% of the Principal Receivables on the last day of such immediately preceding Monthly Period. Certain Dealers may be subject to a higher percentage limit with Rating Agency approval, but in no case higher than 3%. 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 Certificates rated by such Rating Agency (but which may involve an adjustment, upward or downward, of certain Invested Amounts).