Dilution Stress Factor means 2.25.
Dilution Stress Factor means, at any time, the “Dilution Stress Factor” set forth in the table below corresponding to the Ratings Level in effect at such time and set forth in the table below. Ratings Level 1 2.00 Ratings Xxxxx 0 2.25 Ratings Xxxxx 0 2.25 Ratings Level 4 2.50
Dilution Stress Factor means (a) at any time the Servicer's ratio of Total Debt to Adjusted EBITDA is less than 3.0, 1.75, (b) at any time between September 28, 2006 and the Liquidity Termination Date until the Agent otherwise notifies the Seller Parties, 1.75, and (c) at any other time unless the Agent otherwise notifies the Seller Parties, 2.00.
More Definitions of Dilution Stress Factor
Dilution Stress Factor means 2.0.
Dilution Stress Factor means (i) 1.75, with respect to any Calculation Period during which Arrow’s senior unsecured debt is rated equal to or higher than BBB and Baa2 by S&P and Xxxxx’x, respectively, (ii) 2.00, with respect to any Calculation Period during which Arrow’s senior unsecured debt is rated BBB- and Baa3 by S&P and Xxxxx’x, respectively, (iii) 2.25, with respect to any Calculation Period during which Arrow’s senior unsecured debt is rated equal to or less than BB+ or Ba1 but greater than BB- and Ba3 by S&P or Xxxxx’x, respectively, and (iv) 2.50, with respect to any Calculation Period during which Arrow’s senior unsecured debt is rated equal to or less than BB- or Ba3 by S&P or Xxxxx’x, respectively, or is not rated by each of S&P and Xxxxx’x, provided, however, that in the event the ratings of Xxxxx'x and S&P do not correspond, the “Dilution Stress Factor” shall be determined using the lower rating, provided, further, that in the event the respective ratings of Moody's or S&P differ within a Calculation Period, the “Dilution Stress Factor” shall be determined using the lower rating with respect to such Calculation Period.
Dilution Stress Factor is a multiplier set in function of targeted credit rating for the Dilution Reserve Rate in accordance with S&P’s methodology. The applied Dilution Stress Factor is listed in Enclosure IV bis. • The “Expected Dilution” corresponds to the average of the Monthly Dilution Ratio over a 12 month period; • The Monthly Dilution Ratio is calculated as follows: • where: • the “Sales generating the Dilution of the Data Period” are the sales generated in the Data Period to which the Dilution of the Data Period of the relevant Calculation Date is related, i.e. the sales generated in the Data Period which ended on or about “Z” days before the Cut Off Date of the relevant Calculation Date. • “Z” is equal to the rounding up or down to the closest multiple of 30 of the average period between the issuance of an invoice and the issuance of a related credit note (or equivalent) as determined by the Transaction Administrator following the initial due diligence and reviewed during (and possibly adjusted as a result of) the annual due diligence. The applied “Z” is listed in Enclosure IV bis. The Dilution Volatility Factor is calculated as follows • The “Deviance” is the amount by which the maximum over the previous 12 months of the moving average over the Dilution Horizon of the Monthly Dilution Ratio (“Dilution Spike”) exceeds the Expected Dilution. The Deviance is calculated as follows:
Dilution Stress Factor means (i) 1.75, with respect to any Calculation Period during which Arrow’s senior unsecured debt is rated equal to or higher than BBB and Baa2 by S&P and Mxxxx’x, respectively, (ii) 2.00, with respect to any Calculation Period during which Arrow’s senior unsecured debt is rated BBB- and Baa3 by S&P and Mxxxx’x, respectively, (iii) 2.25, with respect to any Calculation Period during which Arrow’s senior unsecured debt is rated equal to or less than BB+ or Ba1 but greater than BB- and Ba3 by S&P or Mxxxx’x, respectively, and (iv) 2.50, with respect to any Calculation Period during which Arrow’s senior unsecured debt is rated equal to or less than BB- or Ba3 by S&P or Mxxxx’x, respectively, or is not rated by each of S&P and Mxxxx’x, provided, however, that in the event the ratings of Mxxxx'x and S&P do not correspond, the “Dilution Stress Factor” shall be determined using the lower rating, provided, further, that in the event the respective ratings of Mxxxx'x or S&P differ within a Calculation Period, the “Dilution Stress Factor” shall be determined using the lower rating with respect to such Calculation Period.
Dilution Stress Factor is a multiplier set in function of the targeted credit rating for the Dilution Reserve Rate in accordance with S&P’s methodology. The applied Dilution Stress Factor is listed in Schedule 5, Part 2. • The Expected Dilution corresponds, on each Calculation Date, to the average of the 12 previous consecutive Monthly Dilution Ratios ending on the Cut-off Date immediately preceding such Calculation Date. The Monthly Dilution Ratio on each Calculation Date is calculated as follows: Non-contractual Dilution of the Calculation Period / Sales in dilution basis where: • the Sales in dilution basis is equal to the Net Sales to which the Dilution of the Calculation Period of the relevant Calculation Date is related, i.e. the Net Sales generated in the period started on or about “Z” calendar days prior to the Cut-off Date immediately preceding the relevant Calculation Date and which ended 30 calendar days later. • Z is equal to the period between the issuance of an Invoice and the issuance of a related credit note (or equivalent) as determined by the Transaction Administrator following the initial due diligence and reviewed during (and possibly adjusted as a result of) the annual due diligence. The applied “Z” is listed in Schedule 5, Part 2. • The Dilution Volatility Factor is calculated on each Calculation Date as follows: where: • The Deviance is, on each Calculation Date, the amount by which the maximum over the previous 12 months of the moving average over the Adjusted Dilution Horizon of the Monthly Dilution Ratios (Dilution Spike) exceeds the Expected Dilution. The Deviance is calculated as follows: • The Gross up Factor is calculated as follows: • The Dilution Horizon Ratio is calculated as follows (it being understood that the Dilution Horizon Ratio will be equal to zero prior to the occurrence of a Credit Enhancement Event which is continuing): where: • Cumulated daily sales over the Adjusted Dilution Horizon represents on every Calculation Date, the sum of the Net Sales over the Adjusted Dilution Horizon ending on and including the immediately preceding Cut-off Date The Adjusted Dilution Horizon is equal to “Z+30” calendar days, rounded up to the nearest multiple of 30. • The Adjustment Ratio is equal to [ (Z+30) / Adjusted Dilution Horizon ].
Dilution Stress Factor shall be determined according to the following table: If the long-term unsecured debt rating of the Parent from Xxxxx’x is at least Baa3 and from S&P is at least BBB-, then the Dilution Stress Factor for the higher of the two ratings apply. If the long-term unsecured debt rating of the Parent is less than Baa3 by Moody’s or less than BBB- by S&P or has been withdrawn by either such Rating Agency, then (i) the Dilution Stress Factor for the lower of the two ratings levels set forth above apply if the rating grade variance is not more than one gradation and (ii) the Dilution Stress Factor that is one notch above the lower of the two ratings levels set forth above applies if the rating grade variance is two notches or more. If the long-term unsecured indebtedness of the Parent is rated Bal or BB+ or lower by both Moody’s and S&P, then the Dilution Stress Factor for the lower of the two ratings levels set forth above applies.
Dilution Stress Factor set forth in Exhibit I of the Receivables Purchase Agreement is amended and restated as follows: