Normal Concentration Percentage for any Obligor (other than a Special Obligor) means at any time [*].
Normal Concentration Percentage means, (i) for any Group A Obligor, 12.0%, (ii) for any Group B Obligor, 9.0%, (iii) for any Group C Obligor, 6.0% and (iv) for any Group D Obligor, 3.0%
Normal Concentration Percentage means, at any time, 2.0%.
Examples of Normal Concentration Percentage in a sentence
If a Special Obligor is reduced below BBB-/Baa3, the Normal Concentration Percentage will revert to 3.0% (or 2.5% if PAR is the Purchaser hereunder).
If the Average Maturity of the Pool Receivables of which Central National Xxxxxxxxx is the Obligor exceeds 45 days, the Normal Concentration Percentage for Central National Xxxxxxxxx will revert to 3.0% (or 2.5% if PAR is the Purchaser hereunder).
More Definitions of Normal Concentration Percentage
Normal Concentration Percentage for any Obligor means at any time 3%.
Normal Concentration Percentage for any Obligor means at any time 2.5% ------------------------------- if such Obligor is not a Special Obligor, or if such Obligor is a Special Obligor, 8% if such Special Obligor is rated A or better by S&P and A2 or better by Xxxxx'x, 6% if such Special Obligor is rated BBB+ or better by S&P and Baa1 or better by Xxxxx'x and 4% if such Special Obligor is not so rated but is rated at least BBB- by S&P and Baa3 by Xxxxx'x."
Normal Concentration Percentage means, at any time, (a) for any Obligor that is not a Special Obligor or Wal-Mart, 3%; (b) for any Obligor that is a Special Obligor, (i) if such Special Obligor is rated A+ or better by S&P and A1 or better by Xxxxx’x, 12% or (ii) if such Special Obligor is not so rated but is rated at least BBB- by S&P and Baa3 by Xxxxx’x, 6%; or (c) for any Obligor that is Wal-Mart, (i) if Wal-Mart is rated AA or better by S&P and Aa2 or better by Xxxxx’x, 18%, or (ii) if Wal-Mart is not so rated but is rated at least AA- by S&P and Aa3 by Xxxxx’x, 15% or (iii) if Wal-Mart is rated A+ or lower by S&P and A1 or lower by Xxxxx’x, the applicable percentage shall be as set forth for Obligors and Special Obligors in this definition. If the ratings from S&P and Xxxxx’x fall within different categories, the Normal Concentration Percentage shall be based on the category in which the lower of the two ratings falls. If any Obligor is rated only by S&P or only by Xxxxx’x, the Normal Concentration Percentage shall be based on the rating by such Rating Agency without regard to a rating by any other Rating Agency.
Normal Concentration Percentage means, (i) with respect to Obligors which have senior unsecured debt ratings of “AA-” or higher by S&P or “Aa3” or higher by Moody’s, 10%; (ii) with respect to Obligors not described in clause (i) above and which have senior unsecured debt ratings of “A-1” or “A-” or higher by S&P or “P-1” or “A3” or higher by Moody’s, 5%; (iii) with respect to Obligors not described in clause (i) or (ii) and which have a senior unsecured debt rating of “A -2” or “BBB-“ or higher by S&P and “P-2” or “Baa3” or higher by Moody’s, 3.5%; and (iv) with respect to all other Obligors, 2%. If an Obligor has a senior unsecured credit rating from both S&P and Moody’s, the lower rating will be used for the purposes of this definition; provided that if an Obligor has a senior unsecured credit rating from only one of the agencies (either S&P or Moody’s), such credit rating shall be used subject to the satisfaction of the Rating Agency Condition with respect to the rating agency from which such Obligor does not have a senior unsecured credit rating. With respect to any Special Obligor, the Normal Concentration Percentage may be such other higher percentage as agreed by the Administrative Agent in writing; provided such higher percentage shall only be effective upon satisfaction of the Rating Agency Condition with respect to S&P; provided, further, that the Administrative Agent may for credit reasons reduce or cancel any other higher percentage for any Special Obligor upon three (3) Business Days’ notice to the Servicer.
Normal Concentration Percentage for any Obligor means at any time 2.5% if such Obligor is not a Special Obligor, or if such Obligor is a Special Obligor, 10% if such Special Obligor is rated AA- or better by S&P and Aa3 or better by Moody's, 8% if such Special Obligor is rated A or better by S&P and A2 or better by Moody's, 6% if such Special Obligor is rated BBB+ or better by S&P and Baa1 or better by Moody's and 4% if such Special Obligor is not so rated but is rated at least BBB- by S&P and Baa3 by Moody's.
Normal Concentration Percentage means, at any time for any Obligor (a) which is a Special Obligor, the Special Concentration Percentage with respect to such Special Obligor, (b) which is not a Special Obligor, (i) if the short-term ratings of such Obligor is at least A-1+ from S&P and P-1 from Moody’s, 12.0%; (ii) if the short-term ratings of such Obligor is less than the ratings specified in (i) above but is at least A-1 from S&P and P-1 from Moody’s, 12.0%; (iii) if the short-term ratings of such Obligor is less than the ratings specified in (i) and
Normal Concentration Percentage for any Obligor means at any time 2%, or such other percentage ("Special Concentration Percentage") set forth below for such Obligor; provided that in the case of an Obligor with any Affiliated Obligor, the Normal Concentration Percentage and the Special Concentration Percentage shall be calculated as if such Obligor and such Affiliated Obligor are one Obligor; provided further that in the case of an Obligor having Receivables fully supported by a letter of credit issued by an Eligible LOC Bank, the Normal Concentration Percentage and the Special Concentration Percentage shall be calculated as if such Eligible LOC Bank is the Obligor and the chart in the next sentence referred to certificate of deposit ratings; provided further that the Agent may cancel any Special Concentration Percentage upon three Business Days' notice to the Seller. The Special Concentration Percentages for X.X. Penney Company, Inc. and Sears Xxxxxxx & Co. shall be 15% and 10%, respectively, for so long as the short-term public senior debt ratings of such Obligors by Standard & Poor's Ratings Group and Xxxxx'x Investors Service, Inc. remain at least equal to those in effect on the date of the Original Agreement; provided, however, that such Special Concentration Percentages shall be increased (subject to the Agent's right to cancel any Special Concentration Percentage upon three Business Days' notice to the Seller) or reduced based on subsequent changes in such debt ratings as set forth below: Short-Term Public Special Concentration Senior Debt Rating Percentage ------------------- --------------------- X-0/X-0 00% X-0/X-0, X-0/X-0 or X-0/X-0 00% X-0/X-0, X-0/X-0 or A-3/P-2 2% The Special Concentration Percentage of Xxxxxxx Furniture Companies, Inc. and Wal-Mart Stores, Inc. shall each be 5%. At each annual anniversary of the execution of the Agreement, the foregoing Special Concentration Percentages for Xxxxxxx Furniture Companies, Inc. and Wal-Mart Stores, Inc. may be revised by request of the Seller, provided that such revision is consented to by the Agent (it being understood that the Agent agrees to duly consider such request but shall have no obligation to give such consent). The Agent shall provide the Relevant Rating Agencies with prior notice of any proposed increase in any Special Concentration Percentage or the establishment of any new Special Concentration Percentage.