Obligor Limit means the percentage, as set forth in the Receivables Specification and Exception Schedule attached to the U.S. Receivables Loan Agreement as Schedule 8 under the heading “Obligor Limit”, which shall represent, at any date, with respect to an Eligible Obligor, the percentage of the Principal Amount of all Pool Receivables which are Eligible Receivables at such date which are due from such Eligible Obligor for the applicable ratings category of long-term senior debt of that Obligor, or if such Obligor is unrated and is a wholly owned subsidiary, then the applicable ratings category of long term senior debt of such Obligor’s parent; provided, however, for purposes of this definition that all Eligible Obligors that are Affiliates of each other shall be deemed to be a single Eligible Obligor to the extent the Master Servicer has actual knowledge of the affiliation and in that case, the applicable debt rating for such group of Obligors shall be the debt rating of the ultimate parent of the group. If the ratings given by S&P and Moody’s to the long term senior debt of any Obligor (or the ultimate parent of the Obligor or the affiliated group of which such Obligor is a member, as the case may be) would result in different applicable percentages under Schedule 8 to this Agreement, the applicable percentage shall be the percentage associated with the lower rating, as between S&P’s rating and Xxxxx’x rating, of such Obligor’s (or such ultimate parent’s, as the case may be) long-term senior debt; provided that: (i) if an Obligor (or such ultimate parent, as the case may be) is not rated by one of the Rating Agencies, then such Obligor (or the ultimate parent, as the case may be) shall be deemed to be unrated unless the Rating Agency that does not rate the Obligor consents to the application of the rating given the Obligor by the Rating Agency that does give such a rating and (ii) if an Obligor (or such ultimate parent, as the case may) does not have a long-term senior debt rating from either of the Rating Agencies, but has a short-term senior debt rating, then the applicable percentage shall be the percentage associated with the long term senior debt ratings that are equivalent to such short term senior debt ratings as set forth in the table set forth in the Receivables Specification and Exception Schedule attached to the U.S. Receivables Loan Agreement as Schedule 8 under the heading “Obligor Limit”. The ratings specified in the table are minimums for each percentag...
Obligor Limit means, as of any date of determination, (a) with respect to each Obligor having an unsecured long-term debt rating (or equivalent shadow rating) of "AAA" from S&P and "Aaa" from Moody's, 5% of the Aggregate Receivable Balance, (b) with respect to each Obligor having an unsecured long-term debt rating (or equivalent shadow rating) lower than "AAA" but equal to or higher than "AA-" from S&P and lower than "Aaa" but equal to or higher than "Aa3" from Moody's, 4% of the Aggregate Receivable Balance, (c) with respect to each Obligor having an unsecured long-term debt rating (or equivalent shadow rating) lower than "AA-" but equal to or higher than "A-" from S&P and lower than "Aa3" but equal to or higher than "A3" from Moody's, 3% of the Aggregate Receivable Balance, (d) with respect to each Obligor having an unsecured long-term debt rating (or equivalent shadow rating) lower than "A-" but equal to or higher than "BBB-" from S&P and lower than "A3" but equal to or higher than "Baa3" from Moody's, 2% of the Aggregate Receivable Balance and (e) with respect to each Obligor either not having an unsecured long-term debt rating from S&P or Xxxxx'x or having an unsecured long-term debt rating (or equivalent shadow rating) lower than "BBB-" from S&P or lower than "Baa3" from Moody's, 1% of the Aggregate Receivable Balance. If an Obligor's unsecured long-term debt rating (or equivalent shadow rating) results in two different Obligor Limits (because of differences in the long-term unsecured debt ratings assigned by each of the Rating Agencies), the Obligor Limit for such Obligor will be the lower Obligor Limit.
Obligor Limit means the maximum aggregate amount of Purchased Receivables owing by any Obligor that may be outstanding under the Facility at any time as set forth on the Obligor Schedule or as otherwise agreed in writing by Purchaser (in its sole discretion) and the applicable Seller (which may be by exchange of emails between any person listed for Purchaser and any person listed for Seller on Schedule 1); provided, that notwithstanding anything to the contrary in this Agreement, the Purchaser shall be entitled to reduce or withdraw the Obligor Limit with respect to any Obligor (Uncommitted) in its sole discretion at any time and from time to time without prior notice.
Examples of Obligor Limit in a sentence
The ------------------------------------------------------------- definition of "Total Government Obligor Limit" appearing in Exhibit I to the Agreement is hereby amended by deleting the percentage "10%" where it appears therein and inserting the percentage "17%" in lieu thereof.
Limitations on Obligations With Ratings from the SVO of the NAIC Limit NAIC 4-6 [REDACTED] NAIC 6 [REDACTED] Concentration Limits in Single Obligor Limit Issued or guaranteed by any agency, state, development bank (excl.
The Euro equivalent of any Obligor Limit or of the Commitments shall be determined on any date of determination by the Agent at the spot rate of exchange of Deutsche Bank AG at 11:00 a.m. (New York time) on such date of determination.
Santander will, on a bi-annual basis beginning six months after the Closing Date, give Kyndryl at least 12 months’ notice of the cancellation or reduction of any applicable Obligor Limit with respect to any Obligor (Committed).
More Definitions of Obligor Limit
Obligor Limit means the maximum aggregate Outstanding Balance permitted at any time for an Obligor, as set forth as the total limit on the schedule of buyers attached to the Policy on the Closing Date. The parties hereto may upon mutual agreement, subject to Section 9.01, amend an Obligor Limit at any time.
Obligor Limit means the percentage, as set forth in the Receivables Specification and Exception Schedule attached to the Pooling Agreement as Schedule 3 under heading (E) “Obligor Limit”, which shall represent, at any date, with respect to an Eligible Obligor, the percentage of the Principal Amount of all Eligible Receivables in the Trust at such date which are due from such Eligible Obligor for the applicable ratings category of long-term senior debt of that Obligor, or if such Obligor is unrated and is a wholly owned subsidiary, then the applicable ratings category of long term senior debt of such Obligor’s parent; provided, however, for purposes of this definition that all Eligible Obligors that are Affiliates of each other shall be deemed to be a single Eligible Obligor to the extent the Master Servicer has actual knowledge of the affiliation and in that case, the applicable debt rating for such group of Obligors shall be the debt rating of the ultimate parent of the group.
Obligor Limit means, as of any date of determination, ------------- with respect to each Eligible Obligor having a short-term debt rating (or, if it has no short-term debt rating, the equivalent unsecured long-term debt rating) from each of S&P and Moody's as described below, an amount equal to the applicable percentage listed opposite such Obligor's debt rating times the Aggregate Receivables Balance as of the immediately preceding Business Day: -------------------------- ------------------------------ ----------------- Short-Term Equivalent Applicable Rating Long-Term Percentage of Obligor Unsecured Rating -------------------------- ------------------------------ -----------------
Obligor Limit in Section 1.01 is hereby amended and restated in its entirety as follows:
Obligor Limit means for each Obligor, the maximum amount for the respective Obligor up to USD 100.0 million or as may be agreed between the Parties in writing.
Obligor Limit means, with respect to any Obligor, either the Obligor EPP Limit or the Obligor Non-EPP Limit of such Obligor, as applicable (each of which shall constitute a separate limit applicable only to EPP Receivables or only to Non-EPP Receivables, as the case may be). For the avoidance of doubt, if used with reference to an “Obligor (Committed)” or “Obligor (Uncommitted)”, such reference shall be to the Obligor EPP Limit of such Obligor.
Obligor Limit means the percentage, as set forth in the Receivables Specification and Exception Schedule attached to the U.S. Receivables Loan Agreement as Schedule 8 under the heading “Obligor Limit”, which shall represent, at any date, with respect to an Eligible Obligor, the percentage of the Principal Amount of all Pool Receivables which are Eligible Receivables at such date which are due from such Eligible Obligor for the applicable ratings