Country Concentration Factor

Country Concentration Factor. Means, with respect to any Approved Obligor Jurisdiction as of any date of determination, the percentage, if applicable, specified (or the percentage resulting from the calculation specified) under the heading 'Country Concentration Factor' in the grid immediately below; provided, that with respect to (i) Spain, its 'Country Concentration Factor' shall be the lower of (A) 12% and (B) the then-applicable Loss Reserve Floor percentage (provided that if the applicable currency rating of Spain,... determined as specified below (including the final sentence of this definition in the case where the S&P and Moody's ratings fall within different ratings levels), is not at least investment grade (i.e., BBB-/Baa3), then the 'Country Concentration Factor' for Spain shall be 5%, and provided further that if the Days Sales Outstanding set forth in the most recently delivered Portfolio Report (calculated solely with respect to the Eligible Receivables with Obligors in Spain) exceeds 33 days, then the 'Country Concentration Factor' for Spain shall be determined in accordance with the grid below); (ii) Italy, its 'Country Concentration Factor' shall be 8% (provided that if the applicable currency rating of Italy, determined as specified below (including the final sentence of this definition in the case where the S&P and Moody's ratings fall within different ratings levels), is not at least investment grade (i.e., BBB-/Baa3), then the 'Country Concentration Factor for Italy shall be 5%); and (iii) Portugal, its 'Country Concentration Factor' shall be 4%. View More