Normal Concentration Percentage. Means, with respect to any Obligor, (a) the lower of the percentages set forth below opposite the short term unsecured debt rating, if any, currently assigned to such Obligor by S&P or Moody's at such time (or in the absence of a short term unsecured debt rating from any such rating agency, the long term unsecured senior debt rating currently assigned to such Obligor by S&P or Moody's at such time) and (b) the higher percentage that the Administrative Agent may (in its sole discretion) agree to
... from time to time; provided, that as of the Closing Date, the Administrative Agent has agreed, pursuant to the foregoing clause (b), to (i) a Normal Concentration Percentage of 10.00% for whichever Obligor in Category IV that has the greatest aggregate Outstanding Balance of Eligible Receivables of all Obligors in Category IV, (ii) a Normal Concentration Percentage of 5.00% for whichever Obligor in Category IV that has the second greatest aggregate Outstanding Balance of Eligible Receivables of all Obligors in Category IV, (iii) a Normal Concentration Percentage of 5.00% for whichever Obligor in Category IV that has the third greatest aggregate Outstanding Balance of Eligible Receivables of all Obligors in Category IV and (iv) a Normal Concentration Percentage of 3.00% for whichever Obligor in Category IV that has the fourth greatest aggregate Outstanding Balance of Eligible Receivables of all Obligors in Category IV; and provided, further, that the Administrative Agent may, upon not less than five (5) Business Days' prior written notice to the Borrower, cancel or reduce any percentage granted pursuant to clause (b) above (including pursuant to the immediately preceding proviso) for any Obligor, in which case the Normal Concentration Percentage for such Obligor(s) shall be determined pursuant to clause (a) above. 2 Category S&P Short Term Rating S&P Long Term Rating Moody's Short Term Rating Moody's Long Term Rating Normal Concentration Percentage I A-1 or A-1+ A or higher P-1 A2 or higher 20.00% II A-2 A- to BBB+ P-2 A3 to Baa1 12.50% III A-3 BBB to BBB- P-3 Baa2 to Baa3 8.33% IV Below A-3 or Not Rated by S&P Below BBB- or Not Rated by S&P Below P-3 or Not Rated by Moody's Below Baa3 or Not Rated by Moody's 2.00% For the avoidance of doubt, if any Obligor does not have a short term unsecured debt rating or a long term unsecured senior debt rating from at least one of S&P and Moody's, such Obligor's Normal Concentration Percentage shall equal the Normal Concentration Percentage for Category IV set forth above subject to clause (b) above. If an Obligor has a short term unsecured debt rating and a long term unsecured senior debt rating from either S&P or Moody's, the short term unsecured debt rating will be used for the purposes of this definition. If an Obligor has a short term unsecured debt rating from both S&P and Moody's, the lower rating will be used for the purposes of this definition. If an Obligor has a long term unsecured senior debt rating from both S&P and Moody's, the lower rating will be used for the purposes of this definition.
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