CDS Margin definition
CDS Margin means a rate per annum equal to the arithmetic average determined by the Administrative Agent on the second Business Day prior to the 90th day after the Closing Date, and reset on the second Business Day prior to the date that is 30 days after the date on which the previous CDS Margin was set (each such date, a “Determination Date”) of the rates obtained by
CDS Margin means a rate per annum equal to the arithmetic average determined by the Agent on the second business day prior to the 90th day after the Closing Date, and reset on the second business day prior to the date that is 30 days after the date on which the previous CDS Margin was set (each such date, a “Determination Date”) of the rates obtained by the Agent from the CDS Data for the 30 Business Days immediately preceding such Determination Date; provided that the CDS Margin shall in no event be less than the CDS Margin Floor or greater than the CDS Margin Cap. If the Agent is unable to obtain the CDS Data for any Determination Date, the Agent shall give notice thereof to the Borrower and each Lender as soon as practicable thereafter. In such event, the Borrower and the Agent shall use commercially reasonable efforts to promptly agree on an alternative source of data and/or calculation methodology to determine
CDS Margin means, for any Determination Date, a rate per annum equal to the Borrower’s credit default swap mid-rate spread for senior, unsecured, non-credit enhanced debt of Borrower with a maturity of one year as reported (and, if necessary, interpolated by Markit) by Markit through its service as of the close of business, New York time, on the Business Day immediately preceding such Determination Date, obtained by the Administrative Agent from such website on such Determination Date. Notwithstanding the foregoing, the “CDS Margin” in effect at any time shall not be less than the amount set forth in the pricing grid below (the “Pricing Grid”) under the heading “Floor” and shall not exceed the amount set forth in the Pricing Grid under the heading “Cap” (the “CDS Margin Cap”) (in each case expressed as a rate per annum), corresponding to the Applicable Rating Level in effect on such Determination Date: If the CDS Margin is unavailable for any Determination Date for any Loan, then Borrower and the Administrative Agent shall negotiate in good faith for a period of up to 30 days after the CDS Margin becomes unavailable (the “Negotiation Period”) to agree on an alternative method of establishing the CDS Margin. The CDS Margin at any time the Determination Date for which falls during the Negotiation Period and prior to the time an amendment specified in the next sentence has been executed or when the CDS Margin has again become available shall be based upon the CDS Margin for the most recent Determination Date prior to the Negotiation Period. In the event that an amendment hereof executed by Borrower and each Lender and specifying an alternative method for establishing the CDS Margin shall not have been delivered to the Administrative Agent on or prior to the last day of the Negotiation Period, then until such amendment is delivered to the Administrative Agent, the CDS Margin at any time the Determination Date for which falls subsequent to the end of the Negotiation Period and prior to the time such amendment has been executed or when the CDS Margin has again become available shall be a rate per annum equal to the CDS Margin Cap as set forth in the Pricing Grid corresponding to the Applicable Rating Level in effect on such Determination Date. Each change in the CDS Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. Changes in the CDS Margin will occur...