CDS Spread definition
CDS Spread means the rate per annum equal to the five-year credit default swap mid-rate spread of the Borrower (or of Holdco if such rate is not available for the Borrower), as provided by Markit Group Limited (or any successor thereto, or if Markit Group Limited or any successor thereto is no longer providing quotations of such spread, any other entity of recognized reputation then providing such quotations as reasonably selected by the Administrative Agent and notified to the Borrower and the Lenders) as of the close of business, New York time, two Business Days prior to the commencement of the applicable Interest Period; provided that the CDS Spread shall at no time be less than the rate per annum set forth on the Pricing Grid opposite the reference to the applicable Index Debt Rating under the heading “Applicable Floor” or greater than the rate per annum set forth on the Pricing Grid opposite the reference to the applicable Index Debt Rating under the heading “Applicable Cap” as of the applicable date of determination.
CDS Spread means, in relation to a Reference Entity, the mid-market price for a standard CDS contract for such Reference Entity as determined by the Calculation Agent in a commercially reasonable manner.
CDS Spread means, at any time, the three-year credit default swap mid-rate spread of PPG (as provided by Markit Group Limited). The CDS Spread will be (a) obtained by the Administrative Agent and (b) set on the following dates: (i) in the case of Base Rate Advances, on the Effective Date and thereafter quarterly on the last Business Day of each March, June, September and December and (ii) in the case of Eurocurrency Rate Advances for each Interest Period applicable thereto, the date the LIBO Rate for such Advances for such Interest Period is set and, for any Eurocurrency Rate Advances with an Interest Period of longer than three months, at the end of each successive three-month period after the first day of such Interest Period (in each case, based upon the CDS Spread quote received for the immediately preceding Business Day). If the CDS Spread is not available, PPG and the Lenders agree to negotiate in good faith to agree on an alternative method for establishing the Applicable Margin, provided that until the earlier of (x) the time at which such an alternative method is agreed or (y) 30 days after the date on which the CDS Spread became unavailable, the Applicable Margin shall be based on the then most recently available CDS Spread. If no such alternative method is agreed upon and so long as the CDS Spread remains unavailable, the Applicable Margin shall be determined by reference to the Applicable Margin Cap for Eurocurrency Rate Advances.
More Definitions of CDS Spread
CDS Spread means, at any time, the credit default swap mid-rate spread of PPG interpolated to the Termination Date (as the Termination Date may be extended pursuant to Section 2.05(c)) or, if the Termination Date (as so extended pursuant to Section 2.05(c), as applicable) is less than one year from the date of determination, the one-year credit default mid-rate spread of PPG (in each case, as provided by Markit Group Limited). The CDS Spread will be (a) obtained by the Administrative Agent and (b) set on the following dates: (i) in the case of Base Rate Advances, on the Effective Date and thereafter quarterly on the last Business Day of each March, June, September and December and (ii) in the case of Eurocurrency Rate Advances for each Interest Period applicable thereto, the date the LIBO Rate for such Advances for such Interest Period is set and, for any Eurocurrency Rate Advances with an Interest Period of longer than three months, at the end of each successive three-month period after the first day of such Interest Period (in each case, based upon the CDS Spread quote received for the immediately preceding Business Day). If the CDS Spread is not available, PPG and the Lenders agree to negotiate in good faith to agree on an alternative method for establishing the Applicable Margin, provided that until the earlier of (x) the time at which such an alternative method is agreed or (y) 30 days after the date on which the CDS Spread became unavailable, the Applicable Margin shall be based on the then most recently available CDS Spread. If no such alternative method is agreed upon and so long as the CDS Spread remains unavailable, the Applicable Margin shall be determined by reference to the Applicable Margin Cap for Eurocurrency Rate Advances.
CDS Spread means, with respect to any Additional CDS Transaction, the credit spread notified by the Collateral Manager to the Trustee, the Issuer, the Calculation Agent and the Noteholders, on or before the trade date of such Additional CDS Transaction and payable by the Issuer to the CDS Counterparty pursuant to the relevant Additional CDS Agreement.
CDS Spread means the percentage rate per annum equal to the Borrower’s three-year credit default swap mid-rate spread (as provided by the Quotation Agency to the Administrative Agent). The CDS Spread will be set (i) with respect to each LIBOR Loan, on the date which is two Business Days prior to the first day of each Interest Period for such LIBOR Loan and (ii) with respect to each Base Rate Loan and Swingline Loan, on the relevant Borrowing Date and, thereafter, quarterly on the first business day of January, April, July an October of each year (in each case, based on the CDS Spread as calculated by the Quotation Agency after the close of business on the immediately preceding Business Day). If, for any reason, the CDS Spread is unavailable for any date of determination, the Borrower and the Lenders agree to negotiate in good faith on an alterative method for establishing the Interest Margin and Letter of Credit Fee for a period of up to 30 days after the CDS Spread becomes unavailable. During such 30-day period, the CDS Spread shall be based upon the then most recently available CDS Spread. If no such alternative method is agreed upon, after such 30-day period the Interest Margin shall be 3.50% so long as the CDS Spread remains unavailable or is not provided by the Quotation Agency and an alternative method for establishing the Interest Margin and Letter of Credit Fee has not been agreed upon by the Borrower and the Lenders.