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.
Sample 1Sample 2
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.
Sample 1
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.
Sample 1

Examples of CDS Spread in a sentence

  • For products linked to a CDS Spread, Société Générale as Calculation Agent may, for the purposes of determining such CDS Spread, select dealers to obtain quotations.

  • For products linked to a CDS Spread, Société Générale as Calculation Agent may, for the purposes of determining such CDS Spread, select dealers in its sole discretion to obtain quotations.

  • CDS Spread VARIABLESNotes: This table shows estimated coefficients of Equation (16).

  • The negative and significant coefficient of CDS Spread indicates that products of issuers with higher default risk exhibit lower IPs. The coefficient of HH-Index is positive and significant in Table 11.

  • While CDS prices are readily available, the way the bond spread is computed distinguishes various methods used to compute the basis, the three most common being the Z-spread, the Par Asset Swap Spread (ASW) and the Par Equivalent CDS Spread (PECDS).

  • CDS Spread is the natural logarithm of the CDS spread on the five-year contract (CDS (bps)) of the issuing firm.

  • INSERT TABLE 7 HERE Table 7 shows the results of the probit estimation, including the CDS Spread of the buyer (Panel A) or the seller (Panel B).

  • The proxy used for detecting the counterparty credit risk is the Dealer CDS spread with a tenor of 5 years.INSERT TABLE 4 HERE Table 4 shows the results of the probit estimation, including the CDS Spread of the buyer (Panel A) or the seller (Panel B).

  • To do so, we implement the J.P. Morgan Par Equivalent CDS Spread (PECS) methodology.The data is mainly obtained from TRACE, which provides information about the prices, and FISD, which contains the different characteristics of the bonds.

  • Daily Issuer Spread: For each day during the related Fixed Rate PayerCalculation Period, the products of (i) the Fixed Rate Payer Calculation Amount for such day, (ii) the Issuer CDS Spread, (iii) the Scaling Factor and (iv) 1/360.


More Definitions of CDS Spread

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.
Sample 1
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.
Sample 1
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.
Sample 1

Related to CDS Spread

  • Excess Spread means, with respect to any Distribution Date, the sum of the amounts, if any, specified pursuant to subsections 4.05(a)(iv), 4.05(b)(iii) and 4.05(c)(ii) with respect to such Distribution Date.

  • Fixed Spread means the Bank’s fixed spread in effect at 12:01 a.m. Washington, D.C. time, one calendar day prior to the date of the Loan Agreement, for the Currency of denomination of such amount.”

  • Ratings Spread means, with respect to an SRP Calculation Period, the percentage per annum set forth below opposite the highest applicable credit rating assigned to the VRDP Shares, unless the lowest applicable rating is below A3/A-, in which case the Ratings Spread shall mean the percentage per annum set forth below opposite the lowest applicable credit rating assigned to the VRDP Shares by Moody’s, Fitch or any Other Rating Agency, in each case rating the VRDP Shares at the request of the Fund, on the SRP Calculation Date for such SRP Calculation Period:

  • Excess Spread Percentage for any Distribution Date means a fraction, the numerator of which is the Excess Spread Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period.

  • Net Excess Spread With respect to any Distribution Date, (A) the fraction, expressed as a percentage, the numerator of which is equal to the product of (i) the amount, if any, by which (a) the aggregate of the Interest Remittance Amounts for each Mortgage Pool for such Distribution Date (as reduced by the Credit Risk Manager’s Fee) exceeds (b) the Current Interest payable with respect to the Certificates for such date and (ii) twelve, and the denominator of which is the Aggregate Pool Balance for such Distribution Date, multiplied by (B) a fraction, the numerator of which is thirty and the denominator of which is the greater of thirty and the actual number of days in the immediately preceding calendar month.

  • Remaining Excess Spread With respect to any Distribution Date, the Excess Spread less any Extra Principal Distribution Amount, in each case for such Distribution Date.

  • Weighted Average Spread means, with respect to Floating Rate Obligations (in each case excluding Defaulted Loans), as of any date, the number obtained by:

  • Weighted Average Floating Spread means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying, in the case of each Floating Rate Portfolio Investment included in the Borrowing Base, on an annualized basis, the Spread of such Floating Rate Portfolio Investments, by the outstanding principal balance of such Floating Rate Portfolio Investments as of such date and dividing such sum by the aggregate outstanding principal balance of all such Floating Rate Portfolio Investments and rounding the result up to the nearest 0.01%.

  • LIBOR Total Spread means, for each Interest Period: (A) three-fourths of one percent (3/4 of 1%); (B) minus (or plus) the weighted average margin, for such Interest Period, below (or above) the London interbank offered rates, or other reference rates, for six-month deposits, in respect of the Bank’s outstanding borrowings or portions thereof allocated by the Bank to fund single currency loans or portions thereof made by it that include the Loan; as reasonably determined by the Bank and expressed as a percentage per annum.

  • Total Monthly Excess Spread As to any Distribution Date, an amount equal to the excess if any, of (i) the interest on the Mortgage Loans received by the Servicer on or prior to the related Determination Date or advanced by the Servicer for the related Remittance Date (net of Expense Fees) over (ii) the sum of the amounts payable to the Certificates pursuant to Section 4.02(a)(i) on such Distribution Date.

  • Applicable Spread means, in connection with the Maximum Rate for any Rate Period (and subject to adjustment as described in the definition of Maximum Rate) (i) when there is not a Failed Remarketing Condition, 200 basis points (2.00%), and (ii) while a Failed Remarketing Condition has occurred or is continuing, 200 basis points (2.00%) (up to 59 days of a continued Failed Remarketing Condition), 225 basis points (2.25%) (sixty (60) days but fewer than ninety (90) days of a continued Failed Remarketing Condition), 250 basis points (2.50%) (ninety (90) days but fewer than 120 days of a continued Failed Remarketing Condition), 275 basis points (2.75%) (120 days but fewer than 150 days of a continued Failed Remarketing Condition), 300 basis points (3.00%) (150 days but fewer than 180 days of a continued Failed Remarketing Condition), and 400 basis points (4.00%) (180 days or more of a continued Failed Remarketing Condition); provided that, if at any time when the Applicable Spread is 225 basis points (2.25%), 250 basis points (2.50%), 275 basis points (2.75%), 300 basis points (3.00%) or 400 basis points (4.00%) and the Failed Remarketing Condition no longer exists due to the successful remarketing of all Purchased VRDP Shares, then such Applicable Spread of 225 basis points (2.25%), 250 basis points (2.50%), 275 basis points (2.75%), 300 basis points (3.00%) or 400 basis points (4.00%) will continue to be the Applicable Spread in connection with determining the Maximum Rate in effect for each Rate Period commencing with the first Subsequent Rate Period after the Failed Remarketing Condition no longer exists through and including the first Subsequent Rate Period ending on or after the 45th day after the day the Failed Remarketing Condition no longer exists; provided, further, that (i) if a new Failed Remarketing Condition occurs prior to the end of such period and the Applicable Spread is then 225 basis points (2.25%), the date such new Failed Remarketing Condition occurs will be deemed to be the 60th day of a continued Failed Remarketing Condition, (ii) if a new Failed Remarketing Condition occurs prior to the end of such period and the Applicable Spread is then 250 basis points (2.50%), the date such new Failed Remarketing Condition occurs will be deemed to be the 90th day of a continued Failed Remarketing Condition, (iii) if a new Failed Remarketing Condition occurs prior to the end of such period and the Applicable Spread is then 275 basis points (2.75%), the date such new Failed Remarketing Condition occurs will be deemed to be the 120th day of a continued Failed Remarketing Condition, (iv) if a new Failed Remarketing Condition occurs prior to the end of such period and the Applicable Spread is then 300 basis points (3.00%), the date such new Failed Remarketing Condition occurs will be deemed to be the 150th day of a continued Failed Remarketing Condition and (v) if a new Failed Remarketing Condition occurs prior to the end of such period and the Applicable Spread is then 400 basis points (4.00%), the date such new Failed Remarketing Condition occurs will be deemed to be the 180th day of a continued Failed Remarketing Condition, in each case, solely for purposes of determining the Applicable Spread.

  • Quarterly Excess Spread Percentage means, for each Determination Date, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

  • Make-Whole Spread means, with respect to any Series of Equipment Notes, the percentage specified for the applicable Series as such in Schedule I to the Indenture (as amended, in the case of any Additional Series, new Series A Equipment Notes or new Additional Series issued pursuant to Section 2.02 of the Indenture, at the time of issuance of such Series).

  • Aggregate Unfunded Spread As of any Measurement Date, the sum of the products obtained by multiplying (i) for each Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation (other than Defaulted Obligations), the related commitment fee rate then in effect as of such date and (ii) the undrawn commitments of each such Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation as of such date.

  • Pricing Spread shall have the meaning set forth in the Pricing Side Letter.

  • Adjustment Spread means either a spread (which may be positive or negative), or the formula or methodology for calculating a spread, in either case, which the Independent Adviser determines and which is required to be applied to the Successor Rate or the Alternative Rate (as the case may be) to reduce or eliminate, to the fullest extent reasonably practicable in the circumstances, any economic prejudice or benefit (as the case may be) to Noteholders as a result of the replacement of the Original Reference Rate with the Successor Rate or the Alternative Rate (as the case may be) and is the spread, formula or methodology which:

  • Relative Spread with respect to any Note and any date of determination shall mean the ratio of the Interest Rate of such Note to the weighted average as of such date of determination (prior to taking into account any payments made on account of principal as of such date) of the Interest Rates on all the Notes based on their Principal Balances.

  • Minimum Weighted Average Spread Test means a test that will be satisfied on any date of determination if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such date is equal to or greater than 5.00%.

  • Aggregate Funded Spread As of any Measurement Date, the sum of: (a) in the case of each Floating Rate Obligation (other than a Defaulted Obligation) that bears interest at a spread over a reference rate based index that is a Benchmark-based Index or is the same as the then-current Benchmark applicable to the Floating Rate Debt (including, for any Permitted Deferrable Obligation, only the excess of the required current cash pay interest required by the Underlying Documents thereon over the applicable index and excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation), (i) the stated interest rate spread paid in Cash on such Collateral Obligation above such index multiplied by (ii) the Principal Balance of such Collateral Obligation; provided that (i) with respect to any Floor Obligation, the stated interest rate spread paid in Cash on such Collateral Obligation over the applicable index shall be deemed to be equal to the sum of (x) the stated interest rate spread paid in Cash over the applicable index and (y) the excess, if any, of the specified “floor” rate relating to such Collateral Obligation over the greater of zero and the applicable index and (ii) the interest rate of each Step-Up Obligation will be deemed to be its current rate of interest and the interest rate of each Step-Down Obligation will be deemed to be the lowest rate of interest that such Collateral Obligation will by its terms pay in the future solely as a function of the passage of time; and (b) in the case of each Floating Rate Obligation (including, for any Permitted Deferrable Obligation, only the required current cash pay interest required by the Underlying Documents thereon and excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears interest at a spread over an index other than a reference rate based index that is a Benchmark-based Index or is the same as the then-current Benchmark applicable to the Floating Rate Debt, (i) the excess of (x) the sum of such spread and the greater of such index or any applicable floor paid in Cash over (y) the Benchmark applicable to the Floating Rate Debt as of the immediately preceding Interest Determination Date (which spread or excess may be expressed as a negative percentage) multiplied by (ii) the Principal Balance of each such Collateral Obligation.

  • Required Spread Account Amount means, for the March 2012 Payment Date and the April 2012 Payment Date, zero, and for any Payment Date thereafter, the product of (i) the Spread Account Percentage in effect on such date and (ii) during (x) the Revolving Period, the Collateral Amount, and (y) during the Controlled Accumulation Period or the Early Amortization Period, the Collateral Amount as of the last day of the Revolving Period; provided that, prior to the occurrence of an Event of Default and acceleration of the Series 2012-1 Notes, the Required Spread Account Amount will never exceed the Class C Note Principal Balance (after taking into account any payments to be made on such Payment Date).

  • LIBOR Spread means, at any date or any period of determination, the LIBOR Spread that would be in effect on such date or during such period pursuant to the chart set forth in Section 2.22 based on the rating of the Borrower's senior unsecured long-term debt.

  • SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, to the extent reasonably practicable under the circumstances, any economic prejudice or benefit (as applicable) to Noteholders as a result of the replacement of the Swiss Average Rate Overnight with the SNB Policy Rate for purposes of determining SARON, which spread will be determined by the Calculation Agent, acting in good faith and a commercially reasonable manner, taking into account the historical median between the Swiss Average Rate Overnight and the SNB Policy Rate during the two year period ending on the date on which the SARON Index Cessation Event occurred (or, if more than one SARON Index Cessation Event has occurred, the date on which the first of such events occurred).

  • Available Spread Account Amount means, for any Transfer Date, an amount equal to the lesser of (a) the amount on deposit in the Spread Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from, the Spread Account made or to be made with respect to such date) and (b) the Required Spread Account Amount, in each case on such Transfer Date.

  • Portfolio Yield means, with respect to any Due Period, the annualized percentage equivalent of a fraction, the numerator of which shall be the sum of (i) the amount of Finance Charge Collections received during such Due Period, (ii) the amount of Series Yield Collections for each Series then outstanding for such Due Period and (iii) the amount of Series Additional Funds for each Series then outstanding for such Due Period, and the denominator of which shall be the total amount of Principal Receivables in the Trust as of the first day of such Due Period.

  • Series Adjusted Portfolio Yield means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, (A) the numerator of which is equal to (a) Reallocated Investor Finance Charge Collections with respect to such Monthly Period, plus (b) the amount of any Principal Funding Account Investment Proceeds for the related Distribution Date, plus (c) provided that each Rating Agency has consented in writing to the inclusion thereof in calculating the Series Adjusted Portfolio Yield, any Excess Finance Charge Collections that are allocated to Series 2021-1 with respect to such Monthly Period, plus (d) the amount of funds, if any, withdrawn from the Reserve Account which pursuant to subsection 4.12(d) are required to be deposited into the Collection Account and included as Class A Available Funds for the Distribution Date with respect to such Monthly Period, minus (e) the Investor Default Amount for the Distribution Date with respect to such Monthly Period, and (B) the denominator of which is the Invested Amount as of the last day of the preceding Monthly Period.

  • Specified Spread Account Balance means on the Closing Date, % of the sum of the Pool Balance as of the [Initial] Cutoff Date and on any Payment Date thereafter the lesser of, (a) % of the [sum of (i) the] Pool Balance as of the [Initial] Cutoff Date [plus (ii) the aggregate Contract Value of all Subsequent Receivables sold to the Trust as of their respective Cutoff Dates] and (b) the outstanding principal amount of the Notes. However, if (A) the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) will be reduced to % on such Payment Date and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Dates as provided in the following clauses (B), (C) or (D); (B) if the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to % on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Date in [Month] 20XX or any Payment Date thereafter and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Date as provided in the following clause (C) or (D); (C) the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to % on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Dates in [Month] 20XX or any Payment Date thereafter or [Month] 20XX or any Payment Date thereafter) and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Date as provided in the following clause (D); and (D) the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to % on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Dates in [Month] 20XX or any Payment Date thereafter, [Month] 20XX or any Payment Date thereafter or [Month] 20XX or any Payment Date thereafter) and will remain at such percentage for each Payment Date thereafter. In addition to the ability to amend the “Specified Spread Account Balance” definition pursuant to Section 9.1(a) of the Indenture, the Specified Spread Account Balance may also be reduced or modified without the consent of the Holders of the Notes if the Rating Agency Condition is satisfied with respect to such reduction or modification.