Credit Default Rate Spread definition

Credit Default Rate Spread means the one-year credit default swap mid-rate spread of the Company established on the most recent Spread Determination Date and based on the credit default swap mid-rate spreads specified by Markit Group Ltd., determined on the Spread Determination Date. If at any time the Credit Default Rate Spread cannot be determined or is otherwise unavailable, the Company and the Required Lenders shall negotiate in good faith (for a period of up to thirty days after the Credit Default Rate Spread first becomes unavailable (such thirty-day period, the “Negotiation Period”)) to agree on an alternative method for establishing the Credit Default Rate Spread. The Credit Default Rate Spread at any date of determination thereof which falls during the Negotiation Period shall be based upon the then most recently available quote provided by Markit Group Limited (or any successor thereto) of the Credit Default Rate Spread. If no such alternative method is agreed upon during the Negotiation Period, the Credit Default Rate Spread at any date of determination subsequent to the end of the Negotiation Period shall be a rate per annum equal to the applicable Cap.
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Credit Default Rate Spread means the lower of (a) the credit default swap mid-rate spread of the Company interpolated from the applicable Spread Determination Date to the latest Extended Termination Date (or, if the period from such Spread Determination Date to the latest Extended Termination Date is less than one year, then the one-year credit default swap mid-rate spread of the Company), and (b) the credit default swap mid-rate spread of the Company that is five (5) years from the applicable Spread Determination Date (“5 Year CDS”), if any; in each case established on the most recent Spread Determination Date and based on the credit default swap mid-rate spreads specified by Markit Group Ltd., determined on the Spread Determination Date. For the avoidance of doubt, in the event there is no 5 Year CDS, then the “Credit Default Rate Spread” shall be as determined in clause (a) above. If at any time the Credit Default Rate Spread cannot be determined or is otherwise unavailable, the Company and the Required Lenders shall negotiate in good faith (for a period of up to thirty days after the Credit Default Rate Spread first becomes unavailable (such thirty-day period, the “Negotiation Period”)) to agree on an alternative method for establishing the Credit Default Rate Spread. The Credit Default Rate Spread at any date of determination thereof which falls during the Negotiation Period shall be based upon the then most recently available quote provided by Markit Group Limited (or any successor thereto) of the Credit Default Swap Spread. If no such alternative method is agreed upon during the Negotiation Period, the Credit Default Rate Spread at any date of determination subsequent to the end of the Negotiation Period shall be a rate per annum equal to the applicable Cap.
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Credit Default Rate Spread means the one-year credit default swap mid-rate spread of the Company established on the most recent Spread Determination Date and based on the credit default swap mid-rate spreads specified by IHS Markit, Ltd., determined on the Spread Determination Date. If at any time the Credit Default Rate Spread cannot be determined or is otherwise unavailable, the Company and the Required Lenders shall negotiate in good faith (for a period of up to thirty days after the Credit Default Rate Spread first becomes unavailable (such thirty-day period, the “Negotiation Period”)) to agree on an alternative method for establishing the Credit Default Rate Spread. The Credit Default Rate Spread at any date of determination thereof which falls during the Negotiation Period shall be based upon the then most recently available quote provided by IHS Markit, Ltd. (or any successor thereto) of the Credit Default Rate Spread. If no such alternative method is agreed upon during the Negotiation Period, the Credit Default Rate Spread at any date of determination subsequent to the end of the Negotiation Period shall be a rate per annum equal to the applicable Cap. 364-DAY CREDIT AGREEMENT
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Related to Credit Default Rate Spread

  • Post-Default Rate means, (a) in respect of any principal of any Loan or any Reimbursement Obligation, the rate otherwise applicable plus an additional two percent (2.0%) per annum, and (b) with respect to any other Obligation, a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin for Base Rate Loans plus two percent (2.0%).

  • Note Default Interest Spread means, with respect to the outstanding principal balance of any Note, a rate per annum equal to the lesser of (i) the Maximum Legal Rate minus the Note A Rate or (ii) five percent (5%).

  • Credit Default Swap means any credit default swap entered into as a means to (i) invest in bonds, notes, loans, debentures or securities on a leveraged basis or (ii) hedge the default risk of bonds, notes, loans, debentures or securities.

  • Letter of Credit Default means with respect to a Letter of Credit, the occurrence of any of the following events:

  • Revolving Interest Rate means an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus the Applicable Margin with respect to Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus the Applicable Margin with respect to Eurodollar Rate Loans.