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. AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT 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.
Sample 1
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 a rate per annum equal to three percent (3.0%); provided, however, that if the weighted average of the Senior Note Default Rate and the Note B Default Rate would exceed the maximum rate permitted by applicable law, the note default interest spread shall equal (i) the rate at which the weighted average of the Senior Note Default Rate and the Note B Default Rate equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.

  • 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.

  • Loan Default means an event, which with the giving of notice or lapse of time or both, would become a Loan Event of Default.

  • 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.

  • Prime Rate Spread means the difference (expressed as the number of basis points) between (a) LIBOR plus the Spread on the date LIBOR was last applicable to the Loan and (b) the Prime Rate on the date that LIBOR was last applicable to the Loan; provided, however, in no event shall such difference be a negative number.

  • Term Loan 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.

  • Term Loan Interest Rate means for any day a per annum rate of interest equal to the greater of either (i) 9.25% plus the prime rate as reported in The Wall Street Journal minus 3.50% and (ii) 9.25%.

  • Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.

  • 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.

  • Revolving Loan Maturity Date means January 1, 2011, unless extended by Lender pursuant to any modification, extension or renewal note executed by the Borrower and accepted by Lender in its sole and absolute discretion in substitution for the Revolving Note.

  • Default Interest Rate is two percent above the base lending rate of Barclays Bank PLC, as varied from time to time;

  • Default Rate means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2% per annum; provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, in each case to the fullest extent permitted by applicable Laws.

  • LIBOR Rate Margin has the meaning set forth in the definition of Applicable Margin.

  • Revolving Facility Maturity Date means, as the context may require, (a) with respect to the Revolving Facility in effect on the Closing Date, the fifth anniversary of the Closing Date and (b) with respect to any other Classes of Revolving Facility Commitments, the maturity dates specified therefor in the applicable Extension Amendment or Refinancing Amendment.

  • LIBOR Margin has the meaning given that term in Section 2.2.(c)(ii)(D).

  • Default Interest Period means for any overdue amount of the Withdrawn Loan Balance, each Interest Period during which such overdue amount remains unpaid; provided, however, that the first such Default Interest Period shall commence on the 31st day following the date on which such amount becomes overdue, and the final such Default Interest Period shall end on the date at which such amount is fully paid.”

  • Maximum Loan Rate With respect to each Mortgage Loan, the percentage set forth in the related Mortgage Note as the maximum Loan Rate thereunder.

  • Eurodollar Rate Margin means the margin over the Eurodollar Rate used in determining the rate of interest of Eurodollar Rate Loans pursuant to subsection 2.2A.

  • Term Loan Maturity Date means the Initial Maturity Date, or, if such date has been extended pursuant to Section 2.15, such later date to which the Term Loan Maturity Date has been extended pursuant to Section 2.15.

  • Applicable Prime Rate Margin shall have the meaning provided in section 2.7(g).

  • LIBOR Revolver Loan a Revolver Loan that bears interest based on LIBOR. License: any license or agreement under which an Obligor is authorized to use Intellectual Property in connection with any manufacture, marketing, distribution or disposition of Collateral, any use of Property or any other conduct of its business.

  • Applicable Margin means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.

  • Extended Revolving Credit Facility means each Class of Extended Revolving Credit Commitments established pursuant to Section 2.15(a)(ii).

  • Applicable Revolver LIBOR Margin means the per annum interest rate from time to time in effect and payable in addition to the LIBOR Rate applicable to the Revolving Loan, as determined by reference to Section 1.5(a).