Market Rate Spread means, for any Advance for any Interest Period, the rate per annum equal to the one-year credit default swap mid-rate spread of (a) Caterpillar in the case of any Advance made to Caterpillar or (b) CFSC in the case of any Advance made to CFSC, CIF or CFC, as provided by the Quotation Agency for the one-year period beginning on the Rate Set Date (as defined below), appearing on the Quotation Agency’s website as of 12:00 noon (New York City time) or otherwise delivered by the Quotation Agency to the Agent, in each case two Business Days prior to the first day of such Interest Period (the “Rate Set Date”); provided, that (a) at all times prior to the Term Loan Effective Date, the Market Rate Spread shall in no event be (x) less than the CDS Floor or (y) greater than the CDS Cap and (b) on and after the Term Loan Effective Date, the Market Rate Spread shall equal the CDS Cap; provided, further, that in the event that the Market Rate Spread is not available from the Quotation Agency on the Rate Set Date for any Interest Period, the Market Rate Spread for such Interest Period shall be the CDS Cap.
Market Rate Spread means, for any Advance for any Interest Period, the rate per annum equal to the five-year credit default swap mid-rate spread of (a) Caterpillar in the case of any Advance made to Caterpillar or (b) CFSC in the case of any Advance made to CFSC, CIF or CFC, as provided by the Quotation Agency for the five-year period beginning on the Rate Set Date (as defined below), appearing on the Quotation Agency’s website as of 12:00 noon (New York City time) or otherwise delivered by the Quotation Agency to the Agent, in each case two Business Days prior to the first day of such Interest Period (the “Rate Set Date”); provided, that the Market Rate Spread shall in no event be (x) less than the CDS Floor or (y) greater than the CDS Cap; provided, further, that in the event that the Market Rate Spread is not available from the Quotation Agency on the Rate Set Date for any Interest Period, the Market Rate Spread for such Interest Period shall be the CDS Cap.
Market Rate Spread means a rate per annum equal to 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, as of the close of business on the Business Day immediately prior to such Spread Determination Date, subject to a minimum rate and a maximum rate as determined by reference to the Public Debt Rating in effect on such date as set forth below; provided that on each day after the Term Loan Conversion Date, the Market Rate Spread shall be fixed at the maximum rate as determined by reference to the Public Debt Rating in effect on such date as set forth below: Level 1 A+ or A1 or above 0.200% 0.875% Xxxxx 0 Xxxxx xxxx Xxxxx 0 but at least A or A2 0.250% 1.000% Xxxxx 0 Xxxxx xxxx Xxxxx 0 0.500% 1.250% If the Company’s one year credit default swap spread, as specified by Markit is unavailable, the Company and the Lenders shall negotiate in good faith (for a period of up to thirty days after such spread becomes unavailable (such thirty-day period, the “Negotiation Period”)) to agree on an alternative method for establishing the Market Rate Spread. The Applicable Margin at any determination date thereof which falls during the Negotiation Period shall be based upon the then most recently available quote of the Market Rate Spread. If no such alternative method is agreed upon during the Negotiation Period, the Market Rate Spread at any determination date subsequent to the end of the Negotiation Period shall be a rate per annum equal to the maximum rate applicable from time to time as determined in the immediately preceding paragraph. If the Company’s one year credit default swap spread again becomes available through Markit, then Market Rate Spread shall be determined on the basis of such credit default swap spread as set forth above.
Examples of Market Rate Spread in a sentence
If no such alternative method is agreed upon during the Negotiation Period, the Market Rate Spread at any determination date subsequent to the end of the Negotiation Period shall be a rate per annum equal to the maximum rate applicable from time to time as determined in the immediately preceding paragraph.
If the Company’s credit default swap spread again becomes available on the Applicable Bloomberg Screen, then Market Rate Spread shall be determined on the basis of such credit default swap spread as set forth above.
The Applicable Margin at any determination date thereof which falls during the Negotiation Period shall be based upon the then most recently available quote of the Market Rate Spread.
The Market Rate Spread during the Negotiation Period shall be the Market Rate Spread most recently determined pursuant to the first and second sentences of this definition.
If no such alternative method is agreed upon during the Negotiation Period, the Market Rate Spread at any date of determination subsequent to the end of the Negotiation Period shall be a rate per annum equal to (a) 75.0 basis points, if Category 1 is then in effect, (b) 87.5 basis points, if Category 2 is then in effect, (c) 100.0 basis points, if Category 3 is then in effect and (d) 112.5 basis points, if Category 4 is then in effect.
More Definitions of Market Rate Spread
Market Rate Spread means TMCC’s 1-year credit default swap spread based on the End of Day mid-rate spread specified by Markit Group Ltd., determined on the Spread Determination Date, subject to (i) at all times prior to the Term Extension Effective Date, a minimum rate of 0.25% and a maximum rate equal to the Applicable Maximum Rate or (ii) at all times from and after the Term Extension Effective Date, a minimum rate of 0.50% and a maximum rate equal to the Applicable Maximum Rate. If TMCC’s 1-year credit default swap spread, as specified by Markit Group Ltd. is unavailable on the Spread Determination Date, then the Market Rate Spread shall be TMCC’s 1-year credit default swap spread, as reasonably determined on such Business Day by five reference banks selected by the Administrative Agent and TMCC, including BNPP Securities, CGMI and BTMU. If the participant banks are unable to determine TMCC’s 1-year credit default swap spread on the Spread Determination Date, the Market Rate Spread shall be the last 1-year credit default swap spread for TMCC reported by Markit Group Ltd.
Market Rate Spread means the credit default swap mid-rate spread of TMCC interpolated from the applicable Spread Determination Date to the latest Revolving Maturity Date (or, if the period from such Spread Determination Date to the latest Revolving Maturity Date is less than one year, then TMCC’s 1-year credit default swap spread based on the End of Day mid-rate spread), in each case, established on the most recent Spread Determination Date and based on the credit default mid-rate spreads specified by Markit Group Ltd., determined on the Spread Determination Date, subject to a minimum rate and a maximum rate equal to the Applicable Minimum/Maximum Rate. If TMCC’s applicable credit default swap spreads, as specified by Markit Group Ltd. are unavailable on the Spread Determination Date, then the Market Rate Spread shall be TMCC’s interpolated credit default swap mid-rate spread, as reasonably determined on such Business Day by five reference banks selected by the Administrative Agent and TMCC, including BNPP Securities, CGMI and BTMU. If the participant banks are unable to determine TMCC’s interpolated credit default swap mid-rate spread on the Spread Determination Date, the Market Rate Spread shall be based on the last credit default swap spreads for TMCC reported by Markit Group Ltd.
Market Rate Spread means, for any Advance for any Interest Period, the rate per annum equal to the five-year credit default swap mid-rate spread of (a) Caterpillar in the case of any Advance made to Caterpillar or (b) CFSC in the case of any Advance made to CFSC or CFC, as provided by the Quotation Agency for the five-year period beginning on the Rate Set Date (as defined below) appearing on the Quotation Agency’s website as of 12:00 noon (New York City time) or otherwise delivered by the Quotation Agency to the Agent, in each case two Business Days prior to the first day of such Interest Period (the “Rate Set Date”); provided, that the Market Rate Spread shall in no event be less than a rate per annum equal to 0.25% or greater than the applicable Maximum Market Rate Spread, in each case as of the applicable Rate Set Date; provided, further that in the event that the Market Rate Spread is not available from the Quotation Agency on the Rate Set Date for any Interest Period, the Market Rate Spread for such Interest Period shall be the Maximum Market Rate Spread on such Rate Set Date.
Market Rate Spread means the credit default swap mid-rate spread of TMCC interpolated from the applicable Spread Determination Date to the latest Commitment Termination Date (or, if the period from such Spread Determination Date to the latest Commitment Termination Date is less than one year, then the one-year credit default swap mid-rate spread of TMCC), 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, subject to a minimum rate and a maximum rate equal to the Applicable Minimum/Maximum Rate. If TMCC’s applicable credit default swap spreads, as specified by Markit Group Ltd. are unavailable on the Spread Determination Date, then the Market Rate Spread shall be TMCC’s interpolated credit default swap mid-rate spread, as reasonably determined on such Business Day by five reference banks selected by the Administrative Agent and TMCC, including BNPP Securities, CGMI, MLPFS and BTMU. If the participant banks are unable to determine TMCC’s interpolated credit default swap mid-rate spread on the Spread Determination Date, the Market Rate Spread shall be based on the credit default swap spreads for TMCC most recently reported by Markit Group Ltd.
Market Rate Spread means TMCC’s 1-year credit default swap spread based on the End of Day mid-rate spread specified by Markit Group Ltd., determined on the Spread Determination Date, subject to (i) at all times prior to the Term Extension Effective Date, a minimum rate of 0.25% and a maximum rate equal to the Applicable Maximum Rate or (ii) at all times from and after the Term Extension Effective Date, a minimum rate of 0.50% and a maximum rate equal to the Applicable Maximum Rate. If TMCC’s 1-year credit default swap spread, as specified by Markit Group Ltd. is unavailable on the Spread Determination Date, then the Market Rate Spread shall be TMCC’s 1-year credit default swap spread, as reasonably determined on such Business Day by five reference banks selected by the Administrative Agent and TMCC, including BNPP Securities, CGMI and MUFG. If the participant banks are unable to determine TMCC’s 1-year credit default swap spread on the Spread Determination Date, the Market Rate Spread shall be the last 1-year credit default swap spread for TMCC reported by Markit Group Ltd.
Market Rate Spread means the Borrower’s 1-year credit default swap spread based on the mid-rate spread specified by Markit Group Ltd. (or any successor), determined as of the close of business New York time, on the Business Day immediately prior to the Spread Determination Date, subject to a minimum rate of 0.10% per annum and a maximum rate of 0.75% per annum. If the Borrower’s 1-year credit default swap spread, as specified by Markit Group Ltd. (or any successor) is unavailable, the Borrower and the Lenders shall negotiate in good faith (for a period of up to thirty days after such spread becomes unavailable (such thirty-day period, the “Negotiation Period”)) to agree on an alternative method for establishing the Applicable Margin. The Applicable Margin at any determination date thereof which falls during the Negotiation Period shall be based upon the then most recently available quote of the Market Rate Spread. If no such alternative method is agreed upon during the Negotiation Period, the Applicable Margin at any determination date subsequent to the end of the Negotiation Period shall be a rate per annum equal to the maximum rate applicable from time to time as determined in the immediately preceding paragraph. If the Borrower’s 1-year credit default swap spread again becomes available through Markit Group Ltd. (or any successor), then Market Rate Spread shall be determined on the basis of such credit default swap spread as set forth above.
Market Rate Spread means a rate per annum equal to the credit default swap mid-rate spread of the Borrower interpolated from the applicable Spread Determination Date to the latest Termination Date then in effect (or, if the period from such Spread Determination Date to the latest Termination Date then in effect is less than one year, then the one-year credit default swap mid-rate spread of the Borrower), in each case determined as of the close of business, New York time, on the Business Day immediately prior to the applicable Spread Determination Date and based on the credit default swap mid-rate spreads specified by Markit Group Ltd. or any successor, subject to a minimum rate of 0.10% per annum and a maximum rate of 0.75% per annum. If the Borrower’s interpolated credit default swap spread, or one-year credit default swap spread, as the case may be, as specified by Markit Group Ltd. (or any successor) is unavailable, the Borrower and the Lenders shall negotiate in good faith (for a period of up to thirty days after such spread becomes unavailable (such thirty-day period, the “Negotiation Period”)) to agree on an alternative method for establishing the Applicable Margin. The Applicable Margin at any determination date thereof which falls during the Negotiation Period shall be based upon the then most recently available quote of the Market Rate Spread. If no such alternative method is agreed upon during the Negotiation Period, the Applicable Margin at any determination date subsequent to the end of the Negotiation Period shall be a rate per annum equal to the maximum rate applicable from time to time as determined in the immediately preceding paragraph. If the Borrower’s interpolated credit default swap spread or one-year credit default swap spread, as the case may be, again becomes available through Markit Group Ltd. (or any successor), then Market Rate Spread shall be determined on the basis of such credit default swap spread as set forth above.