5 Year CDS Spread definition
5 Year CDS Spread means in relation to the Term Currency of each Selected Currency Pair, the 5 year credit default swap spread, observed from the relevant Reuters Screen Page set out below as the arithmetic average of the: a) bid-rate and b) the ask-rate of the cost of protection against the occurrence of any i) default, ii) acceleration, iii) failure to pay, iv) repudiation, v) restructuring or vi) declaration of a moratorium on payments of interest or principal in relation to any senior tranche of debt issued by the sovereign entity with the authority to issue the Term Currency from time to