Total Yield Cap definition
Total Yield Cap means, as at any date of a Securities Offering pursuant to a Demand Notice, a rate equal to the sum of (x) 12.50% plus (y) the number of basis points per annum, if any, but not to exceed 100 basis points, by which the all-in yield to worst implied by the opening bid level of the ▇▇▇▇▇▇▇ ▇▇▇▇▇ US High Yield Master II Index (or its on-the-run successor) has increased between March 10, 2010 and the respective date of the consummation of a Securities Offering pursuant to a Demand Notice (for purposes of determining such implied spread, using the OID equivalent applicable to such index (or its successor) to equate to an interest rate spread in a manner satisfactory to the Lead Arranger), plus (z) 100 basis points if Holdings shall not have received a corporate rating of at least BB- from S&P and a corporate family rating of at least Ba3 from ▇▇▇▇▇’▇, in each case with at least stable outlook.