Glacier Bank purchases four years of protection through a credit default swap $($CDS$)$ at a spread of $120$ bps per year. One year later, the market premium $($the spread$)$ on the same protection has widened to $130$ bps per year. What are the specifics of Glacier Bank$$s mark to market $($MTM$)$ adjustment?

a$)$ MTM gain in the amount of the present value of an annuity of the $10$ bps for three years, adjusted upward because the possibility of a trigger event has increased

b$)$ MTM gain in the amount of the present value of an annuity of the $10$ bps for three years, adjusted upward because of the possibility of a trigger event has decreased

c$)$ MTM loss in the amount of the present value of an annuity of the $10$ bps for three years, adjusted downward because the possibility of a trigger event has increased

d$)$ MTM loss in the amount of the present value of an annuity of the $10$ bps for three years, adjusted downward because the possibility of a trigger event has decreased