Downgrades in, and defaults of, securities. Securities downgrades typically occur when credit spreads are widening. Sub-Administrator will perform tests measuring the impact of credit spreads widening and narrowing. In addition, Sub-Administrator will assume that individual securities in a Fund’s investment portfolio have defaulted and determine the default events that will cause a Fund to “break a buck”.
Appears in 5 contracts
Samples: Master Sub Administration Services Agreement (Ge Investments Funds Inc), Master Sub Administration Services Agreement (Elfun Tax Exempt Income Fund), Master Sub Administration Services Agreement (Elfun Income Fund)
