Frequency. Monthly, as of the last business day of each month Calculation: Determine whether the Asset Coverage is at least 200% Total fund net assets ÷ Value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs + liquidation preference on pfd shares + liquidation preference on pfd shs + value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs = Asset Coverage Percentage > or = 200% = Fund Passes Test < 200% = Fund Fails Test State Street Fund Administration (SSFA) will complete the test on a monthly basis and report the results of the test to Federated Investors Inc. Once SSFA has notified Federated of the test results, Federated may impose certain restrictions on trading. Should the Fund fail to maintain the 1940 Act Preferred Shares Asset Coverage as of a given Valuation Date (the last business day of each month), the cure date is as of the last business day of the month following such Valuation Date.
Appears in 11 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated MDT Series), Financial Administration and Accounting Services Agreement (Federated Institutional Trust), Financial Administration and Accounting Services Agreement (Federated Core Trust/Pa)
Frequency. Monthly, as of the last business day of each month Calculation: Determine whether the Asset Coverage is at least 200% Total fund net assets ÷ Value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs + +liquidation preference on pfd shares + liquidation preference on pfd shs + +value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs = Asset Coverage Percentage > or = 200% = Fund Passes Test < 200% = Fund Fails Test State Street Fund Administration (SSFA) will complete the test on a monthly basis and report the results of the test to Federated Investors Inc. Once SSFA has notified Federated of the test results, Federated may impose certain restrictions on trading. Should the Fund fail to maintain the 1940 Act Preferred Shares Asset Coverage as of a given Valuation Date (the last business day of each month), the cure date is as of the last business day of the month following such Valuation Date.
Appears in 6 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated Investment Series Funds Inc), Financial Administration and Accounting Services Agreement (Cash Trust Series Inc), Financial Administration and Accounting Services Agreement (Federated Managed Allocation Portfolios)
