Liquidity Requirements. 28 (c) Records...............................................................................28 (d) Information from Others...............................................................28 9.5. Indemnification................................................................................29 9.6.
Liquidity Requirements. The Plan Administrator will be responsible for determining the funding policy for the Plan, including any anticipated liquidity requirements and for communicating that policy to the Trustee when it deems appropriate.
Liquidity Requirements. The Trust must maintain liquid assets or available borrowing base equal to the Repurchase Offer Amount from the time that the notice is sent to shareholders until the Repurchase Pricing Date. The Trust will ensure that a percentage of its net assets (plus available borrowing base) equal to at least one hundred (100%) percent of the Repurchase Offer Amount consists of assets that can be sold or disposed of in the ordinary course of business at approximately the price at which the Trust has valued the investment within the time period between the Repurchase Request Deadline and the Repurchase Payment Deadline. If, at any time, the Trust falls out of compliance with the liquidity requirements described herein, the Board may take whatever action it deems appropriate to ensure compliance.
Liquidity Requirements. We believe our cash balances, investment securities, operating cash flows, and funds available under our credit agreement or from other public or private financing sources, taken together, provide adequate resources to fund ongoing operating and regulatory requirements, future expansion opportunities, and capital expenditures in the foreseeable future, and to refinance debt as it matures. See the section entitled “Risk Factors” in this report. Adverse changes in our credit rating may increase the rate of interest we pay and may impact the amount of credit available to us in the future. Our investment-grade credit rating at December 31, 2008 was BBB according to Standard & Poor’s Rating Services, or S&P, and Baa3 according to Xxxxx’x Investors Services, Inc., or Xxxxx’x. A downgrade by S&P to BB+ or by Xxxxx’x to Ba1 triggers an interest rate increase of 25 basis points with respect to $750 million of our senior notes. Successive one notch downgrades increase the interest rate an additional 25 basis points up to a maximum 100 basis points. In addition, we operate as a holding company in a highly regulated industry. Our parent company is dependent upon dividends and administrative expense reimbursements from our subsidiaries, most of which are subject to regulatory restrictions. Cash, cash equivalents and short-term investments at the parent company decreased $285.2 million to $250.5 million at December 31, 2008 compared to $535.7 million at December 31, 2007, primarily due to cash consideration paid for our 2008 acquisitions. We continue to maintain significant levels of aggregate excess statutory capital and surplus in our state-regulated operating subsidiaries. Subject to appropriate regulatory approval, we expect to dividend approximately $500 million from our subsidiaries to the parent during 2009 compared to $296.0 million in 2008. In addition, we expect capital contributions to our subsidiaries to be less than the $242.8 million contributed in 2008.
Liquidity Requirements. The political agreement also imposes stricter requirements to liquidity in accordance with CRD4, which impose requirements for a short-term liquidity cover ratio (LCR). The parties to the political agreement agrees that if Xxxxxx covered bonds cannot be included to a sufficient extent in calcula- tion of the LCR, or if the European Commission’s decision otherwise makes it difficult for Danish SIFI’s to comply with the LCR requirement, the LCR requirement for Danish SIFI’s will be phased in gradually until 2018. Tighter supervision of XXXX’s Based on the political agreement the legislation will state that the Danish FSA must conduct tighter supervision of XXXX’s in the form of: – Enhanced examination activities (more frequent inspections); – Benchmarking of Danish SIFI’s, also in relation to foreign SIFI’s; – Enhanced focus on corporate governance and risk management; and – Enhanced focus on model risk and capital allocation. Corporate Governance Stricter requirements in relation to corporate governance are laid down in the agreement and a working group with participants from the financial sector is to submit a proposal for how initiatives based on the below can be implemented in practice: – Existing requirements for adherence to “fit and proper principles” must also apply to the institution’s managerial employees (the risk manager, the compliance officer, and the man- ager of auditing and accounting), i.e. not only to the board of and management team; – Special requirements are imposed on the organization and staffing of the risk-management functions; – Special requirements are imposed in the IT-area.
Liquidity Requirements. Access to liquid assets can be crucial for the possibility of surviving for particularly large institutions during a crisis. The recent financial crisis exposed the need for setting liquidity requirements. This is in accordance with the recommendations of the Financial Stability Board (G20) whereby SIFIs should not only be subject to stricter capital requirements but also to stricter requirements in other areas as well, including liquidity. CRD4 implies that requirements for a short-term liquidity cover ratio (LCR) must be set to ensure that the institutions covered always have an adequate holding of liquid assets to cover imbalances arising between incoming and outgoing cash flows in stressful situations over a thirty-day period. In Sweden, SIFIs must fully comply with this LCR requirement already today, even though CRD4 allows for a gradual phasing-in of the LCR up until 2018. Today, Danish SIFIs generally meet the LCR requirement, if Danish covered bonds are included in the calculation of liquid assets. The Parties to the Agreement agree that a position on the LCR requirement for Danish SIFIs awaits the European Commission’s decision in 2014 on the final definition of the LCR requirement, which includes the need to clarify which assets can be used in complying with the LCR requirement. The point of departure is that Danish SIFIs must comply with the LCR requirement from 2015. If Danish covered bonds cannot be included to a sufficient extent as liquid assets in the LCR, or if the European Commission’s decision otherwise makes it difficult for Danish SIFIs to fully comply with the LCR requirement, the Parties agree that the LCR requirement for Danish SIFIs will be phased in gradually up until 2018, on a par with smaller Danish banks and mortgage- credit institutions, cf. Section 3 of Appendix 2. It is important that SIFIs have stable funding so that an inappropriate dependence on funding in the capital markets and the development of large deposit shortfalls can be avoided. The Ministry of Business and Growth and the Danish FSA will in cooperation with Danmarks Nationalbank make proposals for specific requirements for stable funding for banks which will be discussed by the Parties to this agreement with a view of incorporating such requirements into the law at a later stage. It is the intention that requirements in Denmark shall be in line with requirements in the above mentioned comparable countries.
Liquidity Requirements established by the board and the State Treasury's actual liquidity; and
Liquidity Requirements. The Fund must maintain liquid assets equal to the Repurchase Offer Amount from the time that the notice is sent to shareholders until the Repurchase Pricing Date. The Fund will ensure that a percentage of its net assets equal to at least 100% of the Repurchase Offer Amount consists of assets that can be sold or disposed of in the ordinary course of business at approximately the price at which the Fund has valued the investment within the time period between the Repurchase Request Deadline and the Repurchase Payment Date. The Fund has adopted procedures that are reasonably designed to ensure that the Fund’s assets are sufficiently liquid so that the Fund can comply with the Repurchase Offer and the liquidity requirements described in the previous paragraph. If, at any time, the Fund falls out of compliance with these liquidity requirements, the Board will take any action it deems appropriate to ensure compliance. Consequences of Repurchase Offers Repurchase Offers typically will be funded from available cash or sales of portfolio securities. Payment for repurchased Shares, however, may require the Fund to liquidate portfolio holdings earlier than the Adviser otherwise would, thus increasing the Fund’s portfolio turnover and potentially causing the Fund to realize losses. The Adviser intends to take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of Shares. If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares in a Repurchase Offer by increasing the Fund’s expenses and reducing any net investment income. To the extent the Fund finances repurchase amounts by selling Fund investments, the Fund may hold a larger proportion of its assets in less liquid securities. In addition, the sale of portfolio securities to finance repurchases could reduce the market price of those underlying securities, which in turn would reduce the Fund’s NAV. Repurchase of the Shares will tend to reduce the amount of outstanding Shares and, depending upon the Fund’s investment performance, its net assets. A reduction in the Fund’s net assets would increase the Fund’s expense ratio, to the extent that additional Shares are not sold and expenses otherwise remain the same (or increase). In addition, the repurchase of Shares by the Fund will be a taxable event to shareholders. The Fund is inten...
Liquidity Requirements. A. The account shall not acquire any Illiquid Security if, immediately after the acquisition, the account would have invested more than five percent of its total assets in Illiquid Securities.
Liquidity Requirements. As a condition to Lender's obligation to advance any Borrowing hereunder, Borrower must be in compliance with the requirements of Section 6.04 hereof related to maintenance of liquidity and the Collateral Maintenance provisions of the Pledge Agreement.
