Preferred Shares Basic Maintenance Amount Clause Samples

Preferred Shares Basic Maintenance Amount. Frequency: Monthly Cure Period:

Preferred Shares Basic Maintenance Amount. (a) So long as any AMPS are outstanding and any Rating Agency so requires, the Trust shall maintain, on each Valuation Date, and shall verify to its satisfaction that it is maintaining on such Valuation Date, Fitch Eligible Assets and ▇▇▇▇▇'▇ Eligible Assets each having an aggregate Discounted Value equal to or greater than the Preferred Shares Basic Maintenance Amount. Upon any failure to maintain the required Discounted Value, the Trust will use its best efforts to alter the composition of its portfolio to retain a Discounted Value of both Fitch Eligible Assets and ▇▇▇▇▇'▇ Eligible Assets at least equal to the Preferred Shares Basic Maintenance Amount on or prior to the Preferred Shares Basic Maintenance Cure Date. (b) On or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust fails to satisfy the Preferred Shares Basic Maintenance Amount, the Trust shall complete and deliver to (i) the Auction Agent and (ii) Fitch Ratings, ▇▇▇▇▇'▇ and any other Rating Agency then rating the AMPS the Discounted Value of whose Eligible Assets fails to satisfy the Preferred Shares Basic Maintenance Amount, as applicable, a complete Preferred Shares Basic Maintenance Report as of the date of such failure, which will be deemed to have been delivered to such recipient if the recipient receives a copy or telecopy, telex or other electronic transcription thereof and on the same day the Trust mails to the recipient for delivery on the next Business Day the complete Preferred Shares Basic Maintenance Report. The Trust will deliver a Preferred Shares Basic Maintenance Report to each applicable Rating Agency on or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust cures its failure to maintain Eligible Assets of each applicable Rating Agency with an aggregate Discounted Value equal to or greater than the Preferred Shares Basic Maintenance Amount or on which the Trust fails to maintain Eligible Assets of each applicable Rating Agency with an aggregate Discounted Value which exceeds the Preferred Shares Basic Maintenance Amount by 5% or more. The Trust will also deliver a Preferred Shares Basic Maintenance Report to the Auction Agent, Fitch Ratings and ▇▇▇▇▇'▇ as of each Quarterly Valuation Date on or before the third Business Day after such date. Additionally, on or before 5:00 p.m., New York City time, on the third Business Day after the first day of a Special Dividend Period...

Preferred Shares Basic Maintenance Amount. The Issuer shall manage its assets so that on each Valuation Date the sum of the Preferred Shares Basic Maintenance Amount and the Ambac Required Reserved Amount is less than or equal to the lesser of (i) the Moody's Advance Amount calculated using the ▇▇▇▇▇'▇ Advance Rate as of such Valuation Date (if ▇▇▇▇▇'▇ is then rating the Preferred Shares at the request of the Issuer) and (ii) the S&P Advance Amount calculated using the S&P Advance Rate as of such Business Day (if S&P is then rating the Preferred Shares at the request of the Issuer); provided that this covenant set forth in Section 2.2(g) shall not be deemed violated unless such default shall have continued for (30) thirty days following the Valuation Date upon which the conditions set forth herein were not satisfied.

Preferred Shares Basic Maintenance Amount. Frequency: Monthly Reporting Deadlines: Cure Period: