Single Issuer Concentration Clause Samples

Single Issuer Concentration. Municipal For purposes of identifying single issuers, the first six digits of the municipal security's cusip will be Obligations considered the issuer identifier. It is possible that the six digit cusip may represent a conduit rather than issued by any one the true issuer. Therefore, if any issuer exceeds the set limit, SSFA will research the true issuer on issuer and rated Bloomberg and notify Federated. Ba or lower by Moody's or not rated by Moody's may comprise no more than 4% of total Moody's Eligible Assets.

Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated BB or For purposes of identifying single lower, or not rated, may comprise issuers, the first six digits of no more than 4% of total Fitch the municipal security's cusip will Eligible Assets. be considered the issuer identifier. It is possible that the six digit cusip may represent a conduit rather than the true issuer. Therefore, if any issuer exceeds the set limit, SSFA will research the true issuer on Bloomberg and notify Federated. --------------------------------------------------------------------------- --------------------------------------------------------------------------- 2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by the same issuer and rated BBB by Fitch may comprise no more than 6% of total Fitch Eligible Assets. --------------------------------------------------------------------------- --------------------------------------------------------------------------- 3. The total amount identified in item 2 (above) together with any Municipal Obligations issued by the same issuer and rated A by Fitch may comprise no more than 10% of total Fitch Eligible Assets. --------------------------------------------------------------------------- --------------------------------------------------------------------------- 4. The total amount identified in item 3 (above) together with any Municipal Obligations issued by the same issuer and rated AA by Fitch may comprise no more than 20% of total Fitch Eligible Assets. --------------------------------------------------------------------------- --------------------------------------------------------------------------- For purposes of the calculations For purposes of this test, SSFA in items 1 - 4 (above), any will assume that the rating Municipal Obligation backed by provided by Bloomberg is for the the guaranty, letter of credit or obligation AND based solely on the insurance issued by a third party underlying credit enhancement, shall be deemed to be issued by unless information is supplied by such third party if the issuance Federated. of such third party credit is the sole determinant of the rating on such Municipal Obligations; and any Municipal Obligation for which the nominal issuer is a conduit for a third party the obligations of which are the sole source of revenues for the payment of such Municipal Obligation shall be deemed to be issued by such third party. -----------------------------...