Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba or lower by Moody’s or not rated by Moody’s may comprise no more than 4% of total Moody’s Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s cusip will 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 Baa by Moody’s may comprise no more than 6% of total Moody’s 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 Moody’s may comprise no more than 10% of total Moody’s 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 Moody’s may comprise no more than 20% of total Moody’s Eligible Assets. For purposes of the calculations in items 1 – 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. For purposes of this test, SSFA will assume that the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.
Appears in 38 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated Project & Trade Finance Tender Fund), Financial Administration and Accounting Services Agreement (Federated Core Trust III), Financial Administration and Accounting Services Agreement (Federated U S Government Securities Fund 1-3 Years)
Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba BB or lower by Moody’s lower, or not rated by Moody’s rated, may comprise no more than 4% of total Moody’s Fitch Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s cusip will 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 Baa BBB by Moody’s Fitch may comprise no more than 6% of total Moody’s 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 Moody’s Fitch may comprise no more than 10% of total Moody’s 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 AA by Moody’s Fitch may comprise no more than 20% of total Moody’s Fitch Eligible Assets. For purposes of the calculations in items 1 – 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. For purposes of this test, SSFA will assume that the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.
Appears in 38 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated Project & Trade Finance Tender Fund), Financial Administration and Accounting Services Agreement (Federated Core Trust III), Financial Administration and Accounting Services Agreement (Federated U S Government Securities Fund 1-3 Years)
Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba or lower by Moody’s or not rated by Moody’s may comprise no more than 4% of total Moody’s Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s '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. BB or lower, or not rated, may comprise no more than 4% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by the same issuer and rated Baa BBB by Moody’s Fitch may comprise no more than 6% of total Moody’s 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 Moody’s Fitch may comprise no more than 10% of total Moody’s 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 AA by Moody’s Fitch may comprise no more than 20% of total Moody’s Fitch Eligible Assets. For purposes of FOR PURPOSES OF THIS TEST, SSFA WILL ASSUME THAT THE RATING PROVIDED BY BLOOMBERG IS FOR THE OBLIGATION AND the calculations BASED SOLELY ON THE UNDERLYING CREDIT ENHANCEMENT, UNLESS INFORMATION IS SUPPLIED BY FEDERATED. in items 1 – - 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. B. STATE CONCENTRATION:
1. Municipal Obligations issued by issuers located within a single state or territory and rated BB or lower or not rated may comprise no more than 12% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by issuers located within the same state or territory and rated BBB by Fitch may comprise no more than 20% of total Fitch Eligible Assets.
3. The total amount identified in item 2 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated A by Fitch may comprise no more than 40% of total Fitch Eligible Assets. 4. The total amount identified in item 3 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated AA by Fitch may comprise no more than 60% of total Fitch Eligible Assets For purposes of this testapplying the foregoing requirements for Single Issuer Concentration and State Concentration: 1.Eligible Assets shall be calculated without including cash; and 2.Municipal Obligations rated F1 by Fitch or, SSFA will assume if not rated by Fitch, rated MIG-1, VMIG-1 or P-1 by Moody's; or, if not rated xx Xxxxx's, rated A-1+/AA or SP-1+/AA by S&P shall be considered to have a long-term rating of A. ADJUSTMENTS TO FITCH'S ELIGIBLE ASSETS FOR FUTURES, OPTIONS AND FORWARD COMMITMENTS: 1. For purposes of determining whether the Fund has Fitch Eligible Assets with an aggregate Discounted Value that equals or exceeds the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.Preferred Shares Basic Maintenance Amount,
Appears in 8 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated Intermediate Government Fund, Inc.), Financial Administration and Accounting Services Agreement (Federated High Yield Trust), Financial Administration and Accounting Services Agreement (Federated High Income Bond Fund Inc)
Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba or lower by Moody’s or not rated by Moody’s may comprise no more than 4% of total Moody’s Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s '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. BB or lower, or not rated, may comprise no more than 4% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by the same issuer and rated Baa BBB by Moody’s Fitch may comprise no more than 6% of total Moody’s 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 Moody’s Fitch may comprise no more than 10% of total Moody’s 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 AA by Moody’s Fitch may comprise no more than 20% of total Moody’s Fitch Eligible Assets. For purposes of FOR PURPOSES OF THIS TEST, SSFA WILL ASSUME THAT THE RATING PROVIDED BY BLOOMBERG IS FOR THE OBLIGATION AND the calculations BASED SOLELY ON THE UNDERLYING CREDIT ENHANCEMENT, UNLESS INFORMATION IS SUPPLIED BY FEDERATED. in items 1 – - 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. B. STATE CONCENTRATION:
1. Municipal Obligations issued by issuers located within a single state or territory and rated BB or lower or not rated may comprise no more than 12% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by issuers located within the same state or territory and rated BBB by Fitch may comprise no more than 20% of total Fitch Eligible Assets.
3. The total amount identified in item 2 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated A by Fitch may comprise no more than 40% of total Fitch Eligible Assets. 4. The total amount identified in item 3 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated AA by Fitch may comprise no more than 60% of total Fitch Eligible Assets For purposes of this testapplying the foregoing requirements for Single Issuer Concentration and State Concentration: 1.Eligible Assets shall be calculated without including cash; and 2.Municipal Obligations rated F1 by Fitch or, SSFA will assume if not rated by Fitch, rated MIG-1, VMIG-1 or P-1 by Moody's; or, if not ratxx xx Xxxdy's, rated A-1+/AA or SP-1+/AA by S&P shall be considered to have a long-term rating of A. ADJUSTMENTS TO FITCH'S ELIGIBLE ASSETS FOR FUTURES, OPTIONS AND FORWARD COMMITMENTS: 1. For purposes of determining whether the Fund has Fitch Eligible Assets with an aggregate Discounted Value that equals or exceeds the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.Preferred Shares Basic Maintenance Amount,
Appears in 7 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated Gnma Trust), Financial Administration and Accounting Services Agreement (Federated Core Trust Ii), Financial Administration and Accounting Services Agreement (Cash Trust Series Inc)
Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba or lower by Moody’s or not rated by Moody’s may comprise no more than 4% of total Moody’s Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s '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. BB or lower, or not rated, may comprise no more than 4% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by the same issuer and rated Baa BBB by Moody’s Fitch may comprise no more than 6% of total Moody’s 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 Moody’s Fitch may comprise no more than 10% of total Moody’s 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 AA by Moody’s Fitch may comprise no more than 20% of total Moody’s Fitch Eligible Assets. For purposes of FOR PURPOSES OF THIS TEST, SSFA WILL ASSUME THAT THE RATING PROVIDED BY BLOOMBERG IS FOR THE OBLIGATION AND the calculations BASED SOLELY ON THE UNDERLYING CREDIT ENHANCEMENT, UNLESS INFORMATION IS SUPPLIED BY FEDERATED. in items 1 – - 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. B. STATE CONCENTRATION:
1. Municipal Obligations issued by issuers located within a single state or territory and rated BB or lower or not rated may comprise no more than 12% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by issuers located within the same state or territory and rated BBB by Fitch may comprise no more than 20% of total Fitch Eligible Assets.
3. The total amount identified in item 2 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated A by Fitch may comprise no more than 40% of total Fitch Eligible Assets. 4. The total amount identified in item 3 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated AA by Fitch may comprise no more than 60% of total Fitch Eligible Assets For purposes of this testapplying the foregoing requirements for Single Issuer Concentration and State Concentration: 1.Eligible Assets shall be calculated without including cash; and 2.Municipal Obligations rated F1 by Fitch or, SSFA will assume if not rated by Fitch, rated MIG-1, VMIG-1 or P-1 by Moody's; or, if not ratex xx Xxxxy's, rated A-1+/AA or SP-1+/AA by S&P shall be considered to have a long-term rating of A. ADJUSTMENTS TO FITCH'S ELIGIBLE ASSETS FOR FUTURES, OPTIONS AND FORWARD COMMITMENTS: 1. For purposes of determining whether the Fund has Fitch Eligible Assets with an aggregate Discounted Value that equals or exceeds the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.Preferred Shares Basic Maintenance Amount,
Appears in 4 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated American Leaders Fund Inc), Financial Administration and Accounting Services Agreement (Federated Short Term Municipal Trust), Financial Administration and Accounting Services Agreement (Federated U S Government Securities Fund 2-5 Years)
Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba or lower by Moody’s or not rated by Moody’s may comprise no more than 4% of total Moody’s Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s '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. 2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by the same issuer and rated Baa by Moody’s 's may comprise no more than 6% of total Moody’s 's 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 Moody’s 's may comprise no more than 10% of total Moody’s 's 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 Moody’s 's may comprise no more than 20% of total Moody’s 's Eligible Assets. For purposes of FOR PURPOSES OF THIS TEST, SSFA WILL ASSUME THAT THE RATING PROVIDED BY BLOOMBERG IS FOR THE OBLIGATION AND NOT the calculations BASED SOLELY ON THE UNDERLYING CREDIT ENHANCEMENT, UNLESS INFORMATION IS SUPPLIED BY FEDERATED. in items 1 – - 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. For purposes of this test, SSFA will assume that the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.B. STATE CONCENTRATION:
Appears in 2 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated Municipal Securities Fund Inc), Financial Administration and Accounting Services Agreement (Federated Municipal Securities Fund Inc)
Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba or lower by Moody’s or not rated by Moody’s may comprise no more than 4% of total Moody’s Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s '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. BB or lower, or not rated, may comprise no more than 4% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by the same issuer and rated Baa BBB by Moody’s Fitch may comprise no more than 6% of total Moody’s 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 Moody’s Fitch may comprise no more than 10% of total Moody’s 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 AA by Moody’s Fitch may comprise no more than 20% of total Moody’s Fitch Eligible Assets. For purposes of FOR PURPOSES OF THIS TEST, SSFA WILL ASSUME THAT THE RATING PROVIDED BY BLOOMBERG IS FOR THE OBLIGATION AND the calculations BASED SOLELY ON THE UNDERLYING CREDIT ENHANCEMENT, UNLESS INFORMATION IS SUPPLIED BY FEDERATED. in items 1 – - 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. For purposes of this test, SSFA will assume that the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.
Appears in 2 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated Income Trust), Financial Administration and Accounting Services Agreement (Federated MDT Series)
Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba or lower by Moody’s or not rated by Moody’s may comprise no more than 4% of total Moody’s Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s '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. BB or lower, or not rated, may comprise no more than 4% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by the same issuer and rated Baa BBB by Moody’s Fitch may comprise no more than 6% of total Moody’s 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 Moody’s Fitch may comprise no more than 10% of total Moody’s 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 AA by Moody’s Fitch may comprise no more than 20% of total Moody’s Fitch Eligible Assets. For purposes of FOR PURPOSES OF THIS TEST, SSFA WILL ASSUME THAT THE RATING PROVIDED BY BLOOMBERG IS FOR THE OBLIGATION AND the calculations BASED SOLELY ON THE UNDERLYING CREDIT ENHANCEMENT, UNLESS INFORMATION IS SUPPLIED BY FEDERATED. in items 1 – - 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. B. STATE CONCENTRATION:
1. Municipal Obligations issued by issuers located within a single state or territory and rated BB or lower or not rated may comprise no more than 12% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by issuers located within the same state or territory and rated BBB by Fitch may comprise no more than 20% of total Fitch Eligible Assets.
3. The total amount identified in item 2 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated A by Fitch may comprise no more than 40% of total Fitch Eligible Assets. 4. The total amount identified in item 3 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated AA by Fitch may comprise no more than 60% of total Fitch Eligible Assets For purposes of this testapplying the foregoing requirements for Single Issuer Concentration and State Concentration: 1.Eligible Assets shall be calculated without including cash; and 2.Municipal Obligations rated F1 by Fitch or, SSFA will assume if not rated by Fitch, rated XXX-0, XXXX-0 or P-1 by Moody's; or, if not rated by Moody's, rated A-1+/AA or SP-1+/AA by S&P shall be considered to have a long-term rating of A. ADJUSTMENTS TO FITCH'S ELIGIBLE ASSETS FOR FUTURES, OPTIONS AND FORWARD COMMITMENTS: 1. For purposes of determining whether the Fund has Fitch Eligible Assets with an aggregate Discounted Value that equals or exceeds the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.Preferred Shares Basic Maintenance Amount,
Appears in 2 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated Stock & Bond Fund Inc /Md/), Financial Administration and Accounting Services Agreement (Federated Municipal Securities Income Trust)
Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba or lower by Moody’s or not rated by Moody’s may comprise no more than 4% of total Moody’s Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s '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. BB or lower, or not rated, may comprise no more than 4% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by the same issuer and rated Baa BBB by Moody’s Fitch may comprise no more than 6% of total Moody’s 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 Moody’s Fitch may comprise no more than 10% of total Moody’s 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 AA by Moody’s Fitch may comprise no more than 20% of total Moody’s Fitch Eligible Assets. For purposes of FOR PURPOSES OF THIS TEST, SSFA WILL ASSUME THAT THE RATING PROVIDED BY BLOOMBERG IS FOR THE OBLIGATION AND the calculations BASED SOLELY ON THE UNDERLYING CREDIT ENHANCEMENT, UNLESS INFORMATION IS SUPPLIED BY FEDERATED. in items 1 – - 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. B. STATE CONCENTRATION:
1. Municipal Obligations issued by issuers located within a single state or territory and rated BB or lower or not rated may comprise no more than 12% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by issuers located within the same state or territory and rated BBB by Fitch may comprise no more than 20% of total Fitch Eligible Assets.
3. The total amount identified in item 2 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated A by Fitch may comprise no more than 40% of total Fitch Eligible Assets. 4. The total amount identified in item 3 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated AA by Fitch may comprise no more than 60% of total Fitch Eligible Assets For purposes of this testapplying the foregoing requirements for Single Issuer Concentration and State Concentration: 1.Eligible Assets shall be calculated without including cash; and 2.Municipal Obligations rated F1 by Fitch or, SSFA will assume if not rated by Fitch, rated MIG-1, VMIG-1 or P-1 by Moody's; or, if not rated bx Xxxxx'x, rated A-1+/AA or SP-1+/AA by S&P shall be considered to have a long-term rating of A. ADJUSTMENTS TO FITCH'S ELIGIBLE ASSETS FOR FUTURES, OPTIONS AND FORWARD COMMITMENTS: 1. For purposes of determining whether the Fund has Fitch Eligible Assets with an aggregate Discounted Value that equals or exceeds the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.Preferred Shares Basic Maintenance Amount,
Appears in 2 contracts
Samples: Financial Administration and Accounting Services Agreement (Federated Municipal Securities Fund Inc), Financial Administration and Accounting Services Agreement (Federated Municipal Securities Fund Inc)
Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba or lower by Moody’s or not rated by Moody’s may comprise no more than 4% of total Moody’s Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s '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. BB or lower, or not rated, may comprise no more than 4% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by the same issuer and rated Baa BBB by Moody’s Fitch may comprise no more than 6% of total Moody’s 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 Moody’s Fitch may comprise no more than 10% of total Moody’s 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 AA by Moody’s Fitch may comprise no more than 20% of total Moody’s Fitch Eligible Assets. For purposes of FOR PURPOSES OF THIS TEST, SSFA WILL ASSUME THAT THE RATING PROVIDED BY BLOOMBERG IS FOR THE OBLIGATION AND the calculations BASED SOLELY ON THE UNDERLYING CREDIT ENHANCEMENT, UNLESS INFORMATION IS SUPPLIED BY FEDERATED. in items 1 – - 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. B. STATE CONCENTRATION:
1. Municipal Obligations issued by issuers located within a single state or territory and rated BB or lower or not rated may comprise no more than 12% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by issuers located within the same state or territory and rated BBB by Fitch may comprise no more than 20% of total Fitch Eligible Assets.
3. The total amount identified in item 2 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated A by Fitch may comprise no more than 40% of total Fitch Eligible Assets. 4. The total amount identified in item 3 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated AA by Fitch may comprise no more than 60% of total Fitch Eligible Assets For purposes of this testapplying the foregoing requirements for Single Issuer Concentration and State Concentration: 1.Eligible Assets shall be calculated without including cash; and 2.Municipal Obligations rated F1 by Fitch or, SSFA will assume if not rated by Fitch, rated MIG-1, VMIG-1 or P-1 by Moody's; or, if not raxxx xx Xxody's, rated A-1+/AA or SP-1+/AA by S&P shall be considered to have a long-term rating of A. ADJUSTMENTS TO FITCH'S ELIGIBLE ASSETS FOR FUTURES, OPTIONS AND FORWARD COMMITMENTS: 1. For purposes of determining whether the Fund has Fitch Eligible Assets with an aggregate Discounted Value that equals or exceeds the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.Preferred Shares Basic Maintenance Amount,
Appears in 1 contract
Samples: Financial Administration and Accounting Services Agreement (Federated Institutional Trust)
Single Issuer Concentration. 1. Municipal Obligations issued by any one issuer and rated Ba or lower by Moody’s or not rated by Moody’s may comprise no more than 4% of total Moody’s Eligible Assets. For purposes of identifying single issuers, the first six digits of the municipal security’s '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. BB or lower, or not rated, may comprise no more than 4% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by the same issuer and rated Baa BBB by Moody’s Fitch may comprise no more than 6% of total Moody’s 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 Moody’s Fitch may comprise no more than 10% of total Moody’s 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 AA by Moody’s Fitch may comprise no more than 20% of total Moody’s Fitch Eligible Assets. For purposes of FOR PURPOSES OF THIS TEST, SSFA WILL ASSUME THAT THE RATING PROVIDED BY BLOOMBERG IS FOR THE OBLIGATION AND the calculations BASED SOLELY ON THE UNDERLYING CREDIT ENHANCEMENT, UNLESS INFORMATION IS SUPPLIED BY FEDERATED. in items 1 – - 4 (above), any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the issuance 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. B. STATE CONCENTRATION:
1. Municipal Obligations issued by issuers located within a single state or territory and rated BB or lower or not rated may comprise no more than 12% of total Fitch Eligible Assets.
2. The total amount identified in item 1 (above), together with any Municipal Obligations issued by issuers located within the same state or territory and rated BBB by Fitch may comprise no more than 20% of total Fitch Eligible Assets.
3. The total amount identified in item 2 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated A by Fitch may comprise no more than 40% of total Fitch Eligible Assets. 4. The total amount identified in item 3 (above) together with any Municipal Obligations issued by issuers located within the same state or territory and rated AA by Fitch may comprise no more than 60% of total Fitch Eligible Assets For purposes of this testapplying the foregoing requirements for Single Issuer Concentration and State Concentration: 1.Eligible Assets shall be calculated without including cash; and 2.Municipal Obligations rated F1 by Fitch or, SSFA will assume if not rated by Fitch, rated MIG-1, VMIG-0 xx X-0 xx Moody's; or, if not rated by Moody's, rated A-1+/AA or SP-1+/AA by S&P shall be considered to have a long-term rating of A. ADJUSTMENTS TO FITCH'S ELIGIBLE ASSETS FOR FUTURES, OPTIONS AND FORWARD COMMITMENTS: 1. For purposes of determining whether the Fund has Fitch Eligible Assets with an aggregate Discounted Value that equals or exceeds the rating provided by Bloomberg is for the obligation AND NOT based solely on the underlying credit enhancement, unless information is supplied by Federated.Preferred Shares Basic Maintenance Amount,
Appears in 1 contract
Samples: Financial Administration and Accounting Services Agreement (Federated Municipal Securities Fund Inc)
