Basic Maintenance Amount means, as of any Valuation Date, the dollar amount equal to (i) the sum of (A) the product of the number of shares of Cumulative Preferred Stock outstanding on such Valuation Date multiplied by the Liquidation Preference; (B) to the extent not included in (A), the aggregate amount of cash dividends (whether or not earned or declared) that will have accumulated for each outstanding share of Cumulative Preferred Stock from the most recent Dividend Payment Date to which dividends have been paid or duly provided for (or, in the event the Basic Maintenance Amount is calculated on a date prior to the initial Dividend Payment Date with respect to the Cumulative Preferred Stock, then from the Date of Original Issue) through the Valuation Date plus all dividends to accumulate on the Cumulative Preferred Stock then outstanding during the 70 days following such Valuation Date; (C) the Corporation's other liabilities due and payable as of such Valuation Date (except that dividends and other distributions payable by the Corporation by the issuance of Common Stock shall not be included as a liability) and such liabilities projected to become due and payable by the Corporation during the 90 days following such Valuation Date (excluding liabilities for investments to be purchased and for dividends and other distributions not declared as of such Valuation Date); (D) any current liabilities of the Corporation as of such Valuation Date to the extent not reflected in any of (i)(A) through (i)(C) (including, without limitation, and immediately upon determination, any amounts due and payable by the Corporation pursuant to reverse repurchase agreements and any payables for assets purchased as of such Valuation Date) less (ii) (A) the Discounted Value of any of the Corporation's assets and/or (B) the face value of any of the Corporation's assets if, in the case of both (ii)(A) and (ii)(B), such assets are either cash or securities which mature prior to or on the date of redemption or repurchase of Cumulative Preferred Stock or payment of another liability and are either U.S. Government Obligations or securities which have a rating assigned by Moody's of at least Aaa, P-1, VMIG-1 or MIG-1 or by S&P of at least AAA, SP-1+ or A-1+, in both cases irrevocably held by the Corporation's custodian bank in a segregated account or deposited by the Corporation with the Paying Agent for the payment of the amounts needed to redeem or repurchase Cumulative Preferred Stock or, without duplicati...
Basic Maintenance Amount as of any Valuation Date, has the meaning set forth in the Rating Agency Guidelines.
Basic Maintenance Amount means, with respect to the Series A Preferred Shares, as of any Valuation Date, the dollar amount equal to (a) the sum of (i) the product of the number of shares of each class or series of Preferred Shares Outstanding on such Valuation Date multiplied, in the case of each such series or class, by the per share Liquidation Preference applicable to each such series or class; (ii) to the extent not included in (i) the aggregate amount of cash dividends (whether or not earned or declared) that will have accumulated for each Outstanding Preferred Share from the most recent applicable dividend payment date to which dividends have been paid or duly provided for (or, in the event the Basic Maintenance Amount is calculated on a date prior to the initial Dividend Payment Date with respect to a class or series of the Preferred Shares, then from the Date of Original Issue of such shares) through the Valuation Date plus all dividends to accumulate on the Preferred Shares then Outstanding during the 70 days following such Valuation Date or, if less, during the number of days following such Valuation Date that the Preferred Shares called for redemption are scheduled to remain Outstanding; (iii) the Fund other liabilities due and payable as of such Valuation Date (except that dividends and other distributions payable by the Fund on Common Shares and liabilities associated with covered call options shall not be included as a liability) and such liabilities projected to become due and payable by the Fund during the 90 days following such Valuation Date (excluding liabilities for investments to be purchased and for dividends and other distributions not declared as of such Valuation Date); (iv) any current liabilities of the Fund as of such Valuation Date to the extent not reflected in (or specifically excluded by) any of (a)(i) through (a)(iii) (including, without limitation, and immediately upon determination, any amounts due and payable by the Fund pursuant to reverse repurchase agreements and any payables for assets purchased as of such Valuation Date) and (v) in the case of a call option written by the Fund on a security that is not held by the Fund (or to the extent such option is on an amount in excess of the number of units held by the Fund) or on an index, an amount equal to the greater of (A) zero and (B) the excess of (1) the product of the number of units or notional amount subject to the option and the Market Value per unit or the current index level over (2) the...
Examples of Basic Maintenance Amount in a sentence
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 at least equal to the APS Basic Maintenance Amount on or prior to the APS Basic Maintenance Cure Date.
In determining the shares of MuniPreferred required to be redeemed in accordance with the foregoing, the Fund shall allocate the number required to be redeemed to satisfy the MuniPreferred Basic Maintenance Amount or the 1940 Act MuniPreferred Asset Coverage, as the case may be, pro rata among shares of MuniPreferred and other Preferred Shares (and, then, pro rata among each series of MuniPreferred) subject to redemption or retirement.
In determining the shares of Municipal Preferred required to be redeemed in accordance with the foregoing, the Trust shall allocate the number required to be redeemed to satisfy the Municipal Preferred Basic Maintenance Amount or the 1940 Act Municipal Preferred Asset Coverage, as the case may be, pro rata among shares of Municipal Preferred and other Preferred Shares (and, then pro rata among each series of Municipal Preferred) subject to redemption or retirement.
The Trust will deliver an APS Basic Maintenance Report to the Auction Agent and Moody’s, 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 Moody’s Eligible Assets with an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount or on which the Trust fails to maintain Moody’s Eligible Assets with an aggregate Discounted Value which exceeds the APS Basic Maintenance Amount by 5% or more.
A failure by the Trust to deliver an RP Basic Maintenance Report under subparagraph (b), (c) or (d) of this paragraph 8 shall be deemed to be delivery of an RP Basic Maintenance Report indicating that the Discounted Value for all assets of the Trust is less than the RP Basic Maintenance Amount, as of the relevant Valuation Date.
More Definitions of Basic Maintenance Amount
Basic Maintenance Amount as of any Valuation Date is the basic maintenance amount required under the Rating Agency Guidelines (which shall be the largest basic maintenance amount in the event there is more than one Rating Agency).
Basic Maintenance Amount means, as of any Valuation Date, the dollar amount equal to (i) the sum of (A) the product of the number of shares of Cumulative Preferred Stock outstanding on such Valuation Date multiplied by the Liquidation Preference; (B) to the extent not included in (A), the aggregate amount of cash dividends (whether or not earned or declared) that will have accumulated for each outstanding share of Cumulative Preferred Stock from the most recent Dividend Payment Date to which dividends have been paid or duly provided for (or, in the event the Basic Maintenance Amount is calculated on a date prior to the initial Dividend Payment Date with respect to the Cumulative Preferred Stock, then from the Date of Original Issue) through the Valuation Date plus all dividends to accumulate on the Cumulative Preferred Stock then outstanding during the 70 days
Basic Maintenance Amount has the meaning set forth in the Rating Agency Guidelines.
Basic Maintenance Amount. As of any Valuation Date, the Dollar amount equal to 100% of the aggregate principal amount of the Notes Outstanding.
Basic Maintenance Amount means, as of any date, the dollar amount equal to the sum of (a) 100% of the aggregate principal amount of the Senior Money Market Notes (the "MMNs") then outstanding; (b) $1,000 times the number of shares of Preferred Stock then outstanding; (c) an amount equal to Interest on the aggregate principal amount of the MMNs then outstanding from the most recent date to which interest has been paid or duly provided for (or, for purposes of calculating the Basic Maintenance Amount prior to the first date on which interest to the MMNs is payable, then from April 26, 1988) until, but not including, such date, plus the Projected Interest Amount, as defined in the Articles of Incorporation, as amended; (d) the aggregate
Basic Maintenance Amount means, with respect to the Series A Preferred Shares, the meaning set forth in the Moody’s Guidelines or, if any Other Rating Agency is rating the Series A Preferred Shares at the Fund’s request, the meaning set forth in the guidelines of the Other Rating Agency.
Basic Maintenance Amount means, as of any date of determination, (x) the dollar amount equal to (A) the sum of (a) the aggregate Liquidation Preference of all shares of Preferred Stock then outstanding, plus an amount equal to the Make-Whole Premium which would be payable if all outstanding shares of Preferred Stock were redeemed on such date; (b) an amount equal to accrued but unpaid dividends (including without limitation, any Additional Dividends) on each share of Preferred Stock then outstanding from the most recent Dividend Payment Date to which full dividends have been paid or duly provided for (or, in the event the Basic Maintenance Amount is calculated on a date prior to the initial Dividend Payment Date, then from the Date of Original Issue) through the next succeeding Eligible Portfolio Evaluation Date plus all dividends to accrue during the 73 days following such Eligible Portfolio Evaluation Date; (c) the principal amount of any then outstanding indebtedness of the Corporation for money borrowed; and (d) the greater of (i) $200,000 or (ii) the Corporation's liabilities (including interest on indebtedness referred to in clause (c) above) due and payable as of such date of determination and such liabilities projected to become due and payable by the Corporation during the 90 days following such date of determination, in each case to the extent not otherwise reflected in any of clauses (a) through (c) above; less (B) the combined value of any Deposit Securities irrevocably deposited by the Corporation for the payment of dividends on or redemptions of the Preferred Stock.