Preferred Shares Basic Maintenance Amount definition
Preferred Shares Basic Maintenance Amount means as of any Valuation Date as the dollar amount equal to the sum of:
Preferred Shares Basic Maintenance Amount as of any Valuation Date, shall mean the dollar amount equal to the sum of:
(i) the sum of (A) the products resulting from multiplying the number of Outstanding Preferred Shares on such date by the Liquidation Preference (and applicable redemption premium, if any) per share; (B) the aggregate amount of dividends that will have accumulated at the Applicable Rate (whether or not earned or declared) for each Outstanding Preferred Share to the 30th day after such Valuation Date (or, with respect to a Special Rate Period, to the next Dividend Payment Date); (C) the amount of anticipated non-interest expenses of the Trust for the 90 days subsequent to such Valuation Date; (D) the amount of the current outstanding balances of any indebtedness which is senior to the Preferred Shares plus interest thereon actually accrued to such Valuation Date, together with 30 days' additional interest on the current outstanding balances calculated at the current rate; and (E) any other current liabilities payable during the 30 days subsequent to such Valuation Date, including, without limitation, other indebtedness due within one year and any redemption premium due with respect to a redemption of the Preferred Shares for which a Notice of Redemption has been given, as of such Valuation Date, to the extent not reflected in any of (i)(A) through (i)(D); less
(ii) the sum of any cash plus the value of any of the Trust's assets irrevocably deposited by the Trust for the payment of any (i)(B) through (i)(E) ("value," for purposes of this clause (ii), means the Discounted Value of the security, except that if a security matures prior to the relevant redemption payment date and is either fully guaranteed by the U.S. Government or is rated at least P-1 by Moody's, it will be valued at its face value). (ooo) "Preferred Shares Basic Maintenance Cure Date," with respect to the failure by the Trust to satisfy the Preferred Shares Basic Maintenance Amount (as required by paragraph 6(a) of Part I of this Section 11.1) as of a given Valuation Date, shall mean the tenth Business Day following such Valuation Date.
Preferred Shares Basic Maintenance Amount. ' as of any Valuation Date, means the dollar amount equal to (i) the sum of (A) the product of the number of Preferred Shares and Other Preferred Shares outstanding on such Valuation Date multiplied by $25,000 plus the premium, if any, resulting from the designation of a Premium Call Period; (B) the aggregate amount of cash dividends that will have accumulated (whether or not earned or declared) for each share of Preferred Shares and Other Preferred Shares outstanding, in each case, to (but not including) the next Dividend Payment Date therefor that follows such Valuation Date (calculated, in the case of cash dividends determined by application of a Spread to a Reference Index or Reference Security, by assuming that the Applicable Rate in effect for the immediately preceding Dividend Payment Period will remain in effect until the next Dividend Payment Period); (C) the aggregate amount of cash dividends that would accumulate at the then current Maximum Applicable Rate (assuming notification has been given to the Auction Agent that net capital gains or other taxable income will be included in the relevant dividend as contemplated pursuant to paragraphs 2(f) and 11(a)(vi) of this Certificate of Designation) on any Preferred Shares and Other Preferred Shares outstanding from such Dividend Payment Date through the 48th day after such Valuation Date, multiplied by the larger of the Moody's Volatility Factor and the S&P Volatility Factor determined from time to time by Moody's and S&P respectively (except that if such Valuation Date occurs during a Non- Payment Period, the cash dividend for purposes of calculation would accumulate at the then current Non-Payment Period Rate); (D) the amount of anticipated expenses of the Trust for the 90 days subsequent to such Valuation Date; (E) the amount of the Trust's Maximum Potential Additional Dividend Liability as of such Valuation Date; and (F) any current liabilities as of such Valuation Date to the extent not reflected in any of (i)(A) through (i)(E) (including, without limitation, and immediately upon determination, payables for Florida Municipal Obligations purchased as of such Valuation Date) less (ii) the lesser of (A) either the Discounted Value of the Trust's assets irrevocably deposited by the Trust for the payment of any of (i)(A) through (i)(F) or the face value of such irrevocably deposited assets that mature prior to the payment date of the liabilities for which they are being deposited and are either fully...
Examples of Preferred Shares Basic Maintenance Amount in a sentence
As of the Closing Date and assuming the receipt of the net proceeds from the sale of the AMPS, the 1940 Act Preferred Shares Asset Coverage and the Preferred Shares Basic Maintenance Amount (each as defined in the Charter) each will be met.
In determining the Preferred Shares required to be redeemed in accordance with the foregoing, the Trust shall allocate the number required to be redeemed to satisfy the Preferred Shares Basic Maintenance Amount or the 1940 Act Preferred Shares Asset Coverage, as the case may be, pro rata among Preferred Shares and other preferred shares (and, then, pro rata among the Preferred Shares) subject to redemption or retirement.
The Trust also must have portfolio securities with a discounted value at least equal to the Preferred Shares Basic Maintenance Amount.
Should the Fund fail to satisfy the Preferred Shares Basic Maintenance Amount as of a given Valuation Date (the last business day of each month), the cure date is as of the seventh business day following such Valuation Date.
For purposes of calculating the Preferred Shares Basic Maintenance Amount, such securities lent shall be included as Fitch Eligible Assets with the appropriate Fitch Discount Factor applied to such lent security.
More Definitions of Preferred Shares Basic Maintenance Amount
Preferred Shares Basic Maintenance Amount as of any Valuation Date, shall mean the dollar amount equal to the sum of (i)(A) the product of the number of shares of Preferred Shares outstanding on such date multiplied by $25,000 plus any redemption premium applicable to shares of Preferred Shares then subject to redemption; (B) the aggregate amount of dividends that will have accumulated at the Applicable Rate (whether or not earned or declared) to (but not including) the first Dividend Payment Date for shares of Preferred Shares outstanding that follows such Valuation Date; (C) the aggregate amount of dividends that would accumulate on shares of Preferred Shares outstanding from such first respective Dividend Payment Date therefor through the 56th day after such Valuation Date, at the Maximum Rate (calculated as if such Valuation Date were the Auction Date for the Rate Period commencing on such Dividend Payment Date) for a Minimum Rate Period to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent pursuant to Section 4(d)(i) of this Part I with respect to such shares, such Maximum Rate shall be the higher of (a) the Maximum Rate for the Special Rate Period to commence on such Dividend Payment Date and (b) the Maximum Rate for a Minimum Rate Period to commence on such Dividend Payment Date, multiplied by the greater of the Moody's Volatility Factor (if Moody's is then rating the Preferred Shares) and the Fitch Volatility Factor (if Fitch is then rating the Preferred Shares) applicable to a Minimum Rate Period, or, in the event the Fund shall have delivered a Notice of Special Rate Period to the Auction Agent pursuant to Section 4(d)(i) of this Part I with respect to such shares designating a Special Rate Period consisting of 56 Rate Period Days or more, the Moody's Volatility Factor and Fitch Volatility Factor applicable to a Special Rate Period of that length (except that (1) if such Valuation Date occurs at a time when a Failure to Deposit has occurred that has not been cured, the dividend for purposes of calculation would accumulate at the current dividend rate then applicable to the shares in respect of which such failure has occurred and (2) for those days during the period described in this subparagraph (C) in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain in effect, the dividend for purp...
Preferred Shares Basic Maintenance Amount as of any Valuation Date, means the dollar amount equal to the sum of (i)(A) the product of the number of Preferred Shares Outstanding on such date multiplied by $25,000, plus any redemption premium applicable to Preferred Shares then subject to redemption; (B) the aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not earned or declared) to (but not including) the first respective Dividend Payment Dates for each series of Preferred Shares Outstanding that follow such Valuation Date; (C) the aggregate amount of dividends that would accumulate on shares of each series of Preferred Shares Outstanding from such first respective Dividend Payment Date therefor through the 49th day after such Valuation Date, at the Maximum Applicable Rate (calculated as if such Valuation Date were the Auction Date for the Dividend Period commencing on such Dividend Payment Date) for a 7-Day Dividend Period of shares of such series to commence on such Dividend Payment Date, multiplied by the Volatility
Preferred Shares Basic Maintenance Amount as of any Valuation Date, shall mean the dollar amount equal to the sum of (i)(A) the product of the number of Preferred Shares outstanding on such date multiplied by $25,000 (plus the product of the number of shares of any other series of preferred shares outstanding on such date multiplied by the liquidation preference of such shares), plus any redemption premium applicable to the Preferred Shares (or other preferred shares) then subject to redemption; (B) the aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not earned or declared) to (but not including) the first respective Dividend Payment Dates for the Preferred Shares outstanding that follow such Valuation Date (plus the aggregate amount of
Preferred Shares Basic Maintenance Amount as of any Valuation Date means:
Preferred Shares Basic Maintenance Amount. Frequency: Monthly
Preferred Shares Basic Maintenance Amount means the basic maintenance amount required by each Rating Agency that is rating the Senior Securities at the Fund’s request under its respective Rating Agency Guidelines, separately determined.
Preferred Shares Basic Maintenance Amount means the basic maintenance amount required by each Rating Agency under its respective Rating Agency Guidelines, separately determined.