Preferred Stock Basic Maintenance Amount definition

Preferred Stock Basic Maintenance Amount means, as of any date on which the Surety Bond is not in effect, (x) the dollar amount equal to (a) the sum of (i) 100% of the aggregate principal amount of the Notes then outstanding; (ii) $100,250 times the number of shares of Preferred Stock then outstanding; (iii) the aggregate amount of accrued interest on the Notes then outstanding, from the most recent date to which interest has been paid or duly provided for (or, for purposes of calculating the Preferred Stock Basic Maintenance Amount prior to June 1, 1989 then from December 1, 1988) through the next succeeding Valuation Date, plus all interest to accrue on the Notes then outstanding during the 63 days following such Valuation Date; (iv) the aggregate amount of accumulated but unpaid dividends with respect to the Preferred Stock to such date; (v) the aggregate Projected Dividend Amount; (vi) the aggregate principal amount of any then outstanding indebtedness of the Corporation for money borrowed (other than the Notes) and (vii) the greater of $200,000 or the Corporation's current liabilities as of such date to the extent not otherwise reflected in any of (i) through (vi) above, less (b) the combined value of any Deposit Securities irrevocably deposited by the Corporation for the payment of principal of or interest on the Notes or redemptions of or dividend payments with respect to the Preferred Stock or (y) such other dollar amount calculated by a method established by the Rating Agencies in their sole discretion and designated in writing to the Corporation.

Preferred Stock Basic Maintenance Amount means, as of any date, the sum of (i) the aggregate liquidation preference of the shares of Fund Preferred Stock outstanding, (ii) to the extent not covered in (i), the aggregate amount of accumulated but unpaid cash dividends with respect to the shares of Fund Preferred Stock outstanding, (iii) the aggregate principal amount of any other then outstanding indebtedness of the Fund for money borrowed, (iv) an amount equal to the sum of (x) the aggregate accrued but unpaid interest on the indebtedness referred to in the foregoing clause (iii) and (y) an amount equal to 70 days of additional accrued interest on such indebtedness at the then-current interest rate(s) borne by such indebtedness, (v) the aggregate Projected Dividend Amount, (vi) redemption premium, if any, and (vii) the greater of $200,000 or an amount equal to projected expenses of the Fund (including, without limitation, fee and indemnification obligations of the Fund incurred in connection with any commercial paper program undertaken by the Fund or with any credit facility related thereto) for the next three month period.

Preferred Stock Basic Maintenance Amount means the Moody’s Preferred Stock Basic Maintenance Amount (if Moody’s is then rating the RP), the S&P Preferred Stock Basic Maintenance Amount (if S&P is then rating the RP) or a Substitute Rating Agency Basic Maintenance Amount (if a Substitute Rating Agency is then rating the RP), as the case may be.

Examples of Preferred Stock Basic Maintenance Amount in a sentence

• In determining the AMPS required to be redeemed in accordance with the foregoing, the Fund shall allocate the number required to be redeemed to satisfy the Preferred Stock Basic Maintenance Amount or the 1940 Act Preferred Share Asset Coverage, as the case may be, pro rata among AMPS and other Preferred Stock (and, then, pro rata among each series of AMPS) subject to redemption or retirement.

• Notwithstanding the foregoing, the amount of Eligible Common Stocks issued by public utility companies with nuclear facilities under construction (as determined by the Fund’s investment adviser) which may be included in the aggregate Discounted Value of the Fund’s Eligible Assets for purposes of comparison with the Preferred Stock Basic Maintenance Amount shall be limited to five percent of the Market Value of the Eligible Assets.

• For purposes of determining whether the Fund has Moody's Eligible Assets with an aggregate Discounted Value that equals or exceeds the Preferred Stock Basic Maintenance Amount, the Discounted Value of Forward Commitments will be calculated by applying the respective Moody's Discount Factor.

• A failure by the Corporation to deliver a Portfolio Valuation Report under this paragraph 7(a)(ii) shall be deemed to be delivery of a Portfolio Valuation Report indicating a value for all Eligible Portfolio Property of less than the Preferred Stock Basic Maintenance Amount, as of the relevant Valuation Date.

• With respect to the calculation of the aggregate Discounted Value of the Corporation's Eligible Portfolio Property for comparison to the Preferred Stock Basic Maintenance Amount, such aggregate Discounted Value shall be the aggregate Discounted Value calculated using Discount Factors Supplied by S&P or the aggregate Discounted Value calculated using the Discount Factors Supplied by Moody's, whichever aggregate Discounted Value is lower.

• The Deposit Securities deposited with the Paying Agent pursuant to the immediately preceding sentence and the shares of Preferred Stock to be redeemed shall be excluded from the calculation of Preferred Stock Basic Maintenance Amount and Portfolio Calculation (if applicable at such time).

• S ELIGIBLE ASSETS” means assets of the Fund set forth in the Moody’s Guidelines as “Eligible Assets” for purposes of determining maintenance of the Moody’s Preferred Stock Basic Maintenance Amount in connection with Moody’s rating of the APS.

More Definitions of Preferred Stock Basic Maintenance Amount

Preferred Stock Basic Maintenance Amount means, initially, as of any date, the sum of (i) the aggregate liquidation preference of the shares of Fund Preferred Stock outstanding, (ii) to the extent not covered in (i), the aggregate amount of accumulated but unpaid cash dividends with respect to the shares of Fund Preferred Stock outstanding, (iii) the aggregate principal amount of, and an amount equal to accrued but unpaid interest on, any other then