S&P Eligible Assets definition

S&P Eligible Assets means the following:

S&P Eligible Assets means assets of the Fund set forth in the guidelines provided by S&P, as may be amended from time to time by S&P, as eligible for inclusion in calculating the Discounted Value of the Fund’s assets in connection with S&P’s ratings of shares of MuniPreferred.

S&P Eligible Assets means the sum of S&P Seasoned Eligible Assets and S&P Unseasoned Eligible Assets.

Examples of S&P Eligible Assets in a sentence

• Within five Business Days of such Date of Original Issue, the Independent Accountant will confirm in writing to S&P (i) the mathematical accuracy of the calculations reflected in such Report and (ii) that the aggregate Discounted Value of S&P Eligible Assets reflected thereon equals or exceeds the APS Basic Maintenance Amount reflected thereon.

• So long as any shares of the Series are Outstanding and any Rating Agency so requires, the Corporation will maintain, as of each Valuation Date, Moody's Eligible Assets and S&P Eligible Assets, as applicable, having an aggregate Discounted Value equal to or greater than the Preferred Shares Basic Maintenance Amount; provided, however, that Section 3(a)(ii) will be the sole remedy in the event the Corporation fails to do so.

• The Trust will deliver an APS Basic Maintenance Report to the Auction Agent and S&P, 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 S&P 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 S&P Eligible Assets, with an aggregate Discounted Value which exceeds the APS Basic Maintenance Amount by 5% or more.

• Within five Business Days of such Date of Original Issue, the Trust shall cause the Independent Accountant to confirm in writing to S&P (if S&P is then rating the shares of Municipal Preferred) (i) the mathematical accuracy of the calculations reflected in such Report and (ii) that the Discounted Value of S&P Eligible Assets reflected thereon equals or exceeds the Municipal Preferred Basic Maintenance Amount reflected thereon.

• A failure by the Trust to deliver an APS Basic Maintenance Report under this paragraph 7(b) shall be deemed to be delivery of an APS Basic Maintenance Report indicating the Discounted Value for S&P Eligible Assets of the Trust is less than the APS Basic Maintenance Amount, as of the relevant Valuation Date.

More Definitions of S&P Eligible Assets

S&P Eligible Assets means cash or any of the Fund's portfolio securities which are corporate bonds, preferred stocks or money market instruments; provided that no portfolio securities that are corporate debt securities will not be included in the calculation of the Discounted Value of the Fund's portfolio for purposes of S&P rating of the APS unless there exist publicly available financial statements for the issuer of such security and unless such security (a) is rated CCC or higher by S&P, (b) provides for the periodic payment of interest thereon in cash, (c) does not provide for conversion or exchange into equity capital at any time over its life, (d) has been registered under the Securities Act of 1933, as amended, or has been exempted from such registration pursuant to Rule 144A under the Securities Act of 1933, as amended, (e) has not had notice given in respect thereof that any such corporate debt obligation is subject of an offer by the issuer thereof of exchange or tender for cash, securities or any other type of consideration (except that corporate debt obligations in an amount not exceeding 10% of the value of the Fund's portfolio at any time shall not be subject to the provisions of this clause (e)) and (f) has a remaining term to maturity of less than 30 years.

S&P Eligible Assets means assets of the Corporation set forth in the S&P Guidelines as “Eligible Assets” for purposes of determining maintenance of the S&P Preferred Stock Basic Maintenance Amount in connection with S&P’s rating of the RP.

S&P Eligible Assets means EITHER:

S&P Eligible Assets means cash, accrued investment income receivables as shown on the books and records of the Fund, or certain of the Fund's portfolio securities subject to the following conditions:

S&P Eligible Assets has the meaning specified in Section 6.3(b).

S&P Eligible Assets means: (1) cash (excluding any cash irrevocably deposited by the Fund for the payment of any liabilities within the meaning of RP Basic Maintenance Amount), (2) Receivables for Municipal Bonds Sold, (3) S&P Hedging Transactions; (4) Municipal Zero Coupon Bonds rated at least BBB by S&P, (5) swaps, including total return swaps, interest rate swaps, currency swaps and credit default swaps, and (6) Municipal Bonds (including Inverse Floater as defined below) owned by the Fund that (A) is interest bearing and pays interest at least semiannually; (B) is payable with respect to principal and interest in U.S. Dollars; (C) is not subject to a covered call or put option written by the Fund; (D) except for Inverse Floaters, is not part of a private placement of Municipal Bonds; and (E) except for Inverse Floaters, is part of an issue of Municipal Bonds with an original issue size of at least $10 million. Any Municipal Bonds that is a part of an original issue size of less than $10 million must carry a rating of at least AA by S&P or AAA by another nationally recognized statistical rating organization. Notwithstanding the foregoing limitations

S&P Eligible Assets means cash (excluding any cash irrevocably deposited by the Corporation for the payment of any liabilities within the meaning of Preferred Share Basic Maintenance Amount), Receivables for Municipal Obligations Sold (as defined above under "S&P Discount Factor") or a Municipal Obligation that is: (a) issued by any of the 50 states, U.S. territories, and their subdivisions, counties, cities, towns, villages, school districts, and agencies, such as authorities and special districts created by the states and certain federally sponsored agencies such as local housing authorities (payments made on Municipal Obligations are exempt from federal income tax and are generally exempt from state and local taxes in the state of issuance); (b) interest bearing and pays interest at least semi-annually; (c) payable in U.S. dollars; (d) publicly rated BBB or higher by S&P or, if not rated by S&P but rated by Moody's, rated at least A by Moody's; provided that such Moody's-rated Municipal Obligations will be included in S&P Eligible Assets only to the extent the fair market value of such Municipal Obligations does not exceed 50% of the aggregate fair market value of the S&P Eligible Assets (for purposes of determining the S&P Discount Factors applicable to such Moody's-rated Municipal Obligations, any such Municipal Obligations will be deemed to have an S&P rating which is one full rating category lower than its Moody's rating); (e) not a private placement; (f) part of an issue with an original issue size of at least $10 million or, if of an issue with an original issue size below $10 million but in no event lower than $5 million, be issued by an issuer with a total of at least $50 million of issues outstanding; and (g) owned by the Corporation. Notwithstanding the foregoing: