B-/B3 definition

B-/B3 means rated B‐ by Standards & Poor’s, B3 by Moody’s, or the equivalent rating of any other recognized ratings agency or investment authority deemed appropriate by the Investment Manager or the Sub‐Investment Manager, as the case may be.

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B-/B3 means rated B- by Standards & Poor’s or Fitch or B3 by Moody’s, unless otherwise stated in the Sub-Fund appendix. “Distressed Debt Securities” means securities whereby its issuer has failed to make a contractual payment as it falls due, is subject to bankruptcy or equivalent procedures or is undertaking an involuntary debt restructuring. The Investment Manager will be guided by rating agencies, the ISDA Credit Derivatives Determinations Committee and other external data providers but may at times diverge from their opinions. In particular, the Investment Manager will not consider the contractually provided suspension of coupon payments on additional tier 1 instruments such as preference shares or contingent convertible bonds as an indication of distress. If Distressed Debt Securities are envisaged in a Sub-Fund’s investment policy, typically such Sub-Fund would not invest more than 10% of its net assets into Distressed Debt Securities, unless otherwise stated in the Sub-Fund appendix. “Emerging Market Countries” means all countries in the following regions: Asia (excluding Japan), Eastern Europe, Middle East, Africa and Latin America, or such countries as reasonably determined by the Investment Manager from time to time. “Emerging Market Issuer” means an entity domiciled in an Emerging Market Country. “Hard Currencies” means G7 country currencies, i.e. USD, Canadian Dollars, EUR, GBP or Japanese Yen. “investment grade” means rated BBB- or above by Standard & Poor’s or Fitch or Baa3 or above by Moody’s, unlessotherwise stated in the Sub-Fund appendix. “Local Currencies” means currencies of Emerging Market Countries. “Structured Credit Securities” means cash or synthetic collateralised loan obligations, collateralised bond obligations, collateralised debt obligations, residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities (including, but not limited to, securities backed by credit card loans, auto loans, consumer loans and student loans), credit risk transfer securities, agency mortgage pass- through securities and covered bonds.

B-/B3 means rated B- by Standards & Poor’s or Fitch or B3 by Moody’s, unless otherwise stated in the Sub- Fund appendix.

Examples of B-/B3 in a sentence

• At purchase, securities must have a credit rating equal to B-/B3 or higher in the long-term or short-term investment rating agency category, preferably by at least two of the Major Rating Agencies.

• If only one of the Major Rating Agencies rate a security, that rating shall govern as long as it meets the minimum Portfolio rating requirement of B-/B3.

• The Fund may invest up to 20% of its Managed Assets in municipal securities rated below investment quality or judged by the Sub-Adviser to be of comparable quality, of which up to 10% of its Managed Assets may be rated below B-/B3 or of comparable quality.

• The Fund has invested up to 20% of its Managed Assets in municipal securities rated below investment quality or judged by the Sub-Adviser to be of comparable quality, of which up to 10% of its Managed Assets have been rated below B-/B3 or of comparable quality.

• In connection with the closing of the Company’s proposed issuance of Series BB-3 Preferred Shares (the first of such closings, if there will be more than one, the “Closing” and the “Financing”, respectively) it is necessary to make certain changes to the Company’s registered (authorized) and unissued and registered and issued share capital.

• Such Series BB-3 Preferred Shares, the Ordinary Shares into which such shares may be converted any additional Ordinary Shares issued in connection with such conversion, when issued and paid for (or deemed paid for) in accordance with the provisions of the Share Purchase Agreement and the New Articles will be duly authorized, validly issued, fully paid and non-assessable.

• BB.3 Grantee will maintain a complete, accurate, and detailed property inventory listing.

• In the event that the Distribution Assets are not sufficient for distribution to the holders of the Series BB-3 Preferred Shares pursuant to this subarticle (b), such Distribution Assets as are available for distribution, shall be distributed among the holders of the Series BB-3 Preferred Shares pro-rata in proportion to the preferential amount each such holder is otherwise entitled to receive.

• The initial Conversion Price per share for the Series BB-3 Preferred Shares, the Series BB-1 Preferred Shares and the Series AA Preferred Shares shall be the Original Issue Price of the Series BB-1 Preferred Shares and the initial Conversion Price for the Series BB-2 Preferred Shares shall be the Original Issue Price of the Series BB-2 Preferred Shares, provided, however, that the Conversion Price for the Preferred Shares shall be subject to adjustment as set forth in subarticles 9(c), 9(d) and 9(e).

• In connection with the Financing, Series BB-1 Preferred Shares issued in January 2006 upon the deferred closing of the previous financing (the Poalim financing) to Genesis entities (an aggregate number of 862,292 Preferred BB-1 Shares) shall be converted into the new class of Series BB-3 Preferred Shares.

More Definitions of B-/B3

B-/B3 means rated B- by Standards & Poor’s, B3 by Moody’s, or the equivalent rating of any other recognisedratings agency. “investment grade” means rated BBB- or above by Standard & Poor’s, Baa3 or above by Moody’s, or an equivalent rating from any other recognised rating agency. “Emerging Market Countries” means all countries in the following regions: Asia (excluding Japan), Eastern Europe, Middle East, Africa and Latin America, or such countries as reasonably determined by the Investment Manager from time to time. “Emerging Market Issuer” means an entity domiciled in an Emerging Market Country. “Local Currencies” means currencies of Emerging Market Countries. “Hard Currencies” means G7 country currencies, i.e. USD, Canadian Dollars, EUR, GBP or Japanese Yen.

B-/B3 means rated B‐ by Standards & Poor’s, B3 by Moody’s, or the equivalent rating of any other recognized ratings agency or investment authority deemed appropriate by the Investment Manager.