Defeasance Portfolio has the meaning provided in Section 4.2(a).
Defeasance Portfolio means the Fund Portfolio where all of the Fund’s assets have been allocated to U.S. Zeroes and Cash and Cash Equivalents after a Market Initiated Defeasance Event occurs or after the Warranty Provider exercises its rights under Section 4.1(c)(i). The Defeasance Portfolio shall consist solely of the following assets: (a) U.S. Zeros, which collectively shall be held in conformity with the Bond Ladder; and (b) Cash and Cash Equivalents up to a maximum of 1% of the Fund’s Total Assets as determined on each Exchange Business Day, provided that the Fund shall be permitted to hold an amount of Cash (i) necessary to meet redemption requests actually received by the Fund or to pay for Fund Fees and Expenses payable within the next 5 Exchange Business Days, or (ii) received by the Fund as a result of U.S. Zeroes maturing, and provided further that the Fund may invest any Cash received as a result of the U.S. Zeroes maturing in an Eligible Money Market Fund to the extent such Eligible Money Market Fund continues to otherwise be an eligible investment hereunder.
Defeasance Portfolio means an earmarked portfolio of investments consisting of (i) zero coupon U.S. Treasury bonds having a par amount equal to the Guarantee Amount and that mature on a date as close to the Guarantee Maturity Date as practicable but in any event no later than the Guarantee Maturity Date, and, following the maturity of such zero coupon U.S. Treasury bonds, Cash, (ii) a portfolio of zero coupon U.S. Treasury bonds that mature on various dates which correspond as closely as reasonably practicable to the expected payment dates of the expected fees and expenses of the Fund, and (iii) Cash. To the extent the Fund Value exceeds 101% of the Bond Floor, the Insurer shall direct the Custodian to take instruction from the Adviser with respect to the investment of any such excess subject to the condition that such excess may only be invested in Permitted Fixed Income Securities, Permitted Equity Securities, Permitted Equity Options that are Purchased Calls, and/or Cash, it being understood that the investing of such excess shall in no event create any liability which could affect the Defeasance Portfolio.
Examples of Defeasance Portfolio in a sentence
If a pre-defined trigger event occurs and is continuing past the cure period on the funds, Main Place has the right to reallocate the assets to the Defeasance Portfolio or cash (the “Defeasance Event’).
If the Insurer exercises remedies provided by Section 4.01(c) or Section 4.01(d), the Insurer shall instruct the Custodian to invest the assets of the Fund in a Defeasance Portfolio.
For the avoidance of doubt, the preceding sentence shall not in any way affect the obligation to eliminate Cash Equivalents from the Defeasance Portfolio.
The Maximum Operating Expense Limit (as a percentage of average net assets) with respect to assets other than the Defeasance Portfolio (the "Other Assets") shall remain as set forth in the table above, and the Fund Operating Expenses subject to such Maximum Operating Expense Limit for the Other Assets shall be payable solely from the Other Assets and not from the Defeasance Portfolio.
The Escrow Defeasance Portfolio or refunding escrow consists of a combination of cash and securities that are sufficient to pay the escrow requirement: the debt service, call premium, and outstanding principal of refunded bonds due on the optional call date.
More Definitions of Defeasance Portfolio
Defeasance Portfolio has the meaning provided in SECTION 4.2(A).
Defeasance Portfolio means the Fund Portfolio where all of the Fund’s assets have been allocated to U.S. Zeroes and Cash and Cash Equivalents after a Market Initiated Defeasance Event occurs or after the Warranty Provider exercises its rights under Section 4.1(c)(i). The Defeasance Portfolio shall consist solely of the following assets: (a) U.S. Zeros, which collectively shall be held in conformity with the Bond Ladder; and (b) Cash and Cash Equivalents up to a maximum of ___% of the Fund’s Total Assets as determined on each Exchange Business Day, provided that the Fund shall be permitted to hold an amount of Cash (i) necessary to meet redemption requests actually received by the Fund or to pay for Fund Fees and Expenses payable within the next 5 Exchange Business Days; (ii) necessary to meet any Semi-Annual Distribution for each Class of Shares and the Maturity Distribution for each Class of Shares; provided that, with respect to Cash held to meet any Semi-Annual Distribution, such amounts may be held in Cash only during the period two Exchange Business Days prior to the Semi-Annual Distribution Payment Date through such Semi-Annual Distribution Payment Date; or (iii) received by the Fund as a result of U.S. Zeroes maturing; and provided further that the Fund may invest any Cash received as a result of the U.S. Zeroes maturing in an Eligible Money Market Fund to the extent such Eligible Money Market Fund continues to otherwise be an eligible investment hereunder.
Defeasance Portfolio means the Fund Portfolio where all of the Fund's assets have been allocated (i) to the Fixed-Income Portfolio and Cash and/or Cash Equivalents as set forth below (A) from and after the occurrence of a Market Initiated Defeasance Event or (B) if the Warranty Provider exercises the remedy provided in Section 4.1(c)(i)(A), in each case where each Eligible Fixed-Income Investment shall mature no earlier than three months prior to, and no later than, the Maturity Date or (ii) to U.S. Zeroes in accordance with the Irrevocable Instructions if the Warranty Provider exercises its rights under Section 4.1(c)(i)(B), where each U.S. Zero shall mature no earlier than three-months prior to, and no later than, the Maturity Date and Cash and/or Cash Equivalents as set forth below. In each case the Defeasance Portfolio shall include Cash and/or Cash Equivalents to the extent necessary for the Fund to meet redemption requests reasonably anticipated to be received by the Fund within the next five Exchange Business Days or in connection with the payment of Fund Fees and Expenses; provided, however, that such Cash and Cash Equivalents shall not exceed 3% of the Fund's Total NAV on any Exchange Business Day other than in the case of Cash received by the Fund as a result of Eligible Fixed-Income Investments or U.S. Zeroes, as applicable, maturing.
Defeasance Portfolio means an earmarked portfolio of investments consisting of (i) zero coupon U.S. Treasury bonds having a par amount equal to the Guarantee Amount (as defined in the Financial Guarantee Agreement, dated as of February 26, 2003, among Pioneer Investment Management, Inc., the Trust on behalf of the Fund, and Ambac, as amended from time to time (the "AGREEMENT")) and that mature on a date as close to the Maturity Date (as defined in the Agreement) as practicable but in any event no later than the Maturity Date, and, following the maturity of such zero coupon U.S. Treasury bonds, cash, (ii) a portfolio of zero coupon U.S. Treasury bonds that mature on various dates which correspond as closely as reasonably practicable to the expected payment dates of the expected fees and expenses of the Fund, and (iii) cash. In the event that the Custodian receives any Ambac Instruction which, in the reasonable belief of the Custodian, conflicts in any way (in whole or in part) with any other outstanding instruction to the Custodian regarding the Fund's assets issued by the Trust, any investment advisor to the Trust or the Fund or any other party (each, an "OTHER INSTRUCTION"), the Custodian shall be entitled to rely upon the Ambac Instruction and further, the Custodian is hereby authorized and directed to disregard the Other Instruction and instead, follow and act upon the Ambac Instruction. The Trust, on behalf of the Fund, hereby confirms to and agrees with the Custodian that, as a condition of any obligation of the Custodian hereunder, the Trust shall at all times do, make, execute and deliver (and shall likewise use its best efforts to cause Ambac to do, make, execute and deliver) all such additional and further acts, instruments and documents as the Custodian may at any time reasonably request (each in form and substance satisfactory to the Custodian) in connection with these instructions and any Ambac Instruction including, without limitation, the execution and delivery of (a) modifications to the list of Authorized Persons of the Trust and Ambac duly authorized by the Fund's Board; (b) funds transfer security procedure documentation regarding each of the Fund and Ambac; and (c) remote access services documentation. The undersigned Trust, on behalf of the Fund, hereby acknowledges that, except as may arise from the Custodian's own negligence or willful misconduct, the Custodian shall be without liability to the Fund for any loss, liability, claim or expense resulting from...
Defeasance Portfolio means an earmarked portfolio of investments consisting of (i) zero coupon U.S. Treasury bonds having a par amount equal to the Guarantee Amount and that mature on a date as close to the Guarantee Maturity Date as practicable but in any event no later than the Guarantee Maturity Date, and, following the maturity of such zero coupon U.S. Treasury bonds, Cash, (ii) a portfolio of zero coupon U.S. Treasury bonds that mature on various dates which correspond as closely as reasonably practicable to the expected payment dates of the expected fees and expenses of the Fund, and (iii) Cash.
Defeasance Portfolio means the Fund Portfolio where all of the --------------------- Fund's assets have been allocated (i) to the Fixed-Income Portfolio and Cash and/or Cash Equivalents as set forth below (A) from and after the occurrence of a Market Initiated Defeasance Event or (B) if the Warranty Provider exercises the remedy provided in Section 4.1(c)(i)(A), in each case where --------------------- each Eligible Fixed-Income Investment shall mature no earlier than three months prior to, and no later than, the Maturity Date or (ii) to U.S. Zeroes in accordance with the Irrevocable Instructions if the Warranty Provider exercises its rights under Section 4.1(c)(i)(B), where each U.S. Zero shall --------------------- mature no earlier than three-months prior to, and no later than, the Maturity Date and Cash and/or Cash Equivalents as set forth below. In each case the Defeasance Portfolio shall include Cash and/or Cash Equivalents to the extent necessary for the Fund to meet redemption requests reasonably anticipated to be received by the Fund within the next five Exchange Business Days or in connection with the payment of Fund Fees and Expenses; provided, however, that such Cash and Cash Equivalents shall not exceed 3% of the Fund's Total NAV on any Exchange Business Day other than in the case of Cash received by the Fund as a result of Eligible Fixed-Income Investments or U.S. Zeroes, as applicable, maturing.
Defeasance Portfolio means an earmarked portfolio of investments consisting of (i) zero coupon U.S. Treasury bonds having a par amount equal to the Guarantee Amount (as defined in the Financial Guarantee Agreement dated as of January 9, 2003 among Fund Asset Management, L.P., the Trust on behalf of the Fund, and Ambac, as amended from time to time (the "Agreement")) and that mature on a date as close to the Guarantee Maturity Date (as defined in the Agreement) as practicable but in any event no later than the Guarantee Maturity Date, and, following the maturity of such zero coupon U.S. Treasury bonds, cash, (ii) a portfolio of zero coupon U.S. Treasury bonds that mature on various dates which correspond as closely as reasonably practicable to the expected payment dates of the expected fees and expenses of the Fund, and (iii) cash. Exh. B-1 In the event that the Custodian receives any Ambac Instruction which, in the reasonable belief of the Custodian, conflicts in any way (in whole or in part) with any other outstanding instruction to the Custodian regarding the Fund's assets issued by the Trust, an investment advisor to the Trust or the Fund or any other party (each, an "Other Instruction"), the Custodian shall be entitled to rely upon the Ambac Instruction and further, the Custodian is hereby authorized and directed to disregard the Other Instruction and instead, follow and act upon the Ambac Instruction.